Compliance Newshub
Federal Legislation

The NCUA Board issued a final rule to update its regulations to reflect the renaming of its "Office of Public and Congressional Affairs'' to the "Office of External Affairs and Communications.''

The Federal Financial Institutions Examination Council (FFIEC) has granted a waiver of appraiser credentialing requirements for appraisals for FRTs under $500,000 for 1-to-4 family residential real estate transactions and under $1,000,000 for agricultural and commercial real estate transactions throughout the State of North Dakota for a period of not less than five years.

Reuters--

The U.S. Federal Reserve has announced that it will develop a "round-the-clock" real time payments system in 2023 or 2024.

OFAC has published the names of one or more persons that have been placed on OFAC's Specially Designated Nationals and Blocked Persons List based on OFAC's determination that one or more applicable legal criteria were satisfied.

The CFPB has extended the comment period to until September 18, 2019 for the May 21, 2019 Notice of Proposed Rulemaking (NPRM) amending Regulation F which implements the Fair Debt Collection Practices Act (FDCPA).

OFAC has published the names of one or more persons that have been placed on OFAC's Specially Designated Nationals and Blocked Persons List.

The Bureau issued a final rule announcing the annual dollar amount thresholds for credit cards, HEOPA, and Qualified Mortgages effective January 1, 2020.

The OCC issued a bulletin informing national banks, federal savings associations, and federal branches of foreign banking organizations (collectively, banks) subject to the Community Reinvestment Act (CRA) about guidelines for requesting a designation as a wholesale or limited purpose bank for CRA purposes or requesting confirmation of its exemption as a special purpose bank under CRA regulations. 

CFPB announced it is reopening the comment period for certain aspects of the May 2019 Notice of Proposed Rulemaking relating to Regulation C, which implements the Home Mortgage Disclosure Act, through October 15, 2019.

DSNews--Seth Welborn

The FHA Foreclosure Prevention Act of 2019, an act that would require HUD to increase oversight of FHA mortgage lenders for compliance with the FHA’s loss mitigation requirements and establish a "robust" complaint and appeals process to provide borrowers the ability to better voice their concerns about unfair treatment, was introduced this week to the the House FInancial Services Committee.

Type: Notice

Number: 2019-N-6

Group: Fannie Mae; FHLBanks; Freddie Mac

Document Number: 2019-15766

CFR: 12 CFR Part 1238

Federal Register Publish Date: 7/29/2019 

Federal Register Citation:  84 FR 35811 PDF Format

Summary:

The NCUA Board (Board) has finalized its rule regarding fidelity bonds for corporate credit unions and natural person credit unions that ensures an adequate period to discover and file fidelity bond claims following a FICU's liquidation; codifies a 2017 NCUA Office of General Counsel legal opinion that permits a natural person credit union's fidelity bond to include coverage for certain credit union service organizations (CUSOs); and addresses Board approval of bond forms.