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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November 22, 2022

CFPB: FCRA Charge Annual Adjustment

The annual adjustment for the maximum "reasonable charge" on a consumer for making a disclosure to the consumer pursuant to section 609 of the FCRA is increased from $13.50 to $14.50 for 2023.

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November 21, 2022

FTC Extends Deadline by Six Months for Compliance with Some Changes to Financial Data Security Rule

The Federal Trade Commission has extended to June 9, 2023, the deadline for parts of the changes implemented to improve the data security of their customers’ personal information.

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November 21, 2022

CFPB Supervisory Examinations Find Credit Reporting Failures, Junk Fees, and Mishandling of COVID-19 Protections

The CFPB released a new Supervisory Highlights report on legal violations identified during the CFPB’s supervisory examinations in the first half of 2022 detailing key findings, Fair Credit Reporting Act (FCRA) violations, charging of impermissible fees when homeowners went to make their mortgage payments as well as policies and procedures that may have resulted in loss of pandemic relief benefits due to garnishments or setoff practices.

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November 16, 2022

CFPB Issues Guidance Regarding Disputes of Consumer Report Information

A review of consumer report disputes by the Consumer Financial Protection Bureau (CFPB) indicated that many consumer reporting agencies and information furnishers are failing to adequately investigate disputes leading to higher costs and difficulties for consumers in obtaining credit; guidance on expectations involving disputes was published.

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November 16, 2022

CFPB Finalizes Changes to Nonbank Supervision Procedural Rule

A recent risk determination by the Consumer Financial Protection Bureau (CFPB) led to changes in the procedural rule related to nonbank supervision in an effort to increase transparency.

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November 03, 2022

CFPB Issues Corrections to Final Rule Regarding Fair Debt Collection Practices (Regulation F)

The CFPB issued corrections to a final rule regarding Debt Collection Practices (Regulation F) that was published in the Federal Register on January 19, 2021 with the corrections being effective as of November 1, 2022.

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October 28, 2022

Feds Aim to Return Financial Data Rights to Consumers

DS News--Kyle G. Horst

The CFPB is proposing new options to strengthen consumers’ access to and control over their financial data as a first step before issuing a proposed data rights rule that would implement section 1033 of the Dodd-Frank Act.

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October 26, 2022

Consumer Financial Protection Circular 2022-06 Unanticipated Overdraft Fee Assessment Practices

This CFPB circular addresses overdraft fees, particularly those that are unanticipated by the consumer.

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October 20, 2022

CFPB Issues Advisory Opinion on Facially False Credit Report Information

The CFPB has issued an Advisory Opinion discussing Fair Credit Reporting Act (FCRA) requirements related to procedures for ensuring the prevention of facially false information in credit reports.

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October 17, 2022

Banking Agencies Issue Final Rule Regarding Appraisals for HPML Exemption Threshold Adjustment

The Federal Reserve, CFPB, and the OCC issued a final rule amending regulations that implement section 129H of TILA raising the special appraisal requirements for higher-priced mortgage loans from $28,500 to $31,000.

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October 17, 2022

Banking Agencies Issue Final Rule Adjusting Annual Threshold Amount under TILA

The Federal Reserve Board and the CFPB announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2023 are exempt from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing).

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October 06, 2022

CFPB: Homeowners Can Challenge Inaccurate Appraisals Through ROV Process

CFPB Blog- Patrice Alexander Ficklin, Makalia Griffith, and Tim Lambert

The CFPB has issued a blog post regarding the “reconsideration of value” or “ROV”, a manner through which homebuyers and homeowners can request a review of an appraisal they feel is inaccurate.

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October 05, 2022

FFIEC Issues Update to Cybersecurity Resource Guide

The Federal Financial Institutions Examination Council (FFIEC) issued an update to its Cybersecurity Resource Guide to include ransomware, a specific resource to address the ongoing threat of ransomware incidents.

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September 19, 2022

CFPB Study Details the Rapid Growth of “Buy Now, Pay Later” Lending

The CFPB published a report, Buy Now, Pay Later: Market trends and consumer impacts , that provides key insights on the Buy Now, Pay Later industry that grew rapidly during the pandemic, but borrowers may receive uneven disclosures and protections.

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