Compliance Newshub
Federal Legislation

DSnews – Mike Albanese

According to the NERDWallet report, complaints to the Consumer Financial Bureau due to COVID-19 were up 31% so far in 2020 compared to last year.  

The CFPB issued two Notices of Proposed Rulemaking (NPRMs) to address the impending expiration of the Government-Sponsored Enterprises Patch (GSE Patch). 

InsideArm – Katie Grzechnik Neill

The CFPB announced it's launching a pilot Advisory Opinion Program that would provide advisory opinions in areas of regulatory uncertainty.

MPA – Candyd Mendoza

The FHFA, in coordination with Fannie Mae and Freddie Mac, announced it would add six new language options to help borrowers with limited-proficiency better understand the mortgage assistance available to them during the COVID-19 pandemic. 

MBA -Mike Sorohan

Senator  Deb Fischer reintroduced legislation that would change the structure of the Consumer Financial Protection Bureau.

NCUA reminds credit unions that NCUA examiners will collect data concerning the types of services credit unions are providing to hemp-related businesses and states that the NCUA expects credit unions to employ sufficient customer due diligence procedures as part of their BSA/AML compliance program to ensure hemp growers possess a valid state or USDA license.

FDIC updated its Formal and Informal Enforcement Actions Manual (manual) regarding the assessment of mandatory civil money penalties (CMPs) for certain pattern and practice violations of the National Flood Insurance Act of 1968, as amended by the Flood Disaster Protection Act of 1973, as revised, 42 U.S.C. § 4012a (Flood Act) and Part 339 of the FDIC Regulations.

The CFPB launched a pilot advisory opinion (AO) program to publicly address regulatory uncertainty in the Bureau’s existing regulations, allowing entities seeking to comply with regulatory requirements to submit a request where uncertainty exists.

The CFPB published updates to the Remittance Transfers Small Entity Compliance Guide, reflecting amendments to the Remittance Transfers Rule the Bureau issued on May 11, 2020.

DSnews – Mike Albanese

According to the OCC's Mortgage Metrics Report for the first quarter of 2020 found 96.5% of the mortgages were current and performing at the end of the quarter.  

The CFPB issued frequently asked questions (FAQs) addressing companies’ responsibilities under the CARES Act and the FCRA when they furnish information to consumer reporting agencies about consumers impacted by the crisis.

HW – Alex Roha

The FBI issued a public service announcement cautioning users on the potential for increased risk of cyber fraud after a 50% rise in mobile banking since the beginning of 2020.