Compliance Newshub
Federal Legislation

The Rural Housing Service (RHS) published a final rule to streamline the loss claim process for lenders who have acquired title to property through voluntary liquidation or foreclosure; clarify that lenders must comply with applicable laws, including those within the purview of the Consumer Financial Protection Bureau (CFPB); and better align loss mitigation policies with the mortgage industry.  This final rule is effective April 24, 2020.

The CFPB published it's semiannual regulatory agenda for regulatory matters the Bureau reasonably anticipates considering during the period from October 1, 2019, to September 30, 2020.

FinCEN announced an extension of time for certain Report of Foreign Bank and Financial Accounts (FBAR) filings to April 15, 2021.

The CFPB published a rule to amend the asset-size exemption threshold for banks, savings associations, and credit unions $47 million or less as of December 31, 2019; qualifying institutions are exempt from collecting data in 2020.

 The OCC, Board, FDIC, Commission, FHFA, and HUD published a proposed rule providing notice of the commencement of the review of the definition of qualified residential mortgage; the community-focused residential mortgage exemption; and the exemption for qualifying three- to-four unit residential mortgage loans, in each case as currently set forth in the Credit Risk Retention Regulations.

The Federal Reserve is publishing a final rule that applies an inflation adjustment to the threshold for total consolidated assets in Regulation I.

The OCC has issued corrections to a final rule that was published in the Federal Register on November 13, 2019 that will allow certain depository institutions and depository institution holding companies to opt into a community bank leverage ratio framework if certain criteria is met. 

The CFPB published two new Guides, one on disclosing construction and construction-permanent loans with a separate Loan Estimate and Closing Disclosure for each phase of the transaction and one on disclosing one, combined Loan Estimate, and one, combined Closing Disclosure for both phases of a construction-permanent transaction.

FHFA has issued a Notice of Proposed Rulemaking (NPR) requesting comment on a proposed rule that would amend its stress testing rule by revise the minimum threshold for the regulated entities to conduct stress tests from $10 billion to $250 billion.

NCUA issued a final rule delaying the effective date of the 2015 and 2018 Risk-Based Capital Rules from January 1, 2020 to January 1, 2022.

The FFIEC announced the availability of the data on 2018 small business, small farm, and community development lending data reported by certain commercial banks and savings associations, pursuant to the CRA.

Buckley LLP

The OCC and FDIC issued a notice of proposed rulemaking to modernize the regulatory framework implementing the Community Reinvestment Act by expanding and delineating the activities that qualify for CRA consideration, providing benchmarks to determine what levels of activity are necessary to obtain a particular CRA rating, establishing additional assessment areas based on the location of a bank’s deposits, and increasing clarity, consistency, and transparency in reporting.