FHA Revises Appraisal Validity Period Guidance
Recently, FHA published a Mortgagee Letter (ML), ML 2022-11, which extends the initial appraisal validity period to 180 days from the effective date of the... Read More
Federal Regulatory Developments
RHS Issues Final Rule Updating the Definition of Rural Area
On June 29, 2022, RHS published a final rule updating the definition of “rural area” to exclude certain populations in rural area population counts. The... Read More
FinCEN Releases Advance Notice of Proposed Rulemaking for No-Action Letter Process
FinCEN has recently released an Advance Notice of Proposed Rulemaking (ANPRM) regarding the potential implementation of a no-action letter process at FinCEN. FinCEN seeks public... Read More
FHA Revises Handbook 4000.1
In the latest Handbook 4000.1 Transmittal, FHA announced multiple updates that include, but are not limited to, the following highlights: Section I: Section II: Section... Read More
CFPB Says Debt Collectors Cannot Charge Convenience Fees
On June 29, 2022, the CFPB issued an advisory opinion concluding that the FDCPA prohibits debt collectors from imposing convenience fees, or “pay to pay”... Read More
CFPB Clarifies FCRA’s Express Preemption Provisions
On June 28, 2022, the CFPB issued on its website an interpretive rule (Rule) clarifying that, with limited preemption exceptions, states have flexibility under the... Read More
FHA Extends Temporary Partial Waivers to HECM Policies
On June 23, 2022, FHA issued an extension of the temporary partial waivers to its Home Equity Conversion Mortgage (HECM) policies. These waivers of Mortgagee... Read More
CFPB Adds Focus on Immigrants
The CFPB is working to understand and address immigrants’ unique financial needs and challenges. “When immigrant consumers face systemic barriers and harmful practices, they are... Read More
CFPB Plans for Several Changes in Regulatory Approach
Earlier this month, in a press release, the CFPB announced that its approach to regulations will change to provide more “basic bright-line guidance and rules”... Read More
OIG Submits HUD Semiannual Report to Congress
The Office of Inspector General (OIG) has recently submitted its HUD Semiannual Report (Report) to Congress. The scope of the Report runs from the period... Read More
CFPB Pilots Supervision Effort on Overdraft and NSF Fees
The CFPB recently published a blog post discussing how the agency has been piloting a new supervision effort this year relating to the consumer impact... Read More
CFPB Publishes RFI and Launches Initiative Focused on Relationship Banking
The CFPB recently published a Request for Information (RFI) “seeking comments related to relationship banking and how consumers can assert the right to obtain timely... Read More
Industry News, including Federal Regulatory Developments, State Regulatory Developments and Litigation Developments, is for general information purposes only and is not in any way intended, nor shall it be construed, as legal advice, legal opinion or any other advice on any specific facts or circumstances. No person or entity (“Person”) should act or refrain from acting upon this information without seeking professional advice. No Person may rely on this information or its applicability to any specific circumstances. The information in Industry News, including Federal Regulatory Developments, State Regulatory Developments and Litigation Developments, is in no instance to be taken as an indication of completeness, applicability to a particular situation, or an indication of future developments or results.