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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April 16, 2021

CFPB Updates Debt Collection Small Entity Compliance Guide

The CFPB updated the Debt Collection Small Entity Compliance Guide to include a discussion of the December 2020 Final Rule.

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April 16, 2021

FDIC Risk Management Manual of Examination Policies Updated

FDIC has updated the Risk Management Manual of Examination Policies (RMS Manual); specifically, updates to Section 20.1 include revised instructions to address management concurrence requirements for changes in examination scope.

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April 16, 2021

CFPB 2020 Fair Lending Report to Congress

The CFPB released its annual Fair Lending Report to Congress highlighting work in 2020 to promote the Bureau's fair lending mission of ensuring fair, equitable, and nondiscriminatory access to credit while also protecting consumers in the midst of the COVID-19 pandemic and resulting economic consequences.

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April 09, 2021

Agencies Issue Statement and Request for Information on Bank Secrecy Act/Anti-Money Laundering Compliance

The federal banking agencies, in consultation with the Financial Crimes Enforcement Network and the National Credit Union Administration, today issued a joint statement addressing how risk management principles described in the “Supervisory Guidance on Model Risk Management” relate to systems or models used by banks to assist in complying with the requirements of Bank Secrecy Act (BSA) laws and regulations.

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April 07, 2021

CFPB Proposes Delay of Effective Date for Recent Debt Collection Rules

The CFPB issued a Notice of Proposed Rulemaking (NPRM) to delay by 60 days the effective date of two final rules issued under the Fair Debt Collection Practices Act (FDCPA) that are scheduled to take effect on November 30, 2021.

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April 05, 2021

CFPB Proposes Mortgage Servicing Changes to Prevent Wave of COVID-19 Foreclosures

The Consumer Financial Protection Bureau (CFPB) proposed a set of rule changes intended to help prevent avoidable foreclosures as the emergency federal foreclosure protections expire; comments be submitted before May 11, 2021.

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April 02, 2021

FFIEC Publishes the 2021 A Guide to HMDA Reporting

The FFIEC has published the 2021 edition of A Guide To HMDA Reporting: Getting It Right!

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April 01, 2021

CFPB Compliance Bulletin Warns Mortgage Servicers: Unprepared is Unacceptable

The Consumer Financial Protection Bureau (CFPB) today warned mortgage servicers to take all necessary steps now to prevent a wave of avoidable foreclosures this fall.

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April 01, 2021

FinCEN Launches Regulatory Process for New Beneficial Ownership Reporting Requirement

The Financial Crimes Enforcement Network (FinCEN) issued an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on a wide range of questions related to the implementation of the beneficial ownership information reporting provisions of the Corporate Transparency Act (CTA); comments are due by May 5, 2021.

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March 31, 2021

CFPB Rescinds Temporary Policy Statements to Ensure Industry Complies with Consumer Protection Laws

Effective April 1, the Consumer Financial Protection Bureau (CFPB) today announced it is rescinding seven policy statements issued last year that provided temporary flexibilities to financial institutions in consumer financial markets including mortgages, credit reporting, credit cards and prepaid cards.

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March 29, 2021

CDC Extends Rental Eviction Moratorium

The CDC is extending the eviction moratorium scheduled to expire on March 31, 2021 to June 30, 2021.

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March 26, 2021

CFPB Annual Complaint Report Highlights More Than a Half-Million Complaints Received in 2020

Consumer Financial Protection Bureau

The coronavirus pandemic resulted in a 54 percent increase in complaints to the Consumer Financial Protection Bureau (CFPB) in 2020, according to the agency’s annual consumer response report to Congress.

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March 26, 2021

Calabria Discusses His Approach to Regulating Fannie and Freddie

M Report -- Christina Hughes Babb

The Director of the Federal Housing Finance Agency (FHFA), Mark Calabria, spoke with SitusAMC’s Head of Industry Relations, Tim Rood, to discuss his approach to regulating Fannie Mae and Freddie Mac.

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March 26, 2021

Group Files Hatch Act Complaint Against HUD Secretary Fudge

Reverse Mortgage Daily—Chris Clow

A conservative group files a Hatch Act complaint with the U.S. Office of Special Counsel (OSC) in Washington, D.C., against Secretary of the U.S. Department of Housing Urban Development (HUD) Marcia Fudge.

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