Compliance Newshub
Federal Legislation

The Financial Crimes Enforcement Network (FinCEN) issued a final rule to reflect inflation adjustments to its civil monetary penalties effective January 19, 2023.

The CFPB has announced that the filing period for HMDA data collected in 2022 opened on January 1, 2023, and all submissions will be considered timely if received on or before Wednesday, March 1, 2023.

The CFPB has announced the annual adjustments for inflation to the Bureau’s civil penalty amounts, as required by the Federal Civil Penalties Inflation Adjustment Act, as amended and effective on January 15, 2023.

The CFPB has announced the asset-size exemption thresholds for certain creditors under the escrow requirements and small creditor portfolio and balloon-payment qualified mortgage requirements, and the small creditor exemption from the prohibition against balloon-payment high-cost mortgages under Regulation Z, effective January 1, 2023.

The CFPB has issued the annual threshold adjustment final rules relating to the asset-size exemption thresholds for depository institutions under Regulation C, effective on January 1, 2023.

The FDIC has issued a notice of proposed rulemaking (NPR) with regard to rules governing use of the official FDIC sign and insured depository institutions’ advertising statements. Public comments must be received no later than Wednesday, February 21, 2023.

The CFPB issued a technical amendment resulting from the U.S. District Court for the District of Columbia decision to vacate the 2020 HMDA Rule that increased the closed-end mortgage loan reporting threshold from 25 loans to 100 loans in each of the two preceding calendar years, which was effective July 1, 2020. The reporting threshold for closed-end mortgage loans has been set back to 25 loans, as established by the 2015 HMDA Rule. The amendment is effective on December 21, 2022.

The Federal Reserve Board has adopted a final rule implementing the Adjustable Interest Rate (LIBOR) Act which identifies benchmark rates based on SOFR (Secured Overnight Financing Rate) to replace LIBOR after June 30, 2023.

On December 13, 2022, the Consumer Financial Protection Bureau issued a technical amendment update to HMDA Regulation C to reflect the closed-end mortgage loan threshold under a recent court decision.

CFPB Blog- Woody Anglade, Patrice Alexander Ficklin, and Timothy Lambert

A blog post issued by the CFPB indicates supervisory expectations regarding a change made to the closed-end HMDA reporting threshold that resulted from a US District Court decision in the District of Columbia on September 23, 2022.

The CFPB has announced the annual adjustment to the maximum amount consumer reporting agencies may charge consumers for making a file disclosure to a consumer under FCRA Section 612(f) will increase to $14.50, effective for 2023.

The annual adjustment for the maximum "reasonable charge" on a consumer for making a disclosure to the consumer pursuant to section 609 of the FCRA is increased from $13.50 to $14.50 for 2023.