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. 




August 20, 2018

FDIC FIL-42-2018 Modifications to the Statement of Policy for Section 19 of the Federal Deposit Insurance Act

Printable Format:

FIL-42-2018 - PDF (PDF Help)

Summary:

The FDIC has issued modifications to its Statement of Policy (SOP) for Section 19 of the Federal Deposit Insurance (FDI) Act. Section 19 prohibits, without the prior written consent of the FDIC, a person convicted of any criminal offense involving dishonesty, breach of trust, money laundering, or who has entered into...

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August 15, 2018

OCC NR 2018-78 Bank Accounting Advisory Series Updated

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today released an update to the Bank Accounting Advisory Series (BAAS).

The BAAS covers a variety of topics and promotes consistent application of accounting standards among national banks and federal savings associations.

This edition of the BAAS reflects accounting standards issued by the Financial Accounting Standards Board on such...

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Surviving an Onsite Audit

August 12, 2018

State Regulators Nationwide Adopt Single Exam for Mortgage Licensing

Conference of State Bank Supervisors (CSBS)

Washington, D.C. – The Conference of State Bank Supervisors (CSBS) announced today that all states and U.S. territories now use a single, common exam to assess mortgage loan originators (MLOs), simplifying the licensing process for MLOs and streamlining supervision of the mortgage industry.

The Uniform State Test is one of several initiatives being taken by...

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August 12, 2018

Bureau announces addition of the Dynamic National Loan-Level Dataset and the Aggregate & Disclosure reports to the FFIEC website

The Bureau of Consumer Financial Protection is pleased to announce the availability of the 2017 HMDA Dynamic National Loan-Level Dataset and the Aggregate & Disclosure reports on the FFIEC HMDA Platform Data Publication web page.

  • The Dynamic National Loan-Level Dataset is updated weekly to include late submissions and resubmissions. Loan/Application Register (LAR) and Transmittal Sheet (TS) records are...

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August 10, 2018

Regulators create Global Financial Innovation Network

Buckley Sandler, LLP--InfoBytes Blog

On August 7, the United Kingdom’s Financial Conduct Authority (FCA) announced the creation of the Global Financial Innovation Network (GFIN) in collaboration with 11 global financial regulators, including the CFPB. As set forth in the GFIN Consultation Document, the three major functions of the initiative are: (i) information sharing among regulators on topics including emerging technologies and...

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Webinar: Agency and Regulatory Reporting Essentials

August 10, 2018

Bureau Updates Regulation P To Implement Legislation Amending Gramm-Leach-Bliley Act

FOR IMMEDIATE RELEASE:

August 10, 2018

MEDIA CONTACT:Office of Communications Tel: (202) 435-7170

BUREAU OF CONSUMER FINANCIAL PROTECTION UPDATES REGULATION P TO IMPLEMENT LEGISLATION AMENDING GRAMM-LEACH-BLILEY ACT

Changes Will Ease Burden on Financial Institutions and Reduce Risk of Consumer Confusion

WASHINGTON, D.C. – The Bureau of Consumer Financial Protection (Bureau) today finalized amendments to implement legislation that allows financial institutions that meet certain requirements to...

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August 10, 2018

FDIC FIL-41-2018 Guidance to Help Financial Institutions and Facilitate Recovery in Areas of California Affected by Wildfires and High Winds

Printable Format:

FIL-41-2018 - PDF (PDF Help)

Summary:

The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of California affected by wildfires and high winds.

Statement of Applicability to Institutions with Total Assets under $1 Billion: This Financial Institution Letter applies to all FDIC-supervised financial institutions.

Highlights...

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August 10, 2018

Treasury Recommends Sweeping Regulatory Changes for Consumer Financial Services

Ballard Sparh, LLP--Alan S. Kaplinsky; John L. Culhane, Jr.; James Kim; Scott M. Pearson

A report issued last week by the U.S. Treasury Department recommends sweeping regulatory changes intended to promote innovation in the consumer financial services market, reduce regulatory burdens on consumer financial services providers, and update regulations applicable to various types of consumer lending and related consumer financial products...

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