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 […]
Category: Compliance Management
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 […]
CFPB PROVIDES RESOURCES ON ELDER ABUSE
On May 6, 2019, the Consumer Financial Protection Bureau (CFPB) released an identity theft protection guide entitled “Protect Your Identity: What Older Customers Should Know” (Protection Guide) and on July 17, 2019 released “Reporting of Suspected Elder Financial Exploitation by Financial Institutions” (an update to the Advisory and Recommendations issued in 2016). Through the release of these tools for consumers the CFPB is hoping to educate elder consumers on preventative actions they can take to […]