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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.
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.
View SourceThe 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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Search our Compliance Calendar for current
regulatory changes & updates from Fannie,
Freddie, FHA, VA, and USDA.
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.
View SourceThis 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.
View SourceFinCEN 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.
View SourceOFAC has published the names of additional persons that have been added to the Specially Designated Nationals and Blocked Persons List.
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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.
View SourceOhio 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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