Compliance Newshub
Federal Legislation

Ballard Spahr--Marjorie J. Peerce, David L. Axelrod, and Nathaniel B. Botwinick

The Financial Accounting Standards Board (FASB) issued a proposed accounting standards update for the accounting and disclosure of crypto assets and the SEC’s Office of Investor Education and Advocacy issued an investor alert urging investors to remain cautious about investing in “crypto asset securities” that received recent SEC enforcement actions and statements from SEC leadership that the industry is rife with fraudulent actors.

The Consumer Financial Protection Bureau (CFPB) has published a final rule that implements section 1071 of the Dodd-Frank Act wherein covered financial institutions are required to collect and report to the CFPB data on applications for credit for small businesses, including those that are owned by women or minorities.

The Consumer Financial Protection Bureau (CFPB) has expanded its survey of credit card rates and features with the goal of promoting competition and comparison shopping.

The HMDA modified loan/application registers are available for each institution that filed HMDA data collected in 2022, providing each financial institution's loan-level HMDA data, as modified to protect applicant and borrower privacy in accordance with the Consumer Financial Protection Bureau’s final policy guidance on the disclosure of HMDA data.

The CFPB has released the 2023 HMDA Transactional and Institutional Coverage Charts updating the closed-end threshold pursuant to the United States District Court for the District of Columbia September 23, 2022, order in NCRC et al. v. CFPB.

The CFPB is conducting a review of Regulation Z’s Loan Originator Rules pursuant to section 610 of the Regulatory Flexibility Act. Regulation Z, which implements TILA, among other things, imposes certain requirements on: loan originator compensation; qualification of, and registration or licensing of, loan originators; compliance procedures for depository institutions; mandatory arbitration; and the financing of single premium credit insurance.

Today the CFPB released a special edition of the Supervisory Highlights report covering examination findings in deposits, auto servicing, mortgage servicing, and student loan servicing, as well as payday and small-dollar lending.

The Consumer Financial Protection Bureau (CFPB) is seeking in-market testing pilot program applicants as well as information from the public, consumers, lenders, and others with construction loan experience to assist in a proposal to adjust existing disclosures to better fit construction-to-permanent loan scenarios.

MBA Newslink--Bill Killmer

The House passed H.R. 1059, the SECURE Notarization Act, establishing minimum standards for electronic notarizations and remote notarizations that occur nationwide and requiring any federal court to recognize notarizations performed by a notarial officer of any state while also requiring any state to recognize notarizations performed by a notarial officer of any other state when the notarization was performed under or relates to a public act, record, or judicial proceeding of the notarial officer’s state or when the notarization occurs in or affects interstate commerce.

The Consumer Financial Protection Bureau (CFPB) has ordered nine large auto lenders to provide information about their auto lending portfolios as part of an effort to ensure that the auto lending market is fair, transparent, and competitive.

The CFPB has issued an advisory opinion “to address the applicability of the Real Estate Settlement Procedures Act (RESPA) section 8 to operators of certain digital technology platforms that enable consumers to comparison shop for mortgages and other real estate settlement services, including platforms that generate potential leads for the platform participants through consumers’ interaction with the platform (Digital Mortgage Comparison-Shopping Platforms).”

The CFPB has published the Regulatory and Reporting Overview Reference Chart for HMDA Data Collected in 2023.