OCC: Acting Comptroller’s Statement on Vote to Overturn OCC True Lender Rule
Acting Comptroller of the Currency Michael J. Hsu issued the following statement on the U.S. House of Representative’s vote to overturn the agency’s true lender rule. Today, the House voted to overturn the Office of the Comptroller of the Currency’s true lender rule, which was finalized in October of last year. This follows similar action taken…
CFPB: Interpretive Rule Issued on Authority to Resume CFPB Examinations Regarding the Military Lending Act
The Consumer Financial Protection Bureau (CFPB) issued aninterpretive rule today that explains the basis for its authority to examine supervised financial institutions for risks to active duty servicemembers and their dependents (i.e. military borrowers) from conduct that violates the Military Lending Act (MLA). “The Military Lending Act is an essential law protecting the finances of our…
HUD: Affirmatively Furthering Fair Housing Requirement Restored
U.S. Department of Housing and Urban Development (HUD) Secretary Marcia L. Fudge announced that HUD published an interim final rule on Thursday to restore the implementation of the Fair Housing Act’s Affirmatively Furthering Fair Housing (AFFH) requirement. The publication provides a robust definition of the duty to affirmatively further fair housing, to which many HUD grantees must…
Agencies Issue Host State Loan-to-Deposit Ratios
Federal bank regulatory agencies today issued the host state loan-to-deposit ratios that are used to evaluate compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These ratios replace the prior year’s ratios from June 2020. By law, a bank is generally prohibited from establishing or acquiring branches outside of…
OCC: Implementation of June 2020 CRA Final Rule Being Reconsidered
The Office of the Comptroller of the Currency (OCC) published in the Federal Register on June 5, 2020, a final rule (June 2020 rule) to modernize the agency’s regulations under the Community Reinvestment Act (CRA). The OCC has determined that it will reconsider the June 2020 rule. While this reconsideration is ongoing, the OCC will not object…
FHFA: RFI Issued on Short-Term Rental Units in Condominium, Cooperative, and Planned Unit Development Projects
The Federal Housing Finance Agency (FHFA) today issued a Request for Input (RFI) on Fannie Mae and Freddie Mac’s (the Enterprises) eligibility requirements for mortgages in condominium (condo), cooperative (co-op), and planned unit development (PUD) projects where a large portion of units are offered for short-term rental (30 days or less) or are used primarily…
FHFA: Final Rule Published on Enterprise Resolution Plans
The Federal Housing Finance Agency (FHFA) today published a final rule that requires Fannie Mae and Freddie Mac (the Enterprises) to develop credible resolution plans, also known as “living wills.” These resolution plans would facilitate a rapid and orderly resolution of the Enterprises should FHFA be appointed their receiver per the Housing and Economic Recovery Act of…
CFPB: Mandatory Compliance Date for General Qualified Mortgage Final Rule Delayed
Today the Consumer Financial Protection Bureau (CFPB) formally delayed the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to October 1, 2022. The CFPB is taking this action to help ensure access to responsible, affordable mortgage credit, and preserve flexibility for consumers affected by the COVID-19 pandemic and…
HUD: Proposed Rule Withdrawn and Commitment Reaffirmed to Equal Access to Housing, Shelters, and Other Services Regardless of Gender Identity
U.S. Department of Housing and Urban Development (HUD) Secretary Marcia L. Fudge on Thursday announced that HUD is withdrawing the previous administration’s proposed rule that would have weakened the Equal Access Rule. The Equal Access Rule ensures that all individuals – regardless of sexual orientation or gender identity-have equal access to the Department’s Office of…
CFPB: Interim Final Rule Clarifies Tenants Can Hold Debt Collectors Accountable for Illegal Evictions
Bureau Issues Interim Final Rule on Fair Debt Collection Practices Act The Consumer Financial Protection Bureau (CFPB) today issued an interim final rule in support of the Centers for Disease Control and Prevention (CDC)’s eviction moratorium. The CFPB’s rule requires debt collectors to provide written notice to tenants of their rights under the eviction moratorium…