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 FDIC announces that the Office of the Ombudsman is now administering the Post-Examination Survey process.
HUD has published it's quarterly Federal Register notices of all regulatory waivers granted by HUD during the period beginning on April 1, 2019 and ending on June 30, 2019.
Search our Compliance Calendar for current regulatory changes & updates.
The CFPB seeks comments and information to identify opportunities to utilize Tech Sprints as a means to encourage regulatory innovation and collaborate with stakeholders in developing viable solutions to regulatory compliance challenges.
This OCC bulletin is issued to remind banks of the new registration requirement for AMC's that became effective on August 10, 2019.
OFAC has issued a Russia-Related Directive under Executive Order 13883 of August 1, 2019 imposing an initial round of sanctions for allegations of the use of chemical weapons in violation of international law or use of lethal chemical weapons against its own nationals.
DSNews--Seth Welborn
The U.S. House of Representatives passed five bills offered by House Financial Services Committee Members on Tuesday, three of which are directly housing related: the Homebuyer Assistance Act of 2019 (H.R. 2852); the Strategy and Investment in Rural Housing Preservation Act of 2019; and the Safe Housing for Families Act of 2019.
"By partnering with ACES, we have witnessed an overall improvement in the quality of our reviews."
-Hilda Melendez, Quality Control Systems Director at Lennar Mortgage
The CFPB has issued three new policies to promote innovation and facilitate compliance: the No-Action Letter (NAL) Policy, Trial Disclosure Program (TDP) Policy, and Compliance Assistance Sandbox (CAS) Policy.
The FDIC has updated the Consumer Compliance Examination Manual (CEM) including changes to pre-examination interview questions and information requests made during the examination planning process and to incorporate the private flood insurance final rule’s provisions pertaining to the mandatory and discretionary acceptance of private flood insurance by financial institutions.
The FDIC issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA) and the evaluation ratings assigned to institutions in June 2019.
The CFPB has published updated HMDA webinars to reflect amendments to HMDA made by the Economic Growth, Regulatory Relief, and Consumer Protection Act, and the interpretive and procedural rule issued by the Bureau in August 2018, as well as a new HMDA Webinar that provides an overview of the data points not covered in the first two webinars.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
The CFPB has released a guide for older homeowners on how to meet their reverse mortgage (Home Equity Conversion Mortgage (HECM)) loan obligations while recovering from a hurricane, fire, flood or other natural disaster.
FFIEC announces the 2019 Census Data Products have been released and the 2019 Geocoding System has been updated with the 2019 Census demographic data based on the 2011 - 2015 five year estimated American Community Survey (ACS).
The Federal Reserve has made corrections to a final rule that amends Regulation CC and has implemented a statutory requirement in the Expedited Funds Availability Act adjusting dollar amounts for inflation.
The CFPB published updated examination procedures for automobile finance in its Supervision and Examinations Manual.
