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.
MReport – Christina Huges Babb
House Financial Services Committee Chairwoman Maxine Waters (D-California) has asked President Trump and HUD Secretary Dr. Benjamin Carson to reevaluate HUD’s Department’s final rule on the disparate impact standard under the Fair Housing Act.
MReport – Phil Hall
The Federal Housing Finance Agency (FHFA) has modified the datasets for the Public Use Databases (PUDBs) of single-family and multifamily mortgage acquisitions by the GSEs’.
Buckley Special Alert
FinCEN is expanding on their final rule to align BSA requirements applicable to most banks without a “federal functional regulator” to establish AML and CIP programs as well as requirements under FinCEN’s customer due diligence rule.
MReport – Christina Hughes Babb
The Consumer Financial Protection Bureau (CFPB) has announced a delay in the comment period on its notice of proposed rulemaking (NPRM) to establish a brand new category of seasoned qualified mortgages (Seasoned QMs).
HousingWire – Kathleen Howley
The Office of the Comptroller of the Currency announced it has settled with three former Wells Fargo officials for the roles in the bank’s fake account scandal.
Mortgage Professional America – Ryan Smith
Senator Sherrod Brown (D-Ohio) on the Banking Committee released a report, accusing the Trump administration of ignoring the government’s fair housing obligations established in the 1968 Fair Housing Act.
FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Oregon affected by wildfires and straight-line winds.
Buckley
Tthe U.S. Senate Committee on Commerce, Science, and Transportation voted 14-12 to approve S. 4159 the “E-SIGN Modernization Act.”
MReport – Christina Hughes Babb
The state of Oregon receives assistance for homeowners and low-income renters displaced from their homes in areas affected by wildfires from the U.S. Department of Housing and Urban Development (HUD).
Buckley LLP--Buckley Special Alert
HUD recently issued a final disparate impact regulation under the Fair Housing Act, modifying the prior burden-shifting framework to place more onus on the plaintiff in establishing a prima facie case of a discriminatory effect under the FHA
Mortgage Professional America – Ryan Smith
The Federal Reserve announced that it would keep interest rates close to zero for the near future.
Mortgage Professional America – Ryan Smith
Chairwomen Maxine Waters (D-Calf.) criticizes the Federal Housing Finance Agency for what she said was its inadequate response to the COVOD-19 pandemic.
FinCEN issued an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on Bank Secrecy Act (BSA) amendments; comments must be received within 60 days of publication in the Federal Register.
The FFIEC, in conjunction with the CFPB, has released a Filing Instructions Guide for HMDA data collected in 2021.
