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 15, 2021

FHFA Proposed Rule: Amendments to the Enterprise Regulatory Capital Framework Rule – Prescribed Leverage Buffer Amount and Credit Risk Transfer

The Federal Housing Finance Agency (FHFA or the Agency) is seeking comments on a notice of proposed rulemaking (proposed rule) that would amend the Enterprise Regulatory Capital Framework (ERCF) by refining the prescribed leverage buffer amount (PLBA or leverage buffer) and credit risk transfer (CRT) securitization framework for the Federal National Mortgage Association (Fannie Mae and Freddie Mac) and the Federal Home Loan Mortgage Corporation (Fannie Mae and Freddie Mac each an Enterprise).

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September 15, 2021

FHFA, Treasury suspend controversial January PSPA provisions

Scotsman Guide – Arnie Aurellano

The Federal Housing Finance Agency (FHFA) and the U.S. Department of the Treasury suspend new provisions added to the Preferred Stock Purchase Agreement (PSPAs) with the GSEs.

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September 13, 2021

OCC Bulletin 2021-43 Problem Bank Supervision: New Comptroller’s Handbook Booklet and Rescissions

The Office of the Comptroller of the Currency (OCC) today issued a new "Problem Bank Supervision" booklet, which is part of the Examination Process series of the Comptroller's Handbook and replaces "An Examiner's Guide to Problem Bank Identification, Rehabilitation, and Resolution," dated January 2001 and incorporates OCC Bulletin 2018-33, "Prompt Corrective Action: Guidelines and Rescissions."

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September 10, 2021

OCC Bulletin 2021-42 Third-Party Relationships: Agencies Extend Comment Period on Proposed Interagency Guidance

The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) announced that they will extend the comment period on the notice of "Proposed Interagency Guidance on Third-Party Relationships: Risk Management" through October 18, 2021.

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September 10, 2021

2022 HMDA Filing Instructions Guide and Supplemental Guide for Quarterly Filers Release

The CFPB announces the Filing Instructions Guide (FIG) for Home Mortgage Disclosure Act (HMDA) data collected in 2022 and reported in 2023 is now available.

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September 08, 2021

OCC Bulletin 2021-41 Community Reinvestment Act: Proposal to Rescind and Replace Community Reinvestment Act Rule Issued in 2020

The OCC issued a proposal to rescind the Community Reinvestment Act (CRA) rule that the OCC published in June 2020 and replace it with rules based largely on the rules adopted jointly by the federal banking agencies in 1995; comments are due on or before October 29, 2021.

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September 08, 2021

Final Rule: Reserve Requirements of Depository Institutions (Regulation D)

The Board of Governors of the Federal Reserve System (“Board”) is amending Regulation D, Reserve Requirements of Depository Institutions, to revise the rate of interest paid on balances maintained at Federal Reserve Banks by or on behalf of eligible institutions (“IORB” rate) to 0.15 percent effective September 8, 2021.

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September 03, 2021

FFIEC CRA Alert - 2021 Census Data Products and Geocoding System are now available

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September 01, 2021

CFPB Proposes Rule to Shine New Light on Small Businesses’ Access to Credit

The CFPB proposed a new rule addressing Section 1071 of the Dodd-Frank Act, which requires the CFPB to collect data about small business lending to facilitate enforcement of fair lending laws and to help identify business and community development needs and opportunities; comments are due 90 days from the date of publication in the Federal Register.

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September 01, 2021

CFPB: Servicers Must Double Their Efforts to Protect At-Risk Borrowers

DS News – Eric C. Peck

The Consumer Financial Protection Bureau (CFPB) set rules to prevent avoidable foreclosures as forbearance plans begin to expire for millions of Americans.

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September 01, 2021

FHFA Adds Two Key Execs

M Report – Eric C. Peck

The Federal Housing Finance Agency (FHFA) has appointed Laura Thrift as Director of the Office of Congressional Affairs and Communications, and Alexei Alexandrov as Chief Economist.

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August 31, 2021

Waters’ Plea to Congress for Emergency Rental Assistance Reform

DS News – Eric C. Peck

Representative Maxine Waters, Chairwoman of the House Financial Services Committee, plead to Congress for emergency rental assistance reform.

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August 27, 2021

FDIC FIL-59-2021 Conducting Due Diligence on Financial Technology Companies: A Guide for Community Banks

The Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency (the federal banking agencies) are issuing the Conducting Due Diligence on Financial Technology Companies: A Guide for Community Banks (Guide), which is intended to help community banks in conducting due diligence when considering relationships with financial technology (fintech) companies.

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August 26, 2021

FDIC Consumer Compliance Examination Manual

The FDIC has updated the Compliance Examination Manual's Fair Housing Act (V-8.1) chapter to conform to changes in advertising rules and disclosure and recordkeeping requirements, as well as the Home Mortgage Disclosure Act (V-9.1) chapter to delete a reference to a “Reasons for Denial” reporting requirement that no longer applies.

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