OCC and FDIC Issue Proposed Rules to Respond to Madden Uncertainty
Recently, the OCC and the FDIC independently issued proposed regulations focused on the legal interest rate of loans, a response to the Second Circuit’s Madden... Read More
Federal Regulatory Developments
FHA Releases 2019 Annual Report to Congress Addressing its MMI Fund
FHA recently announced the release of its 2019 Annual Report to Congress on the financial condition of its Mutual Mortgage Insurance Fund (MMI Fund). The... Read More
FFIEC Issues Business Continuity Management Booklet
The FFIEC recently issued a new Business Continuity Management Booklet (BCM Booklet) to reflect updated information technology risk practices and procedures to help examiners evaluate... Read More
FDIC Analyzes Growth of Nonbank Lending in Latest FDIC Quarterly
The FDIC recently released its latest issue of the FDIC Quarterly, in which it published multiple reports analyzing the growth of nonbank lending since the... Read More
Regulation Z Screening and Training Requirements Do Not Apply to Loan Originators with Temporary Authority Under SAFE Act
The CFPB has issued a final interpretive rule, effective November 24, 2019, which states that an organization is not required to comply with certain screening... Read More
FHFA and GSEs Add Chinese Language to Mortgage Translations Clearinghouse
The Federal Housing Finance Agency (FHFA), Fannie Mae, and Freddie Mac announced recently the addition of the traditional Chinese language resources to the Mortgage Translations... Read More
FDIC Issues $1.35 Million RESPA Penalty for Co-Marketing, Desk Rentals
The FDIC recently entered into a settlement with a bank that imposed a $1.35 million civil penalty for alleged RESPA violations arising out of online... Read More
FTC Settles Complaint Against Technology Company Whose Allegedly Lax Information Security Policies Resulted in Data Breach
The FTC recently announced a proposed settlement with a Utah-based technology company for alleged violations of the FTC Act, including failures to implement reasonable information... Read More
FCC Considers Petition Asking Whether Follow-Up Texts Violate TCPA
On November 7, 2019, the FCC issued a Public Notice seeking comment on a petition for declaratory ruling. Specifically, the Petition requests the FCC to... Read More
FTC Files Administrative Complaint Against Nevada Company for Falsely Claiming Participation in the EU-U.S. Privacy Shield
The FTC recently filed an administrative complaint against a Nevada-based, IT service management company alleging that the company engaged in deceptive acts related to its... Read More
Agencies Increase HPML Appraisal Exemption Threshold for 2020
The CFPB, Federal Reserve Board, and OCC announced an increase to the smaller loan exemption threshold for the special appraisal requirements for higher-priced mortgage loans... Read More
HUD Announces New Defect Taxonomy Effective January 1, 2020
Recently, HUD published a second version of its Defect Taxonomy revising, updating, and clarifying its 2015 Defect Taxonomy in an effort to streamline guidance for... Read More
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