The Compliance NewsHub

Your Financial Credit & Compliance Research Library.

Compliance Updates and News that Matter

The Compliance NewsHub delivers mortgage, credit and compliance headlines and breaking news to help compliance and quality control professionals easily find relevant news and important regulatory dates.

Recent News

Legal News | January 15, 2021

FinCEN Updates: FinCEN Announces $390,000,000 Enforcement Action Against Capital One, National Association for Violations of the Bank Secrecy Act

FinCEN announced that Capital One, National Association has been assessed a $390,000,000 civil money penalty for engaging in both willful and negligent violations of the Bank Secrecy Act and its implementing regulations.

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Legal News | January 15, 2021

Consumer Financial Protection Bureau Sues 1st Alliance Lending, LLC and Its Principals for Alleged Unlawful Mortgage Lending Practices

The CFPB filed a lawsuit against 1st Alliance Lending, LLC and its principals for allegedly engaging in various unlawful mortgage-lending practices, including violation of the Truth in Lending Act (TILA), the Fair Credit Reporting Act (FCRA), the Equal Credit Opportunity Act (ECOA), the Mortgage Acts and Practices—Advertising Rule (MAP Rule), and the Consumer Financial Protection Act of 2010 (CFPA).

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Industry News | January 15, 2021

Industry calls for new FHFA leadership, GSE reform

Housingwire--Kelsey Ramírez

The National Association of Realtors, MBA and others are asking for GSE reform and a change in the leadership structure of the FHFA.

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Agency | GSE News | January 15, 2021

Freddie Mac Guide Bulletin 2021-2 Age of Tax Return Requirements and Guidance

This bulletin provides requirements relating to the age of tax returns, date and documentation requirements based on the mortgage’s application received date and note date as well as self-employed income and determining income stability when tax returns are older.

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Federal Legislation | January 15, 2021

FinCEN Proposed Rule: Requirements for Certain Transactions Involving Convertible Virtual Currency or Digital Assets

FinCEN has issued a notice of proposed rulemaking proposing requirements for banks and money services businesses related to certain transactions involving convertible virtual currency or digital assets with legal tender status; comments are due on February 1, 2021 for the proposed reporting requirements and March 1, 2021 for all other aspects of the proposed rule.

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Legal News | January 15, 2021

OFAC Notice of OFAC Sanctions Actions

OFAC has published the names of additional persons that have been added to the Specially Designated Nationals and Blocked Persons List.

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Legal News | January 15, 2021

OFAC Hong Kong-Related Sanctions Regulations

OFAC is adding regulations to implement a July 14, 2020, Hong Kong-related Executive order, which will be further supplemented with a more comprehensive set of regulations to include additional interpretive and definitional guidance, general licenses, and statements of licensing policy; effective January 15, 2021.

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State News | January 15, 2021

Ohio Amends Provisions Regarding Licensing Restrictions

Ohio has amended its provisions relating to licensing restrictions and requirements effective on the 91st day after being filed with the Secretary of State.

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