CFPB Orders Refund, Penalty for Failure to Follow Remittance Rules
Recently, the CFPB issued an order against an international remittance company requiring it to reimburse harmed consumers, pay a $700,000 penalty, and bring its business... Read More
Federal Regulatory Developments
FHA Revises Dual Employment and Conflict of Interest Requirements
FHA issued a new Mortgagee Letter which revises and clarifies its requirements regarding when an individual may have multiple roles or sources of compensation in... Read More
FHA Further Extends Temporary Regulatory and Handbook Waivers
FHA recently published a further extension of its temporary regulatory and Single Family Housing Policy Handbook 4000.1 waivers allowing mortgagees to utilize alternative methods for... Read More
FHA Establishes New HECM Property Charge Repayment Plan Option for Senior Homeowners Impacted by COVID-19
FHA recently published Mortgagee Letter 2022-23 establishing a new property charge repayment plan option for senior homeowners with HECMs who are behind on their property... Read More
CFPB Proposes Registry for Nonbanks Subject to Agency and Court Orders
The CFPB recently published a proposed rule that would create a registry of nonbank covered person entities subject to certain public final orders related to... Read More
FDIC Announces Notice of Proposed Rulemaking Regarding Official Sign and Advertising Requirements
The FDIC recently announced a Notice of Proposed Rulemaking to amend Part 328 of its regulations regarding official sign and advertising requirements, false advertising, misrepresentation... Read More
Fannie Mae Announces DU Enhancements to Expand Eligibility to Underserved Borrowers
Fannie Mae recently updated to DU Version 11.0 to help lenders qualify more loans where the borrower does not have a credit score. The enhancements,... Read More
FRB Approves Merger of Bank Holding Companies
The Federal Reserve Board (the FRB) recently approved the merger of two bank holding companies that hold branches in Ohio and Pennsylvania. Under Section 3... Read More
FHFA and FHA Announce 2023 Nationwide Mortgage Limits
New nationwide loan limits for 2023 have been announced by the Federal Housing Finance Agency (FHFA) and FHA. The announcements provide the maximum conforming loan... Read More
CFPB Addresses Court Order Vacating 2020 HMDA Rule Reporting Threshold
The CFPB recently stated its intent not to initiate enforcement actions or cite HMDA violations against institutions that originated at least 25 and fewer than... Read More
CFPB Complaint Bulletin Analyzes Crypto Asset Complaints Since 2018
The CFPB recently published its November 2022 Complaint Bulletin analyzing consumer complaints related to crypto assets. The Bulletin notes that between October 2018 and September... Read More
Deficiencies Identified in National Bank’s Targeted Resolution Plan
In a recent joint feedback letter, the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) identified weaknesses in a national bank’s 2021 targeted resolution... Read More
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