Archive

eCFR POINT-IN-TIME ENHANCEMENT

The Electronic Code of Federal Regulations (eCFR) is a web version of the Code of Federal Regulations (CFR) that is updated daily to better reflect its current status. It has been a valuable compliance research tool since its inception. Recently the eCFR has been updated (currently in beta testing) to provide the capability to explore the Code of Federal Regulations at a point in time. With the system you can: View and search the current […]

HUD AND FHFA SUSPEND FORECLOSURES AND EVICTIONS

On March 18, 2020, the U.S. Department of Housing and Urban Development (HUD) authorized the Federal Housing Administration (FHA) to suspend foreclosure and evictions for single family homeowners with FHA-insured mortgages for the next 60 days.  Similarly, the Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac (the Enterprises) to suspend foreclosures and evictions for at least 60 days for homeowners with an Enterprise-backed single-family mortgage. These actions are in response to […]

AGENCIES CONTINUE TO ISSUE COVID-19 RESOURCES

As the status of the pandemic changes, banking agencies are continuing to release guidance and resources to help financial institutions meet the needs of consumers while operating in a safe and sound manner. We will do our best to keep you informed as information is released. In a previous post, we provided you with guidance from the OCC and FDIC encouraging banks to work with customers affected by COVID-19. Below are additional resources that were […]

AGENCIES ISSUE CMP INFLATION ADJUSTMENTS

The Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, Federal Reserve Board, National Credit Union Association, and Office of the Comptroller of the Currency recently published their annual adjustments to the maximum amount of each civil penalty applicable to institutions under their jurisdiction. The adjustments, required by the Federal Civil Penalties Inflation Adjustment Act of 1990, serve to maintain the deterrent effect of civil penalties and to promote compliance with the law. Each agency’s updated […]

NMLS REGISTRATION RENEWAL BEGINS NOVEMBER 1

It’s that time of year again…the National Multistate Licensing System and Registry’s (NMLS) 2019 renewal period begins November 1 and continues through December 31. All Mortgage Loan Originators (MLO), as defined in Regulation G, 12 C.F.R. 1007, who are registered with the Registry are required to complete the annual registration renewal. One exception to the renewal requirement is for MLOs who completed their initial registration with the Registry less than 6 months prior to the end […]