Blog

FLOOD INSURANCE CONTINUATION

Posted by jholzknecht on  December 3, 2021
Comments Off on FLOOD INSURANCE CONTINUATION
Category: Flood Insurance
On December 3, 2021, Congress reauthorized the National Flood Insurance Program (NFIP) through February 18, 2022.  Prior to this most recent temporary reauthorization, the NFIP had been set to expire on December 3, 2021. Since 2017, there have been 18 temporary reauthorizations as more comprehensive and permanent legislative solutions to the program have failed to gain traction in Congress.

CFPB CRITICAL OF CREDIT BUREAU PROCEDURES

Posted by jholzknecht on  December 2, 2021
Comments Off on CFPB CRITICAL OF CREDIT BUREAU PROCEDURES
On November 4, 2021, the Consumer Financial Protection Bureau published a sixteen-page advisory opinion to highlight that a consumer reporting agency that uses inadequate matching procedures to match information to consumers, including name-only matching (i.e., matching information to the particular consumer who is the subject of a consumer report based solely on whether the consumer’s first and last names are identical or similar to the names associated with the information), in preparing consumer reports (for

FFIEC UPDATES BSA MANUAL

Posted by jholzknecht on  December 1, 2021
Comments Off on FFIEC UPDATES BSA MANUAL
Category: AML, BSA, FFIEC
Tags: ,
On December 1, 2021, the Federal Financial Institutions Examination Council (FFIEC) released one new section and updates to three sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. Today’s updates affect the following sections: Introduction – Customers (new) Charities and Nonprofit Organizations Independent Automated Teller Machine Owners or Operators Politically Exposed Persons The updates should not be interpreted as new requirements or as a new or increased focus on certain areas. Rather, these sections provide

FHFA 2022 CONFORMING LOAN LIMITS

Posted by jholzknecht on  November 30, 2021
Comments Off on FHFA 2022 CONFORMING LOAN LIMITS
Tags: 
On November 30, 2021, the Federal Housing Finance Agency (FHFA) announced the conforming loan limits (CLLs) for mortgages to be acquired by Fannie Mae and Freddie Mac (the Enterprises) in 2022. In most of the U.S., the 2022 limit for one-unit properties will be $647,200, an increase of $98,950 from $548,250 in 2021. National Baseline The Housing and Economic Recovery Act (HERA) requires that the baseline CLL for the Enterprises be adjusted each year to reflect
On November 29, 2021 the Office of the Comptroller of the Currency, Treasury (OCC); Board of Governors of the Federal Reserve System (Board); and Bureau of Consumer Financial Protection (Bureau) announced new coverage thresholds for: Consumer Leasing (Regulation M) – Based on the annual percentage increase in the CPI-W as of June 1, 2021, the exemption threshold will increase from $58,300 to $61,000 effective January 1, 2022. Appraisal for Higher-Priced Mortgage Loans Exemption Threshold –

Why we blog . . .

The ever-changing laws, regulations, proposals, deadlines, and guidance are a lot for anyone to manage and keep up with so let us do the work for you. Our blog is designed to help compliance professionals by releasing updates as soon as the news breaks. Our Compliance Resource team is researching, following, and monitoring government agencies and regulators to give you all the latest and greatest compliance news. Our goal is to work harder so you don’t have to.