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. 

February 21, 2019

CFPB Issues Small entity compliance guide for the payment-related provisions of the Payday Lending Rule

The Bureau has released a small entity compliance guide that summarizes the payment-related provisions of the Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule (Payday Lending Rule). The guide is available here.

Thank you,

Consumer Financial Protection Bureau 

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February 20, 2019

CAN-SPAM Lives: FTC Keeps Rule Unchanged

Troutman Sanders LLP--Alan D. Wingfield, Virginia Bell Flynn, and Brooke K. Conkle

The Federal Trade Commission has announced that it is retaining the CAN-SPAM Rule as is, deciding to keep the Rule unchanged as a result of a regulatory review. Hence, any business that sends marketing email must redouble efforts to comply with the CAN-SPAM Rule.

What is the CAN-SPAM Rule?

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February 20, 2019

Agency Final Rules Published: Loans in Areas Having Special Flood Hazards

The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), the Farm Credit Administration (FCA), and the National Credit Union Administration (NCUA) are amending their regulations regarding loans in areas having special flood hazards to implement the private flood insurance provisions of the Biggert-Waters Flood...

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ARMCO Mortgage QC Industry Trends Report

February 15, 2019

CFPB publishes 2019 final lists of rural and rural or underserved counties

Ballard Spahr LLP--Pavitra Bacon

The CFPB has published its 2019 final lists of Rural and Rural or Underserved Counties on its website. The CFPB has previously posted lists of such counties for calendar years 2011-2018. The CFPB has also updated the rural and underserved areas website tool for 2019.

The lists and tool are relevant to exemptions from certain regulatory...

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February 15, 2019

White House issues executive order on artificial intelligence

Ballard Spahr LLP--Christopher D. Ford & Judy Mok

A new executive order signed by President Trump on February 11, 2019 is intended to maintain American leadership in artificial intelligence (AI) research and development (R &D).  The order directs certain federal agencies to pursue various strategic objectives to promote and protect American advancement in AI.  Those agencies are to be identified by the...

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February 15, 2019

CFPB clarifies coverage of “disclosure sandbox” proposal; consumer groups comment on proposed revisions to no-action letter policy and creation of new “product sandbox”

Ballard Spahr LLP--Alan S. Kaplinsky

“Disclosure Sandbox.”  In September 2018, the Bureau proposed significant revisions to its “Policy to Encourage Trial Disclosure Programs” which sets forth the Bureau’s standards and procedures for exempting individual companies, on a case-by-case basis, from applicable federal disclosure requirements to allow those companies to test trial disclosures.

Last week, the CFPB added the following update to its...

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February 14, 2019

OCC BULLETIN 2019-7 Amendments to the Stress Testing Rules for National Banks and Federal Savings Associations: Notice of Proposed Rulemaking

Description: Notice of Proposed Rulemaking Summary

The Office of the Comptroller of the Currency (OCC) published a notice of proposed rulemaking in the Federal Register on February 13, 2019, that would amend the OCC’s stress testing rule at 12 CFR 46. The proposed rule implements the requirements imposed by section 401 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA)...

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Customer Testimonials

February 13, 2019

Decoding the New Flood Insurance Regulation

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February 12, 2019

OCC NR 2019-15 Joint News Release: New Rule Covers Private Flood Insurance

Joint Release Board of Governors of the Federal Reserve System Farm Credit Administration Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency NR 2019-15 FOR IMMEDIATE RELEASE February 12, 2019   New Rule Covers Private Flood Insurance

WASHINGTON—Five federal regulatory agencies issued a joint final rule to implement provisions of the Biggert-Waters Flood Insurance...

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February 12, 2019

Bureau publishes 2019 lists of rural or underserved counties

The Bureau has published on its website the 2019 list of rural and underserved counties and a separate 2019 list that includes only rural counties. The Bureau has also updated the rural and underserved areas website tool for 2019. The lists and the tool help creditors determine whether a property is located in a rural or underserved area for purposes...

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February 11, 2019

OCC NR 2019-14 Comptroller of the Currency Supports CFPB Proposed Rule on Short-Term Small-Dollar Lending

WASHINGTON—Comptroller of the Currency Joseph Otting today issued the following statement supporting Director Kathy Kraninger and the Consumer Financial Protection Bureau’s proposed rule rescinding requirements that lenders make certain underwriting determinations before issuing short-term small-dollar loans.

On February 6, 2019, the Consumer Financial Protection Bureau took an important and courageous step that will allow banks and other responsible lenders to...
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