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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September 19, 2023

CFPB Announces Threshold Adjustments Under TILA (Regulation Z)

The Consumer Financial Protection Bureau is issuing this final rule amending the official interpretations for Regulation Z, which implements the Truth in Lending Act applicable January 1, 2024, consistent with relevant statutory or regulatory provisions.

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September 07, 2023

2024 HMDA Filing Instructions Guide and Supplemental Guide for Quarterly Filers Release

The CFPB has announced that the Filing Instructions Guide for HMDA data collected in 2024 is now available.

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August 24, 2023

SEC Adopts Rules on Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure by Public Companies 2023-139

The Securities and Exchange Commission issued a final rule effective on September 5, 2023, relating to cybersecurity risk management, strategy, governance, and incidents by public companies that are subject to reporting requirements under the Securities Exchange Act.

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August 07, 2023

CFPB Exams Find Unfair, Deceptive, and Abusive Practices Across a Wide Array of Consumer Financial Product Lines

The CFPB has released a new Supervisory Highlights report which found unfair, deceptive, and abusive acts or practices across many consumer financial products.

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August 04, 2023

FFIEC Announcement 2023-02: Federal and State Regulators Release Updates to the BSA/AML Examination Manual

The FFIEC has released updates to six sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual not to be interpreted as new instructions or increased focus on certain areas; instead, they offer further transparency into the examination process and support risk-focused examination work.

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July 10, 2023

FDIC Issues List of Banks Examined for CRA Compliance

The Federal Deposit Insurance Corporation its list of banks recently evaluated for compliance with the Community Reinvestment Act (CRA) for July 2023.

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"ACES has made my life so much easier from a QC perspective. It's life-changing"

- Kelly Cooper Spencer, QC & Business Intelligence Data Manager at Thrive Mortgage

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June 23, 2023

FFIEC Website Updated with 2023 Distressed or Underserved Nonmetropolitan Middle-income Geographies List

The Distressed or Underserved Nonmetropolitan Middle Income Geographies list has been published on the FFIEC website.

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June 22, 2023

Banking Agencies Issue Notice of Proposed Rulemaking: QC Standards for Automated Valuation Models

The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration (NCUA), the Consumer Financial Protection Bureau (CFPB), and the Federal Housing Finance Agency (FHFA) have issued a proposed rule that will implement quality control standards for automated valuation models (AVM) used to value real estate in the mortgage market.

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June 21, 2023

CFPB Seeks to Simplify and Streamline Mtg. Servicing Rules

The CFPB plans to use the public's input to identify ways to help homeowners who struggle to make payments get help more quickly and easily.

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June 20, 2023

FDIC Clarifying Supervisory Approach Regarding Supervisory Guidance on Multiple Re-Presentment NSF Fees

The FDIC has updated its Supervisory Guidance on Multiple Re-Presentment NSF Fees to clarify its supervisory approach for corrective action when a violation of law is identified.

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"By partnering with ACES, we have witnessed an overall improvement in the quality of our reviews. The platform has enabled us to focus on pre-funding reviews and allocate our resources to other areas where defects need correction."

-Hilda Melendez, Quality Control Systems Director at Lennar Mortgage

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June 01, 2023

Agencies Request Comment on QC Standards for AVM Proposed Rule

The Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the National Credit Union Administration, and the Office of the Comptroller of the Currency requested public comment on a proposed rule that would implement quality control standards for the automated valuation models (AVNMs) used by lenders. Comments are due 60 days after publication in the Federal Register.

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May 15, 2023

CFPB Small Business Lending Rule Compliance Guide

The CFPB has issued a small entity compliance guide for the small business lending rule.

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May 10, 2023

CFPB: Guidance on "Reopening" Closed Accounts to Assess Fees- Unfair Practice

New guidance issued by the Consumer Financial Protection Bureau indicates that a financial institution's practice of "reopening" a closed account to process a debit transaction that was received after account closure may constitute an unfair practice.

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May 02, 2023

CFPB Issues PACE Financing Notice of Proposed Rulemaking and Related Materials

The CFPB has issued a Notice of Proposed Rulemaking related to residential Property Assessed Clean Energy financing and included a Fast Facts Summary that provides a high-level overview of the proposed rule and an Unofficial Redline.

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