This topic consolidates everything you need to know to stay informed including prominent industry advocacy movements, current regulatory enforcement actions, and judicial rulings impacting mortgage banking.
National Mortage Professional--Navi Persaud
FHFA Director Mark Calabira and HUD Secretary Dr. Ben Carson testified before the Senate Banking Committee, each highlighting their agencies response to the COVID-19 pandemic.
MBA Newlink--Bill Killmer; Pete Mills
Last week's advocacy efforts include the Continued Focus on COVID-19; the Paycheck Protection Program (PPP) Flexibility Act of 2020; the Hearing Series On CARES Act Oversight; CFPBs Proposed Rule on LIBOR Transition; FHFAs Final Rule Revising Housing Purchase Goals for FHLBs; CFPBs, CSBSs Joint Guidance to Mortgage Servicers on CARES Act Compliance; CFPBs Taskforce on Federal Consumer Financial Law RFI; and more.
Search our Compliance Calendar for current regulatory changes & updates.
The CFPB is providing temporary and targeted flexibility for credit card issuers regarding electronic provision of Regulation Z account-opening and temporary rate or fee reduction disclosures required to be in writing during the COVID-19 pandemic.
insideARM--Eric Troutman
The Ninth Circuit Court of Appeals has upheld the Seventh and Eleventh Circuit rulings under TCPA, stating that that the caller must have the consent of the subscriber to the phone line called and may not rely on the consent of the intended recipient of the call.
The CFPB announced a settlement with Main Street Personal Finance, Inc. and its subsidiaries for providing deceptive finance charge disclosures, failing to refund overpayments on its loans, and engaging in unfair debt collection practices.
MBA Newslink--Bill Killmer; Pete Mills
Last week's advocacy efforts include the continued COVID-19 mortgage market response; GSEs LIBOR Transition Resources; MAA Members in California Actions to Oppose Harmful Forbearance Legislation in Sacramento; and the urging of the FCC to Allow Calls Related to the COVID-19 Pandemic Under TCPA ‘Emergency Purposes’ Exception.
Presented by ACES Quality Management's EVP of Compliance, Amanda Phillips, and Ballard Spahr's Reid Herlihy, Richard Andreano, Jr., and Matthew Morr.
The OCC announced new enforcement actions and Terminations against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal saving associations.
MBA Newlink--Bill Killmer; Pete Mills
Last week's advocacy efforts include MBAs Continued Wide-Ranging Advocacy in COVID-19 Response; House Passed COVID-19 Relief Legislation; Senate Banking Committee Holds Hearing with Financial Regulators; and more.
Buckley LLP--InfoBytes Blog
The CFPB filed a proposed settlement against a mortgage lender and several related individuals and companies for alleged violations of the Consumer Financial Protection Act (CFPA), Telemarketing Sales Rule (TSR), and Fair Credit Reporting Act (FCRA).
Housingwire--Ben Lane
Specialized Loan Servicing has settled with the CFPB for more than $1.5 million after allegations of “taking prohibited foreclosure actions against mortgage borrowers who were entitled to protection from foreclosure” as well as other actions.
"ACES has shined a light on our productivity and empowered us to hold our teams accountable."
- Emilee Rada, Director of Lending Operations at Georgia's Own Credit Union
MBA Newslink--Bill Killmer; Pete Mills
Last week's advocacy efforts include Policymakers COVID-19 Response; an Introduced $75 Billion Housing Assistance Fund Legislation; the Senate Banking Committee's Nomination Hearing for FHA Commissioner; MBA's Comments on FHA's COVID-19 Emergency Standalone Partial Claim; and more.
Housingwire--Ben Lane
The federal government's four year investigation into foreign buyers buying luxury real estate in the U.S. using shell companies to launder money will continue at least through November.
FDIC released a list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA) in February 2020.
MBA Newlink--Bill Killmer; Pete Mills
Last week's advocacy efforts include progress on COVID-19 Response, CFPBs TRID & Regulation Z Interpretive Rule, Federal Reserve's Rate Change Decision, Mortgage Loan Originator Licensing Update, Attorney's General Requests for Forbearance Program Changes at HUD and FHFA, and more.
