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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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December 26, 2023

OCC Announces Revisions to Asset-Size Thresholds for Small & Intermediate Small Bank & Savings Associations under CRA

The updated thresholds, published on Tuesday, December 26th, 2023, will become effective on Monday, January 1st, 2024 and apply to any national bank, federal savings association, or state savings association.

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December 26, 2023

Congress Introduces Bills to Amend FCRA, Curtail Trigger Leads in Mortgage Loans

House Bill H.R. 4198 and Senate Bill S. 3502, though not identical, have been introduced to amend the Fair Credit Reporting Act to restrict the practice of trigger leads in mortgage loans. Curtailing this practice has "support from both industry participants and consumer groups," according to Ballard Spahr.

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December 20, 2023

President Biden Vetoes Congressional Resolution to Disapprove CFPBs Small-Business Loan Rule

On Tuesday, December 19th, 2023, President Biden vetoed a Congressional resolution that would block the CFPB's small-business loan rule, reasoning that it would hinder government oversight of predatory lenders.

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December 06, 2023

House Votes to Override CFPB Small Business Lending Rule

Ballard Spahr LLP--John L. Culhane, Jr., Richard J. Andreano, Jr., Michael Gordon & Alan S. Kaplinsky

The House of Representatives has voted to override the CFPB’s final Section 1071 small business lending rule following the Senate's vote to override the 1071 rule and the President is also expected to Veto the resolution and there is unlikely to be sufficient votes to override his veto.

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November 27, 2023

Agencies Announce Dollar Thresholds for Smaller Loan Exemption from Appraisal Requirements for Higher-priced Mortgage Loans

The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency have announced that the 2024 threshold for whether higher-priced mortgage loans are subject to special appraisal requirements will increase from $31,000 to $32,400.

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November 22, 2023

Joint Agencies Request Comment on Large Bank Long-Term Debt Proposal

The Federal banking regulatory agencies have asked for comments on a proposed rule to improve the financial stability of banks with assets of $100 billion or more by requiring a layer of long-term debt to be maintained by these institutions.

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November 08, 2023

Consumer Financial Protection Bureau 2024 Beta HMDA Platform

The CFPB has released the beta version of the HMDA Platform for data that will be collected in 2024 (2024 Beta Platform), providing financial institutions and vendors an opportunity to determine whether their sample loan/application register data comply with the reporting requirements.

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November 01, 2023

President Biden Signs Executive Order 14110 on AI, Pushes Bank Regulators to Curb Bias

On Monday, October 30th, 2023, the President signed Executive Order 14110, calling on the FHFA and CFPB to evaluate their regulated entities' use of AI for bias against protected groups in underwriting and appraisal models. Additionally, the order requires the FHFA and CFPB to issue guidance on the use of AI in tenant screening and real estate advertising within 180 days.

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October 27, 2023

CFPB's §1071 Rule Stayed by Texas Court's Nationwide Injunction

ICBA Newswatch

A request from the Independent Community Bankers Association, among others, was granted by the U.S. District Court for the Southern District of Texas resulting in a nationwide injunction that prevents the Consumer Financial Protection Bureau's (CFPB) implementation and enforcement of the §1071 rule regarding business data collection to all community banks and covered financial institutions until the US Supreme Court reviews a US Court of Appeals Fifth District ruling on the constitutionality of the CFPB's funding.

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October 24, 2023

Federal Reserve, OCC, and FDIC Issue Final Rule to Update CRA Regulations

On Monday, October 24th, 2023, the federal banking agencies jointly issued a final rule that updates the Community Reinvestment Act. Most requirements will be applicable beginning January 1, 2026, while the remaining requirements, including reporting requirements, will be applicable on January 1, 2027.

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October 24, 2023

CFPB Proposal on Personal Financial Data Rights

On October 19, 2023, the Consumer Financial Protection Bureau issued a proposed rule to implement §1033 of the 2010 Consumer Financial Protection Act (a.k.a. open banking) that would require information sharing with authorized third parties at the request of the consumer.

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October 24, 2023

Senate Votes to Override CFPB Small Business Lending Rule

The Senate has approved S.J. 32, the resolution introduced under the Congressional Review Act to override the CFPB’s final Section 1071 small business lending rule, which has raised concerns over privacy and the complexity of the data that financial institutions would be required to report.

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September 27, 2023

FinCEN Issues Small Entity Compliance Guide for Corporate Transparency Act

Ballard Spahr LLP--Peter D. Hardy, Scott Diamond, Siana Danch & Kaley Schafer

The Financial Crimes Enforcement Network, FinCEN, has published a Small Entity Compliance Guide for beneficial ownership information reporting under the Corporate Transparency Act, as well as updated FAQs regarding CTA compliance.

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September 19, 2023

CFPB Announces Threshold Adjustments Under TILA (Regulation Z)

The Consumer Financial Protection Bureau is issuing this final rule amending the official interpretations for Regulation Z, which implements the Truth in Lending Act applicable January 1, 2024, consistent with relevant statutory or regulatory provisions.

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