Compliance Newshub
Federal Legislation

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.

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. 

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. 

The FDIC, CFPB, FRS, OCC, NCUA and Conference of State Bank Supervisors issued a joint statement on April 3, 2020, to announce the agencies' flexible supervisory and enforcement approach during the COVID-19 emergency regarding certain consumer communications required by the mortgage servicing rules.