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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January 21, 2022

FDIC: Final Rule on Simplification of Deposit Insurance Rules for Trust and Mortgage Servicing Accounts

The Federal Deposit Insurance Corporation (FDIC) has published a final rule to amend the deposit insurance regulations for trust accounts and mortgage servicing accounts which takes effect April 1, 2024.

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January 19, 2022

Feds seek to enlist real estate agents in anti-corruption push

The Financial Crimes Enforcement Network (FinCEN)has issued a proposal that could impose anti-money laundering reporting mandates on a wide range of residential real estate participants including real estate agents, brokers, attorneys, title insurance companies, and settlement agents for all-cash real estate transactions.

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January 14, 2022

CFPB Bulletin 2022-01: Medical Debt Collection and Consumer Reporting Requirements in Connection with the No Surprises Act

The Bureau of Consumer Financial Protection is issuing this compliance bulletin and policy guidance to remind debt collectors of their obligation to comply with the Fair Debt Collection Practices Act’s prohibition on false, deceptive, or misleading representations and unfair or unconscionable practices, and to remind consumer reporting agencies and information furnishers to comply with the Fair Credit Reporting Act’s accuracy and dispute resolution requirements, including when collecting, furnishing information about, and reporting medical debts covered by the No Surprises Act.

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January 12, 2022

FDIC and FinCEN Launch Digital Identity Tech Sprint

The Federal Deposit Insurance Corporation (FDIC) and the Financial Crimes Enforcement Network (FinCEN) announced a Tech Sprint to develop solutions for financial institutions and regulators to help measure the effectiveness of digital identity proofing—the process used to collect, validate, and verify information about a person.

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January 10, 2022

CFPB Sues United Holding Group, Its Affiliates, and Its Owners for Illegal Debt Collection Practices

The CFPB announced its suing United Debt Holding (UDH), its affiliates, and its owners for illegal debt-collection practices

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January 07, 2022

CFPB Fall 2021 Supervisory Highlights

The CFPB has issued its Fall 2021 Supervisory Highlights, discussing findings from its examinations in connection with credit card account management, debt collection, fair lending, mortgage servicing, deposits, prepaid accounts, and remittance transfers.

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December 30, 2021

OCC Bulletin 2021-67- CRA: Small and Intermediate Small Bank and Savings Association Asset Thresholds

Beginning January 1, 2022, a bank that, as of December 31 of either of the prior two calendar years, had assets of less than $1.384 billion is a “small bank or savings association” under the CRA regulations and a “small bank or savings association” with assets of at least $346 million as of December 31 of both of the prior two calendar years and less than $1.384 billion as of December 31 of either of the prior two calendar years is an “intermediate small bank or savings association” under the CRA regulations.

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December 21, 2021

Federal Bank Regulatory Agencies Release 2020 Small Business, Small Farm, and Community Development Lending Data

The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, members of the Federal Financial Institutions Examination Council (FFIEC), released data on small business, small farm, and community development lending during 2020.

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December 20, 2021

OCC Issues Updated Comptroller's Handbook on Other Real Estate Owned (OREO)

The Office of the Comptroller of the Currency (OCC) issued an updated "Other Real Estate Owned" booklet of the Comptroller’s Handbook.

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December 20, 2021

CFPB and DOJ Send Notice to Servicers About Servicemember and Veteran Homeowner Protections During the Pandemic

The Department of Justice and the Consumer Financial Protection Bureau issued a letter to mortgage servicers to ensure that servicemember and veteran mortgage borrowers’ rights under federal law are diligently protected during the loss mitigation process, and that any issues identified are addressed expeditiously as thousands of servicemember and veteran homeowners will be exiting COVID-19 hardship mortgage forbearances.

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December 20, 2021

CFPB AND DOJ put landlords on notice of servicemember's housing rights during the pandemic

The Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) issued a joint letter to landlords and other housing providers regarding important legal housing protections for military families.

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December 20, 2021

Extension of Revised Interagency Statement: Treatment of Extensions of Credit to Certain Investment Funds and Their Portfolio Investments Under 12 CFR 215 and 12 CFR 363

The OCC, the FRB, and the FDIC issued a revised statement extending the expiration of the “Revised Statement Regarding Status of Certain Investment Funds and their Portfolio Investments for Purposes of Regulation O and Reporting Requirements under Part 363 of FDIC Regulations,” to January 1, 2023.

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December 17, 2021

OCC: Revised Home Mortgage Disclosure Act: Interagency Examination Procedures

The Office of the Comptroller of the Currency (OCC) issued the revised interagency Home Mortgage Disclosure Act (HMDA) examination procedures for determining compliance with HMDA and its implementing regulations.

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December 17, 2021

FDIC Quarterly Banking Profile: Third Quarter 2021

The FDIC Quarterly Banking Profile for the third quarter of 2021 has been published and includes two articles:

  • Commercial Real Estate: Resilience, Recovery, and Risks Ahead
  • Implications of Record Deposit Inflows for Banks During the Pandemic
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