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. 




June 21, 2018

Federal Reserve Issues Final Rule Regarding Regulation D

SUMMARY:

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 to satisfy reserve balance requirements (“IORR”) and the rate of interest paid on excess balances (“IOER”) maintained at Federal Reserve Banks by or on behalf of eligible institutions. The final...

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June 21, 2018

Federal Reserve Issues Final Rule Regarding Regulation A

SUMMARY:

The Board of Governors of the Federal Reserve System (“Board”) has adopted final amendments to its Regulation A to reflect the Board's approval of an increase in the rate for primary credit at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically increased by formula as a result of the Board's primary credit rate action.

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June 20, 2018

Bill to enhance mortgage servicer oversight introduced in Congress

Mortgage Professional America--Francis Monfort

Rep. Maxine Waters (D-Calif.) has introduced a bill that would increase oversight on mortgage services to protect homeowners facing foreclosure.

Under H.R. 6102, or the Homeowner Mortgage Servicing Fairness Act of 2018, Federal Housing Finance Agency’s (FHFA) oversight of mortgage servicers that conduct business with Fannie Mae and Freddie Mac will be increased. Fannie Mae...

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ACES Intelligent Questionnaires

June 19, 2018

TRID FAQs: How to Deal with Most Common Concerns about Upcoming Regulatory Update

MBA Insights--Karl Dahlgren

Karl Dahlgren is managing director of BAI, Chicago, a nonprofit independent organization that delivers actionable insights for the financial services industry.

In October 2015, the first iteration of TRID took effect, which integrated the Real Estate Settlement Procedures Act (RESPA) and Truth in Lending Act (TILA) disclosures and regulations, under the Know Before You Owe (KBYO) Mortgage Initiative.

...

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June 15, 2018

OCC Bulletin 2018-17 Supervisory Policy and Processes for Community Reinvestment Act Performance Evaluations

Summary

The Office of the Comptroller of the Currency (OCC) is fully committed to an effort to modernize the Community Reinvestment Act (CRA). While modernization efforts are proceeding, the OCC is issuing this bulletin to inform national banks, federal savings associations, and federal branches and agencies (collectively, banks) about clarifications to OCC supervisory policies and processes regarding how examiners evaluate...

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June 15, 2018

CFPB Left with Rulemaking to Modify or Delay Payday Rule

K&L Gates Consumer Financial Services Watch--Jennifer Janeira Nagle, Robert W. Sparkes, Scott B. Hefferman

On Tuesday, June 12, 2018, a Texas federal judge denied a joint request from the Consumer Financial Protection Bureau (“CFPB”) and two payday-lending trade groups to stay the August 2019 deadline for industry compliance with the Payday Loan Rule (the “Rule”). The decision was issued in Community Financial...

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June 15, 2018

FinCEN issues advisory on connection between politically exposed persons and financial facilitators

Buckley Sandler, LLP--InfoBytes Blog

On June 12, the Financial Crimes Enforcement Network (FinCEN) issuedan advisory to U.S. financial institutions to increase awareness of the connection between high-level political corruption and human rights abuses. The advisory highlights the use of financial facilitators as a means to gain access to global financial systems for the purpose of moving or hiding illicit proceeds and evading...

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ARMCO Mortgage QC Industry Trends Report

June 15, 2018

OCC NR 2018-62 Agencies Issue Host State Loan-to-Deposit Ratios

WASHINGTON--The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency today issued the host state loan-to-deposit ratios that they will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These ratios replace the prior year’s ratios, which were...

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June 14, 2018

Committee Advances Four Bills

Financial Services Committee - Sarah (Rozier) Flaim, Keeley Christensen

WASHINGTON – This week, the Financial Services Committee approved four bills, bringing the total number of bills reported out of the Committee this Congress to 112.

“Today, the Committee is meeting to consider another important series of measures. These are designed to deal with market stability and security to the financing...

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June 14, 2018

NMLS Call Report Changes Delayed - Implementation of data postponed

Mortgage Daily--Mortgage Daily Staff

Implementation of planned changes to reporting requirements for the Nationwide Multi-state Licensing System have been delayed.Back in February, the State Regulatory Registry LLC sought public comment on proposed changes to the NMLS Mortgage Call Report.The report provides information about licensed mortgage companies' financial condition, loan activities and loan originations.Originally, the revisions were scheduled for implementation in the first-quarter...

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