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. 

April 24, 2019

OCC Issues Advanced Notice of Proposed Rulemaking Regarding Other Real Estate Owned and Technical Amendments

AGENCY:

Office of the Comptroller of the Currency (OCC), Treasury.

ACTION:

Notice of proposed rulemaking with request for public comment.

SUMMARY:

The OCC is inviting comment on a proposed rule that would clarify and streamline its regulation on other real estate owned (OREO) for national banks and update the regulatory framework for OREO activities at Federal savings associations...

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April 24, 2019

FDIC Issues Advanced Notice of Proposed Rulemaking Regarding Resolution Plans

AGENCY:

Federal Deposit Insurance Corporation (FDIC).

ACTION:

Advance notice of proposed rulemaking.

SUMMARY:

The FDIC invites comments on this advance notice of proposed rulemaking (ANPR) concerning how to tailor and improve its rule requiring certain insured depository institutions to submit resolution plans.

DATES:

Comments must be received by June 21, 2019.

ADDRESSES:

You may submit...

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April 24, 2019

NCUA Issues Advanced Notice of Proposed Rulemaking Regarding Compensation in Connection with Loans to Members

AGENCY:

National Credit Union Administration (NCUA).

ACTION:

Advance notice of proposed rulemaking.

SUMMARY:

The NCUA Board (Board) is issuing this advance notice of proposed rulemaking (ANPR) to solicit comments on ways to improve the agency's regulations limiting a credit union official's and employee's compensation in connection with loans to members and lines of credit to members. These regulations...

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ACES Automated Document Manager

April 23, 2019

HUD Regulatory Waiver Requests Granted for the Fourth Quarter of Calendar Year 2018

AGENCY:

Office of the General Counsel, HUD.

ACTION:

Notice.

SUMMARY:

Section 106 of the Department of Housing and Urban Development Reform Act of 1989 (the HUD Reform Act) requires HUD to publish quarterly Federal Register notices of all regulatory waivers that HUD has approved. Each notice covers the quarterly period since the previous Federal Register notice. The purpose of this notice is...

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April 19, 2019

OMB requires review of all regulatory materials, including guidance

Buckley Sandler, LLP--InfoBytes Blog

On April 11, acting Director of the Office of Management and Budget (OMB), Russel Vought, sent a memorandum to the heads of all executive agencies announcing that on May 11, agencies will be required to submit all regulatory guidance materials to the Office of Information and Regulatory Affairs (OIRA) for review prior to publication. The memo asserts that...

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April 18, 2019

Agencies Seek Comments on Revisions to the Supplementary Leverage Ratio as Required by EGRRCPA

Press Release

Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency

Agencies Seek Comments on Revisions to the Supplementary Leverage Ratio as Required by Economic Growth, Regulatory Relief, and Consumer Protection Act

The federal bank regulatory agencies on Thursday requested comment on a proposal to modify a capital requirement for...

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April 18, 2019

FTC Publishes Proposed Amendments To Safeguards And Privacy Rules Under The GLBA

Weiner Brodsky Kider PC 

On April 4, 2019, the FTC published in the Federal Register separate notices of its proposed rulemaking and requests for public comment on amendments it intends to make to its Safeguards and Privacy Rules implementing the GLBA.

In general, the proposed amendments...

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ARMCO Mortgage QC Industry Trends Report

April 16, 2019

OMB guidance on CRA compliance imposes new rule review process on independent agencies

Ballard Sparh, LLP--Barbara S. Mishkin

memorandum issued by the Office of Management and Budget entitled “Guidance on Compliance with the Congressional Review Act” imposes a new review process on final rules issued by the CFPB and other independent regulatory agencies such as the Federal Reserve, the FCC, the FDIC, the FTC, and the OCC.  The new process will take effect on May 11...

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April 12, 2019

White House seeks tighter oversight of regulations issued by Fed and other independent agencies

The Washington Post-- Damian Paletta

The White House on Thursday for the first time said it was requiring the Federal Reserve and other independent agencies to submit new guidelines for review, a controversial step that has long been a goal of conservative groups.

The Fed and other agencies already have to publicly issue proposals, guidelines and rules, but they have not...

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April 09, 2019

Fed proposes easing post-crisis rules for big banks

The Washington Post--Renae Merle

The Federal Reserve Board on Monday proposed easing key post-crisis regulations for the country’s biggest banks, despite concerns from one member that the proposal goes too far.

Under the plan, big banks such as JPMorgan Chase and Bank of America would have to submit their full “living wills” — plans for their closure during another economic crisis...

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April 08, 2019

OCC BULLETIN 2019-18 Regulatory Capital Rule: Notice of Proposed Rulemaking

Summary

The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Federal Reserve), and the Federal Deposit Insurance Corporation (collectively, the agencies) are issuing a notice of proposed rulemaking that would be applicable to advanced approaches banking organizations. The OCC’s proposed rule would apply to national banks and federal savings associations (collectively...

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