Compliance Newshub
Federal Legislation

DS News--Seth Welborn

The Financial Services Committee have proposed the Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act,which includes suspension of debt collection activity for 120 days.

The CFPB issued an ECOA/Regulation B Compliance Aid that contains three FAQs addressing issues related to notification of action taken on Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loan applications.

Ballard Spahr LLP--Alan S. Kaplinsky

The American Financial Services Association has filed an amicus brief in a Maine federal court in support of a judgment that two amendments to Maine’s credit reporting law in 2019, preempted by the FCRA.

In an effort to support the extension of residential and business credit, the federal bank regulatory agencies have announced an interim final rule modifying Liquidity Coverage Ratio rule to support banks that participate in the Federal Reserve’s Money Market Mutual Fund Liquidity Facility and the Paycheck Protection Program Liquidity Facility. 

NCUA published a final rule increasing the threshold level below which appraisals are not required for residential real-estate related transactions from $250,000 to $400,000 effective April 30, 2020. 

The CFPB has submitted its 2019 Fair Lending report to Congress.

FDIC is publishing a joint statement from the FFIEC addressing the use of cloud computing services and security risk management principles in the financial services sector.

Hudson Cook--Justin B. Hosie

A new tool for calculating APRs was released by the FFIEC on April 16, that builds upon the foundation of the APRWIN calculation tool. 

The CFPB has issued two factsheets regarding the ECOA rule due to many questions from the industry.

The CFPB issued an interpretive rule clarifying that consumers can exercise their rights to modify or waive certain required waiting periods under the TILA-RESPA Integrated Disclosure Rule and Regulation Z rescission rules, as well as published an FAQ document that addresses when creditors must provide appraisals or other written valuations to mortgage applicants in order to expedite access to credit for consumers affected by the COVID-19 pandemic. 

The CFPB outlined practices to provide mortgage servicers clarity, facilitate compliance, and prevent harm to consumers during the transfer of residential mortgages.

The FRS issued an interim final rule to eliminate the provision that prohibits customers from making more than six transfers or withdrawals from savings accounts per calendar month or statement cycle effective April 23, 2020.