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.
FDIC
The FDIC, OCC, and Board of Governors of the Federal Reserve System have jointly published a technical correction and clarification to the final rule in the Federal Register that provides a five-year transition period for the impact of the current expected credit loss methodology.
The FRS is issuing an interim final rule that excepts certain loans that are guaranteed under the Small Business Administration's Paycheck Protection Program from the requirements of section 22(h) of the Federal Reserve Act and the corresponding provisions of the Board's Regulation O as a result of the Coronavirus Disease 2019; effective April 22, 2020.
Search our Compliance Calendar for current regulatory changes & updates.
The NCUA released a letter to federally insured credit unions to address temporary relief available as a result of Covid-19, including: access to NCUA’s Central Liquidity Facility; details on two real estate appraisal rules approved by the Board to provide regulatory relief for credit unions; an increase of the maximum aggregate amount of loans a credit union can purchase from one lender without a waiver; and suspension of the required timeframes for the occupancy or disposal of properties not being used to conduct business or that have been abandoned.
MBA Newslink
FEMA has issued a memo that temporarily extends the grace period for National Flood Insurance Program payments to 120 days due to the COVID-19 emergency.
The FFIEC has announced it's Federal Disclosure Computational Tools, including an APR Computational Tool and APY Computational Tool.
The CFPB issued a final rule raising the loan-volume coverage thresholds for financial institutions reporting data under HMDA.
Presented by ACES Quality Management's EVP of Compliance, Amanda Phillips, and Ballard Spahr's Reid Herlihy, Richard Andreano, Jr., and Matthew Morr.
FDIC has updated several sections and related examination procedures in the FFIEC Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual.
Ballard Spahr LLP--Alan S. Kaplinsky
An interpretive rule has been issued by the CFPB that addresses how the Electronic Fund Transfer Act/Regulation E compulsory use prohibition will be applied to COVID-19 relief payments.
The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency have issued an interim final rule to temporarily defer real estate-related appraisals and evaluations under the agencies' interagency appraisal regulations.
The FHFA and CFPB have jointly announced the Borrower Protection Program that allows these agencies to share servicing information to protect borrowers during the coronavirus national emergency.
"ACES has shined a light on our productivity and empowered us to hold our teams accountable."
- Emilee Rada, Director of Lending Operations at Georgia's Own Credit Union
The CFPB has taken steps to send remittance transfers as normal during the pandemic.
The FDIC, OCC, and FRS issued an interim final rule (IFR) that allows institutions supervised by the agencies to defer obtaining an appraisal or evaluation for up to 120 days after the closing of certain residential and commercial real estate loans.
As the administrator of the BSA, FinCEN is republishing FAQs issued by the Small Business Administration (SBA), in consultation with the U.S. Department of the Treasury, explaining the requirements under the Bank Secrecy Act (BSA), and how lenders can meet those requirements when issuing a PPP loan.
The CFPB issued a Policy Statement on Supervisory and Enforcement Practices Regarding the Remittance Rule in Light of the COVID-19 Pandemic confirming that for international remittance transfers that occur on or after July 21, 2020 and before Jan. 1, 2021, the Bureau will neither cite supervisory violations nor initiate enforcement actions against insured institutions for continuing to provide estimates to consumers under the temporary exception, instead of actual amounts.
