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.
October 15, 2018
Ballard Spahr LLP--Barbara S. Mishkin
The CFPB is proposing to issue a final rule on annual adjustments to the civil penalties within its jurisdiction. Comments on the proposal must be received by November 13, 2018.
In November 2016, the CFPB published an interim final rule (IFR) to create 12 C.F.R. Part 1083 which sets forth the penalty amounts as adjusted annually. ...
October 12, 2018
The Bureau of Consumer Financial Protection (Bureau) is proposing to amend its rule adjusting for inflation the maximum amount of each civil penalty within the Bureau's jurisdiction pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Debt Collection Improvement Act of 1996 and further amended by the Federal Civil Penalties Inflation Adjustment Act...
October 10, 2018
The Bureau of Consumer Financial Protection released an interpretive and procedural rule to implement and clarify amendments to HMDA made by the Economic Growth, Regulatory Relief, and Consumer Protection Act. The rule provides further guidance from the Bureau on implementation of the partial exemptions available to qualifying institutions pursuant to...
October 10, 2018
The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (the board), the Federal Deposit Insurance Corporation (FDIC), the Farm Credit Administration, and the Federal Housing Finance Agency (collectively, the agencies) published a final rule in the Federal Register to amend their regulations regarding the minimum margin and capital requirements for registered swap...
October 10, 2018
Today, FEMA released a new, easy to use Flood Insurance Manual (FIM), which supersedes the previous FIM.
FEMA designed the FIM with the insurance professional in mind. The newly redesigned manual aims to make flood insurance issues and NFIP processes more understandable.
There are three program changes announced in the new manual:
October 08, 2018
Agency determination; status of interim final rule.
SUMMARY:The Department of Veterans Affairs (VA) published an interim final rule on May 9, 2014, implementing provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act). This document informs the public that VA will not be publishing a final rule to adopt the provisions in the...
October 08, 2018
Buckley Sandler, LLP--InfoBytes Blog
On September 28, the DOJ issued updated guidance originally presented the day before at a cybersecurity roundtable discussion on best practices for companies when responding to and reporting cybersecurity incidents. Officials from the DOJ, National Security Council, and the Department of Homeland Security made remarks regarding the difficulty in handling data breach investigations at the roundtable. The...
October 05, 2018
Market Watch--Steve Goldstein
On October 4, the CFPB announced a settlement with a group of Minnesota-based companies that allegedly violated the Consumer Financial Protection Act when consumers made payments on debts that the companies had already sold to third parties, and the companies improperly delayed the forwarding of some of those payments to debt buyers. According to the Read moreOctober 05, 2018
Ballard Spahr LLP--Wendy Angus-Anderson
On September 25, the Consumer Financial Protection Bureau issued a report on its sources and uses of data. This report was followed by a Request for Information regarding its data collection practices, published in the Federal Register on September 28. In some respects, both documents are a follow-up to Acting Director Mick Mulvaney’s December 2017
October 04, 2018
Summary
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Financial Crimes Enforcement Network (collectively, the agencies) are publishing a statement to address instances in which banks may decide to enter into collaborative arrangements to share resources to manage their...
