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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Search our Compliance Calendar for current regulatory changes & updates.
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"By partnering with ACES, we have witnessed an overall improvement in the quality of our reviews."
-Hilda Melendez, Quality Control Systems Director at Lennar Mortgage
The Consumer Financial Protection Bureau (CFPB) published a blog post offering a synopsis of the enforcement actions it issued in 2023.
The Federal Housing Finance Agency (FHFA) published a final rule amending its prudential management and operations standards rule, effective February 20, 2024.
The Federal Deposit Insurance Corporation finalized a rule to amend part 328 of its regulations to update the rules governing the use of the official FDIC sign and insured depository institutions’ advertising statements to reflect how depositors do business with IDIs today, including through digital and mobile channels and also clarifies the FDIC’s regulations regarding misrepresentations of deposit insurance coverage, which apply to any person, including IDIs and non–bank entities taking effect on April 1, 2024 with an extended compliance date of January 1, 2025.
The CFPB proposed a rule requiring the nation’s most prominent financial institutions to discontinue excessive overdraft fees that cost Americans billions yearly.
"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
The CFPB has issued two Advisory Opinions related to FCRA requirements related to consumer reporting agency disclosure requirement triggers and background screening practices.
The Office of the Comptroller of the Currency has updated its civil money penalty maximums effective January 8, 2023.
The FDIC's January 2024 Consumer News aims to provide steps that may help consumers grow their savings.
The CFPB has been monitoring student loan servicing since payments were resumed and various challenges have been identified in the report.
