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.
M Report--Seth Welborn
The Federal Reserve Board will be establishing a Commercial Paper Funding Facility and the Treasury will provide credit protection in the amount of $10 billion to the Federal Reserve to assist in the continuation of credit to households and businesses.
The federal bank regulatory agencies have released a Discount Window Statement urging banks to use the Federal Reserve's "discount window" in an effort to continue their ability to support households and businesses.
Search our Compliance Calendar for current regulatory changes & updates.
The CFPB published a response to the following frequently asked HMDA question: If a natural person applicant submits a mail, internet, or telephone application under Regulation C but does not provide race, ethnicity, or sex information, what should the financial institution report regarding whether this information was collected on the basis of visual observation or surname?
HUD is extending the comment period on amendments to HUD's Fair Housing Act design and construction regulations to April 13, 2020.
FDIC announced an extension of the public comment period for its Request for Information (RFI) on potential ways to modernize the FDIC’s sign and advertising rules to April 20, 2020.
The Board of Governors of the Federal Reserve System is amending Regulation D (Reserve Requirements of Depository Institutions) to revise the rate of interest paid on balances maintained to satisfy reserve balance requirements (“IORR”) and the rate of interest paid on excess balances (“IOER”) maintained at Federal Reserve Banks by or on behalf of eligible institutions, effective March 10 and March 4, respectively.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
The Board of Governors of the Federal Reserve System has adopted final amendments to its Regulation A to reflect the Board's approval of a decrease in the rate for primary credit at each Federal Reserve Bank effective March 10 and March 4, respectively.
The NCUA issued a proposed rule to amend various parts of the NCUA's regulations to permit low-income designated credit unions (LICUs), Complex Credit Unions, and New Credit Unions to issue Subordinated Debt for purposes of regulatory capital treatment; comments are due on or before July 8, 2020.
OFAC is removing from the Code of Federal Regulations the Terrorism Sanctions Regulations as a result of the termination of the national emergency on which the regulations were based.
Federal financial institution regulators issued a joint statement yesterday encouraging financial institutions to meet the financial needs of customers and members affected by the coronavirus.
"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
OFAC has published the names of one or more persons that have been placed on OFAC's Specially Designated Nationals and Blocked Persons List (SDN List) based on OFAC's determination that one or more applicable legal criteria were satisfied. All property and interests in property subject to U.S. jurisdiction of these persons are blocked, and U.S. persons are generally prohibited from engaging in transactions with them.
The CFPB has submitted a proposal to Congress to amend Title X of the Dodd-Frank Act to establish a whistleblower award program, is implementing its advisory opinion program via its website, and has issued a revised Responsible Business Conduct bulletin.
The OCC issued proposed changes to its licensing policies and procedures that makes significant changes to existing regulations; comments are due by May 4, 2020.
The OCC issued frequently asked questions (FAQ) to supplement OCC Bulletin 2013-29, “Third-Party Relationships: Risk Management Guidance,” issued October 30, 2013, to clarify the OCC’s existing guidance and reflect evolving industry trends.
