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 25, 2020

Waters Calls for Examination of Disparate Impact Rule

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.

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September 24, 2020

FHFA: New Data Will Enhance GSEs’ ‘Duty to Serve’ Program

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’.

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September 23, 2020

FinCEN extends AML program, other requirements to banks without federal regulators

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.

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September 23, 2020

CFPB Extends Seasoned QM NPRM Deadline

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).

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September 22, 2020

OCC settles with three former Wells Fargo executives

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.

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September 22, 2020

Report accuses Trump of 'systematically undermining' fair lending regs

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.

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September 18, 2020

FDIC FIL-91-2020 Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Oregon Affected by Wildfires and Straight-Line Winds

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.

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September 18, 2020

E-SIGN modernization bill passes Senate committee

Buckley

Tthe U.S. Senate Committee on Commerce, Science, and Transportation voted 14-12 to approve S. 4159 the “E-SIGN Modernization Act.”

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September 18, 2020

Oregon Wildfire Victims Receive HUD Assistance

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).

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September 18, 2020

HUD finalizes new disparate impact regulation

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

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September 17, 2020

Fed could keep rates near zero through 2023

Mortgage Professional America – Ryan Smith

The Federal Reserve announced that it would keep interest rates close to zero for the near future.

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September 17, 2020

FHFA has failed homeowners during pandemic, says top Dem

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.

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September 16, 2020

FinCEN Seeks Comments on Enhancing the Effectiveness of Anti-Money Laundering Programs

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.

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September 14, 2020

FFIEC Publishes HMDA Filing Instructions Guide for 2021 Data Collected

The FFIEC, in conjunction with the CFPB, has released a Filing Instructions Guide for HMDA data collected in 2021.

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