This topic consolidates legislative summaries of proposed and final regulatory rules impacting the mortgage banking industry today. This includes rules promulgated by federal regulatory agencies as well as up-to-the-minute legislative actions out of Washington, DC.
The CFPB issued an interpretive rule to provide guidance about the way in which the Bureau determines which counties qualify as “underserved” for a given calendar year.
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.
Search our Compliance Calendar for current regulatory changes & updates.
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.
ACES ENGAGE 2025 registration now open!
Join us at the Broadmoor in Colorado Springs on May 18-20, 2025.
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.
"ACES has made my life so much easier from a QC perspective. It's life-changing"
- Kelly Cooper Spencer, QC & Business Intelligence Data Manager at Thrive Mortgage
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.
U.S. Department Of The Treasury
U.S. Treasury Secretary Steven T. Mnuchin announced that the Federal Reserve Board would seek public feedback on a proposal to expand the Main Street Lending Program to provide access to credit for nonprofit organizations.
