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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March 30, 2023

CFPB Publishes Final Rule: Data Collection on Small Business Lending under the Equal Credit Opportunity Act (Regulation B)

The Consumer Financial Protection Bureau (CFPB) has published a final rule that implements section 1071 of the Dodd-Frank Act wherein covered financial institutions are required to collect and report to the CFPB data on applications for credit for small businesses, including those that are owned by women or minorities.

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March 21, 2023

CFPB Enhanced Credit Card Comparison Shopping Tool Launched

The Consumer Financial Protection Bureau (CFPB) has expanded its survey of credit card rates and features with the goal of promoting competition and comparison shopping.

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March 21, 2023

CFPB 2022 HMDA Modified LAR Availability

The HMDA modified loan/application registers are available for each institution that filed HMDA data collected in 2022, providing each financial institution's loan-level HMDA data, as modified to protect applicant and borrower privacy in accordance with the Consumer Financial Protection Bureau’s final policy guidance on the disclosure of HMDA data.

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March 20, 2023

CFPB Releases 2023 HMDA Transactional and Institutional Coverage Charts

The CFPB has released the 2023 HMDA Transactional and Institutional Coverage Charts updating the closed-end threshold pursuant to the United States District Court for the District of Columbia September 23, 2022, order in NCRC et al. v. CFPB.

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March 10, 2023

CFPB Issues Request for Comment for 610 Review of the Regulation Z Mortgage Loan Originator Rule

The CFPB is conducting a review of Regulation Z’s Loan Originator Rules pursuant to section 610 of the Regulatory Flexibility Act. Regulation Z, which implements TILA, among other things, imposes certain requirements on: loan originator compensation; qualification of, and registration or licensing of, loan originators; compliance procedures for depository institutions; mandatory arbitration; and the financing of single premium credit insurance.

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March 08, 2023

CFPB Issues Supervisory Highlights Junk Fees Special Edition, Issue 29, Winter 2023

Today the CFPB released a special edition of the Supervisory Highlights report covering examination findings in deposits, auto servicing, mortgage servicing, and student loan servicing, as well as payday and small-dollar lending.

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February 28, 2023

CFPB Seeks Input on New Proposal - Alternative Mortgage Disclosures for Construction Loans

The Consumer Financial Protection Bureau (CFPB) is seeking in-market testing pilot program applicants as well as information from the public, consumers, lenders, and others with construction loan experience to assist in a proposal to adjust existing disclosures to better fit construction-to-permanent loan scenarios.

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February 28, 2023

House Passes MBA-Supported Federal RON Bill

MBA Newslink--Bill Killmer

The House passed H.R. 1059, the SECURE Notarization Act, establishing minimum standards for electronic notarizations and remote notarizations that occur nationwide and requiring any federal court to recognize notarizations performed by a notarial officer of any state while also requiring any state to recognize notarizations performed by a notarial officer of any other state when the notarization was performed under or relates to a public act, record, or judicial proceeding of the notarial officer’s state or when the notarization occurs in or affects interstate commerce.

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February 23, 2023

CFPB Announces Pilot Program of Data Collection on Auto Loans

The Consumer Financial Protection Bureau (CFPB) has ordered nine large auto lenders to provide information about their auto lending portfolios as part of an effort to ensure that the auto lending market is fair, transparent, and competitive.

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February 13, 2023

CFPB Issues Guidance to Protect Mortgage Borrowers from Pay-to-Play Digital Comparison-Shopping Platforms

The CFPB has issued an advisory opinion “to address the applicability of the Real Estate Settlement Procedures Act (RESPA) section 8 to operators of certain digital technology platforms that enable consumers to comparison shop for mortgages and other real estate settlement services, including platforms that generate potential leads for the platform participants through consumers’ interaction with the platform (Digital Mortgage Comparison-Shopping Platforms).”

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Fundamental Changes to Fannie QC - Are You Prepared?

Fundamental Changes to Fannie QC - Are You Prepared?

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February 09, 2023

CFPB publishes HMDA Regulatory and Reporting Overview Reference Chart for Data Collected in 2023

The CFPB has published the Regulatory and Reporting Overview Reference Chart for HMDA Data Collected in 2023.

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February 07, 2023

CFPB Advisory Opinion Digital Mortgage Comparison Shopping Platforms May Violate RESPA

The Consumer Financial Protection Bureau (CFPB) has issued an Advisory Opinion clarifying how digital mortgage comparison-shopping platforms may violate the Real Estate Settlement Procedures Act (RESPA) by steering consumers to lenders or service providers in violation of Section 8.

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February 01, 2023

CFPB Proposed Credit Card Late Fee Rule

The Consumer Financial Protection Bureau has proposed a rule that would impose limits on the amounts of late fees charged on credit card payments.

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January 23, 2023

FinCEN Issues Final Rule Regarding Civil Monetary Penalties Inflation Adjustment

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

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