Compliance NewsHub
Federal Legislation

This topic consolidates legislative summaries of proposed and final regulatory rules impacting the mortgage banking industry today. This includes rules promulgated by federal regulatory agencies as well as up-to-the-minute legislative actions out of Washington, DC.

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June 24, 2022

CFPB Final Rule: Prohibition on Inclusion of Adverse Information in Consumer Reporting in Cases of Human Trafficking (Regulation V)

Consumer Financial Protection Bureau is amending Regulation V, which implements the Fair Credit Reporting Act (FCRA), to address recent legislation that assists consumers who are victims of trafficking.

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June 22, 2022

CFPB Reviewing Credit Card Late Fees and Penalties

The CFPB is seeking data about credit card late fees and late payments, assessing whether those fees are “reasonable and proportional.”

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June 21, 2022

CFPB Seeks Public Comments About Employer Driven Debt

The CFPB is seeking public comments about debt that workers take on to pay for trainings, equipment, or other items or services required by their employer.

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June 20, 2022

House Passes Measure to Increase Financial Equity and Inclusion for All

DS News--Eric C. Peck

The U.S. House of Representatives passed HR 2543, The Financial Services Racial Equity, Inclusion, and Economic Justice Act, by a vote of 215-207 to increase equity and inclusion in financial services.

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June 20, 2022

CFPB Launches Initiative to Improve Customer Service at Big Banks

The CFPB is requesting public input on providing customers the ability to assert their big bank customer service rights and the obstacles that can prevent people from receiving high standards of customer service and high-quality human interactions with their banks or credit unions.

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June 16, 2022

FFIEC Announces Availability of 2021 Data on Mortgage Lending

An FFIEC press release indicates that 2021 data reported under the Home Mortgage Disclosure Act (HMDA) is now available.

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June 16, 2022

Fed Raises Nominal Interest Rate by 0.75%

DS News - Kyle G. Horst

The Federal Reserve raises the average interest rate by three-quarters of a point.

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June 15, 2022

U.S. Treasury Department Issues Elder Financial Exploitation Advisory

Reverse Mortgage Daily - Chris Clow

The Financial Crimes Enforcement Network (FinCEN) has issued a bulletin warning financial institutions of the increased occurrences of elder financial abuse through theft and scams.

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June 10, 2022

CFPB Provides HAF Program Flyers Mortgage Servicers May Choose to Send Borrowers

The CFPB has provided flyers on the Homeowner Assistance Fund programs for borrowers that mortgage servicers may voluntarily provide to borrowers and are available in 7 languages.

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May 31, 2022

FHFA Commits to Green Initiatives

DS News - Eric C. Peck

The Federal Housing Finance Agency (FHFA) has publicized its association with the Network of Central Banks and Supervisors for Greening the Financial System (NGFS).

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May 31, 2022

CFPB Warns Mortgage Industry About Legal Responsibilities in Disclosure

DS News - Kyle G. Horst

The CFPB cautions the mortgage industry about Black-Box-Lending models.

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May 26, 2022

CFPB Acts to Protect the Public from Black-Box Credit Models Using Complex Algorithms

The CFPB confirmed that federal anti-discrimination law requires companies to explain to applicants the specific reasons an application for credit was denied or had other adverse actions, even if the creditor is relying on credit models using complex algorithms.

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May 26, 2022

New CFPB interpretive rule outlines broad state CFPA enforcement authority

Ballard Spahr, LLP--Michael Gordon

The CFPB has issued a new interpretive rule authorizing state attorneys general and state regulators to enforce the Consumer Financial Protection Act.

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May 25, 2022

OCC Issues Third and Fourth Quarter 2022 CRA Evaluation Schedule

The Office of the Comptroller of the Currency (OCC) released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the third and fourth quarters of 2022.

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