President-Elect Trump Nominates Ben Carson as Secretary of HUD
On December 5, 2016, President-Elect Donald Trump identified Ben Carson as his nominee for Secretary of the U.S. Department of Housing and Urban Development. Mr.... Read More
Federal Regulatory Developments
CFPB Releases New Small Entity Compliance Guide for 2016 Mortgage Servicing Final Rule
The CFPB has published an updated version of the Mortgage Servicing Small Entity Compliance Guide on its mortgage servicing webpage. The new guide reflects the... Read More
HUD Publishes Final Rule Implementing Requirements of 2013 Reauthorization of the Violence Against Women Act
On November 16, 2016, HUD published a final rule implementing within its regulations the requirements of the 2013 reauthorization of the Violence Against Women Act... Read More
CFPB Issues Update to Student Loan Servicing Examination Procedures
Recently, the CFPB updated their education loan examination procedures to include modules grouping similar requirements together. This particular update applies to the CFPB’s examination of... Read More
CFPB Publishes Rural Counties List for 2017
The CFPB has published the lists of rural or underserved counties for 2017 and has created a tool to help creditors determine which properties are... Read More
FHA Reports that the Mutual Mortgage Insurance (MMI) Fund is Financially Sound
The independent actuary report conducted annually and required by the National Housing Act, as indicated in the Annual Report to Congress regarding the financial status... Read More
CFPB Releases November 2016 Complaint Report
According to the Monthly Complaint Report (Vol. 17) as of November 1, 2016, the CFPB has handled over 1,035,200 complaints, including approximately 27,000 complaints in... Read More
CFPB: Higher-Priced Mortgage Loans Appraisal Threshold Remains Unchanged for 2017
Section 129H of TILA establishes special appraisal requirements for “higher-risk mortgages,” termed “higher-priced mortgage loans” or “HPMLs” in the agencies’ regulations. The rules exempted, among... Read More
CFPB Launches Inquiry into Security, Use and Transmission of Consumer Digital Financial Records
The CFPB recently announced that it is launching an inquiry into the challenges consumers face in finding and securely sharing access to their financial records... Read More
The FFIEC Releases its Revised Uniform Interagency Consumer Compliance Rating System
The Federal Financial Institutions Examination Council (“FFIEC”) released its revised Uniform Interagency Consumer Compliance Rating System, more commonly known as the “CC Rating System,” on... Read More
CFPB Announces Revision to Examination Procedures for New Exception to the GLBA Annual Privacy Notice Requirement
The Gramm-Leach-Bliley Act (“GLBA”) was amended by the Fixing America’s Surface Transportation Act (“FAST Act”) to provide a new exception to GLBA’s annual privacy notice... Read More
CFPB Publishes a Snapshot of Servicemember Complaints Related to Issues Involving VA Mortgage Refinancing
The CFPB used the most recent Veterans Day to call attention to servicemember complaints involving VA mortgage refinancing. According to the CFPB, as of November 1,... Read More
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