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 26, 2021

FDIC Final Rule: Unsafe and Unsound Banking Practices: Brokered Deposits and Interest Rate Restrictions

The FDIC finalized revisions to its regulations relating to the brokered deposits and interest rate restrictions that apply to less than well capitalized insured depository institutions, including establishing a new framework for analyzing certain provisions of the “deposit broker” definition, including “facilitating” and “primary purpose” and amended methodology for calculating the national rate, the national rate cap, and the local market rate cap; effective April 1, 2021, with an extended compliance date of January 1, 2022.

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January 26, 2021

Senate Confirms Yellen as Treasury Secretary

M Report – David Wharton

Monday, the Senate confirmed Janet Yellen as the first female Treasury Secretary in U.S. history.

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January 22, 2021

White House Memorandum: Regulatory Freeze Pending Review

The White House, under President Biden's Administration, issued a memorandum to the Heads of Executive Departments and Agencies, to immediately cease the issuance of any proposed or final rules until such time as the rule has been reviewed and approved by the department or agency head appointed or designated by the President.

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January 21, 2021

CFPB Director Kraninger Resigns As Biden Takes Office

Reverse Mortgage Daily – Chris Clow

Kathleen Kraninger has resigned as Director of the Consumer Financial Protection Bureau (CFPB), reportedly at the Joe Biden administration's request.

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January 20, 2021

NCUA Approves Final Rule on Supervisory Guidance

NCUA approved a final rule on supervisory guidance, codifying a 2018 Interagency Statement Clarifying the Role of Supervisory Guidance and reaffirms that the credit union regulator “will continue to follow and respect the limits of administrative law”.

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January 20, 2021

Answers to Frequently Asked Questions Regarding Suspicious Activity Reporting and Other Anti-Money Laundering Considerations

FinCen, jointly with the Federal Reserve, FDIC, NCUA and OCC published answers to frequently asked questions (FAQs) regarding suspicious activity reports (SARs) and other anti-money laundering (AML)
considerations for financial institutions covered by SAR rules.

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January 20, 2021

OCC Approves Final Rule on Supervisory Guidance

The Office of the Comptroller of the Currency (OCC) approved a final rule on banks' supervisory guidance.

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January 19, 2021

SBA Procedural Notice - Paycheck Protection Program Excess Loan Amount Errors

The Small Business Administration addresses questions related to good-faith errors made either by borrowers or lenders that result in loan amounts exceeding the eligible max. Borrowers may not receive forgiveness for excess loan amounts.

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January 19, 2021

SBA Procedural Notice - PPP Resubmissions of Loan Forgiveness Applications

The Small Business Administration released information for PPP lenders on the process for borrowers to resubmit loan forgiveness applications using the simplified Form 3508S if they had already applied using earlier forms.

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January 19, 2021

SBA Issues FAQs for the Paycheck Protection Program Re-Opening

The Small Business Administration (SBA), in consultation with the Department of the Treasury, is providing this guidance to assist businesses in calculating their revenue reduction and payroll costs (and the relevant documentation that is required to support each set of calculations) for purposes of determining their eligibility for and amount of a Second Draw PPP Loan.

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ACES Impact: ROI Infographic

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January 19, 2021

Consumer Financial Protection Bureau Issues Rule On Higher-Priced Mortgage Loan Escrow Exemption

The CFPB issued a final rule to implement a requirement of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA), exempting certain insured depository institutions and insured credit unions from the requirement to establish escrow accounts for certain higher-priced mortgage loans (HPMLs).

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January 19, 2021

Consumer Financial Protection Bureau Issues Final Rule on the Role of Supervisory Guidance

The CFPB issued a final rule regarding the Bureau’s use of supervisory guidance for its supervised institutions, which codifies the statement, with amendments, that the Bureau and other federal financial regulatory agencies issued in September 2018.

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January 15, 2021

FinCEN Proposed Rule: Requirements for Certain Transactions Involving Convertible Virtual Currency or Digital Assets

FinCEN has issued a notice of proposed rulemaking proposing requirements for banks and money services businesses related to certain transactions involving convertible virtual currency or digital assets with legal tender status; comments are due on February 1, 2021 for the proposed reporting requirements and March 1, 2021 for all other aspects of the proposed rule.

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January 15, 2021

CFPB Final Rule: Civil Penalty Inflation Adjustments

The CFPB is adjusting for inflation the maximum amount of each civil penalty within the Bureau's jurisdiction effective January 15, 2021.

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