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 has released a new Supervisory Highlights report which found unfair, deceptive, and abusive acts or practices across many consumer financial products.
The FFIEC has released updates to six sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual not to be interpreted as new instructions or increased focus on certain areas; instead, they offer further transparency into the examination process and support risk-focused examination work.
Search our Compliance Calendar for current regulatory changes & updates.
The Federal Deposit Insurance Corporation its list of banks recently evaluated for compliance with the Community Reinvestment Act (CRA) for July 2023.
The Distressed or Underserved Nonmetropolitan Middle Income Geographies list has been published on the FFIEC website.
The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration (NCUA), the Consumer Financial Protection Bureau (CFPB), and the Federal Housing Finance Agency (FHFA) have issued a proposed rule that will implement quality control standards for automated valuation models (AVM) used to value real estate in the mortgage market.
The CFPB plans to use the public's input to identify ways to help homeowners who struggle to make payments get help more quickly and easily.
Automated compliance tests to ensure compliance on more loans in less time
The FDIC has updated its Supervisory Guidance on Multiple Re-Presentment NSF Fees to clarify its supervisory approach for corrective action when a violation of law is identified.
The Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the National Credit Union Administration, and the Office of the Comptroller of the Currency requested public comment on a proposed rule that would implement quality control standards for the automated valuation models (AVNMs) used by lenders. Comments are due 60 days after publication in the Federal Register.
The CFPB has issued a small entity compliance guide for the small business lending rule.
New guidance issued by the Consumer Financial Protection Bureau indicates that a financial institution's practice of "reopening" a closed account to process a debit transaction that was received after account closure may constitute an unfair practice.
"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
The CFPB has issued a Notice of Proposed Rulemaking related to residential Property Assessed Clean Energy financing and included a Fast Facts Summary that provides a high-level overview of the proposed rule and an Unofficial Redline.
The FDIC has issued supervisory guidance to its supervised institutions to ensure that supervised institutions are aware of the consumer compliance risks associated with assessing overdraft fees on a transaction that was authorized against a positive balance but settled against a negative balance.
The CFPB issued an Interim Final Rule related to the LIBOR transition updating the CFPB’s previous 2021 LIBOR Transition Rule to make changes consistent with the Adjustable Interest Rate Act of 2021 (LIBOR Act), the changes include 1) conforming the terminology used to identify the replacement indices and 2) adding an example of a 12-month LIBOR tenor replacement index that meets certain standards in Regulation Z.
The Consumer Financial Protection Bureau, the Department of Justice’s Civil Rights Division, the Equal Employment Opportunity Commission, and the Federal Trade Commission jointly pledged today to uphold America’s commitment to the core principles of fairness, equality, and justice as emerging automated systems, including those sometimes marketed as “artificial intelligence” or “AI,” have become increasingly common in our daily lives – impacting civil rights, fair competition, consumer protection, and equal opportunity.
