FTC Extends Compliance Deadline for Updated Safeguards Rule
The FTC recently announced that it was extending the deadline for non-banking financial institutions, such as independent mortgage lenders and brokers, to comply with certain... Read More
Federal Regulatory Developments
FHA Releases 2022 Annual Report to Congress Addressing Its MMI Fund
FHA recently released its 2022 Annual Report to Congress on the financial condition of its Mutual Mortgage Insurance Fund (MMI Fund). The MMI Fund supports... Read More
CFPB Issues Reports on Problems with Tenant Background Checks
On November 15, 2022, the CFPB issued two reports regarding research into how errors in background checks contribute to higher costs and create barriers for... Read More
FHFA Explores Appraisal Bias Through UAD Aggregate Statistics
The FHFA recently published its Uniform Appraisal Data (UAD) Aggregate Statistics Data File and Dashboards research illustrating how it is using data to highlight concerns... Read More
CFPB Director Chopra Announces CFPB Move Toward Open Banking
CFPB Director Chopra recently announced during Money 20/20 that the CFPB will begin the rulemaking process to “move us closer to” open banking by making... Read More
HUD Affordable Housing Grant Available to Small Communities
HUD recently announced a Notice of Funding Opportunity through the HOPE VI Main Street Program to assist small communities in renovating central business districts by... Read More
VA Proposes Amendment to Rules on VA-backed Refinance Loans
The Department of Veterans Affairs (VA) recently proposed an amendment to its rules governing VA-backed interest rate reduction refinancing loans (IRRRLs). The VA’s proposed amendment... Read More
CFPB Begins Process to Develop Regulations on Personal Financial Data Rights
The CFPB released an outline of proposals and alternatives it is considering for a new rulemaking on consumers’ financial data rights. Section 1033 of the... Read More
FTC Publishes ANPR on Deceptive and Unfair Practices Relating to Junk Fees
The FTC recently issued an Advance Notice of Proposed Rulemaking (ANPR) seeking comments on whether and how it should address deceptive or unfair practices involving... Read More
FHA Updates EDI File System for Reporting Unpaid Principal Balances on Defaulted Loans
FHA recently updated the Electronic Data Interchange (EDI) layout used to report the unpaid principal balance on defaulted loans. The revised format permits the number... Read More
CFPB Issues Advisory Opinion on Fair Credit Reporting and Facially False Data
The CFPB issued an advisory opinion highlighting the obligations of a consumer reporting agency (CRA) under the Fair Credit Reporting Act (FCRA) to maintain reasonable... Read More
Fannie, Freddie Credit Score and Credit Report Requirements to Change
The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the GSEs) eventually will require two credit scores for each loan, and... Read More
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