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.
The CFPB has issued a small entity compliance guide for the small business lending rule.
New guidance issued by the Consumer Financial Protection Bureau indicates that a financial institution's practice of "reopening" a closed account to process a debit transaction that was received after account closure may constitute an unfair practice.
Search our Compliance Calendar for current regulatory changes & updates.
The CFPB has issued a Notice of Proposed Rulemaking related to residential Property Assessed Clean Energy financing and included a Fast Facts Summary that provides a high-level overview of the proposed rule and an Unofficial Redline.
The FDIC has issued supervisory guidance to its supervised institutions to ensure that supervised institutions are aware of the consumer compliance risks associated with assessing overdraft fees on a transaction that was authorized against a positive balance but settled against a negative balance.
The CFPB issued an Interim Final Rule related to the LIBOR transition updating the CFPB’s previous 2021 LIBOR Transition Rule to make changes consistent with the Adjustable Interest Rate Act of 2021 (LIBOR Act), the changes include 1) conforming the terminology used to identify the replacement indices and 2) adding an example of a 12-month LIBOR tenor replacement index that meets certain standards in Regulation Z.
The Consumer Financial Protection Bureau, the Department of Justice’s Civil Rights Division, the Equal Employment Opportunity Commission, and the Federal Trade Commission jointly pledged today to uphold America’s commitment to the core principles of fairness, equality, and justice as emerging automated systems, including those sometimes marketed as “artificial intelligence” or “AI,” have become increasingly common in our daily lives – impacting civil rights, fair competition, consumer protection, and equal opportunity.
"ACES has made my life so much easier from a QC perspective. It's life-changing"
- Kelly Cooper Spencer, QC & Business Intelligence Data Manager at Thrive Mortgage
The updated 2023 A Guide to HMDA Reporting: Getting It Right has been published on the FFIEC website.
The Consumer Financial Protection Bureau (CFPB) has issued guidance clarifying the legal prohibition on abusive conduct in consumer financial markets.
The Consumer Financial Protection Bureau launched a new regulatory and technical support program called SBL Help with the intent of assisting financial institutions with questions about their data collection and reporting obligations under the final Small Business Data Collection rule.
The Federal Deposit Insurance Corporation (FDIC) has published its latest Consumer Compliance Supervisory Highlights which provides an overview of consumer compliance issues identified during 2022's regulatory examinations as well as other relevant topics.
"ACES has shined a light on our productivity and empowered us to hold our teams accountable."
- Emilee Rada, Director of Lending Operations at Georgia's Own Credit Union
Ballard Spahr--Marjorie J. Peerce, David L. Axelrod, and Nathaniel B. Botwinick
The Financial Accounting Standards Board (FASB) issued a proposed accounting standards update for the accounting and disclosure of crypto assets and the SEC’s Office of Investor Education and Advocacy issued an investor alert urging investors to remain cautious about investing in “crypto asset securities” that received recent SEC enforcement actions and statements from SEC leadership that the industry is rife with fraudulent actors.
The Consumer Financial Protection Bureau (CFPB) has published a final rule that implements section 1071 of the Dodd-Frank Act wherein covered financial institutions are required to collect and report to the CFPB data on applications for credit for small businesses, including those that are owned by women or minorities.
The Consumer Financial Protection Bureau (CFPB) has expanded its survey of credit card rates and features with the goal of promoting competition and comparison shopping.
The HMDA modified loan/application registers are available for each institution that filed HMDA data collected in 2022, providing each financial institution's loan-level HMDA data, as modified to protect applicant and borrower privacy in accordance with the Consumer Financial Protection Bureau’s final policy guidance on the disclosure of HMDA data.
