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. 




October 12, 2018

BCFP Proposed Rule: Civil Penalty Inflation Adjustments

SUMMARY:

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...

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October 10, 2018

FDIC FIL-58-2018 Home Mortgage Disclosure Act (HMDA): Bureau of Consumer Financial Protection Interpretive and Procedural Rule on Partial Exemptions from HMDA Requirements

Printable Format:

FIL-58-2018 - PDF (PDF Help)

Summary:

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...

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Customer Testimonials

October 10, 2018

OCC BULLETIN 2018-37 Final Rule: Margin and Capital Requirements for Covered Swap Entities

Summary

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...

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October 08, 2018

VA Loan Guaranty: Ability-to-Repay Standards and Qualified Mortgage Definition Under the Truth-in-Lending Act

ACTION:

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...

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October 08, 2018

DOJ issues updated cybersecurity incident response guidance

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...

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Webinar: Agency and Regulatory Reporting Essentials

October 05, 2018

CFPB Releases Report and RFI on Data Collection

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 

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October 04, 2018

OCC BULLETIN 2018-36 Bank Secrecy Act/Anti-Money Laundering: Interagency Statement on Sharing Bank Secrecy Act Resources

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...

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