The American Bankers Association yesterday offered several changes to a recent proposal by the Consumer Financial Protection Bureau to facilitate streamlined loan modification efforts and establish a temporary COVID-19 emergency pre-foreclosure period under Regulation X that would prohibit servicers from making the first notice or filing required to initiate foreclosure until Dec. 31.
Browsing: Compliance and Risk
COVID-19 continues to pose significant compliance challenges for mortgage servicers.
Amid substantial growth in online purchases in recent years, the Federal Reserve today reopened its rule on the Durbin Amendment.
Questions and answers from the May/June 2021 ABA Regulatory Policy and Compliance Inbox.
As the Financial Crimes Enforcement Network prepares to create a new beneficial ownership registry, ABA made several recommendations that should guide the agency as it develops the database—including that FinCEN ensure usability and ease of access for reporting companies, law enforcement and financial institutions.
The American Bankers Association and nine other financial trade groups called for the OCC to formally withdraw or delay its June 2020 Community Reinvestment Act rule, following speculation that the OCC will likely pursue a different CRA modernization course under a new comptroller.
A recent analysis of mortgages by the CFPB found that an estimated 4.7% of owner-occupied properties were in forbearance as of March 2021, while about 0.5% of mortgages were 60 or more days delinquent.
Recent legislative changes will keep banks’ Bank Secrecy Act officers busy for years to come. Here’s a CEO’s-eye view of AML/BSA changes on the horizon.
Throughout the COVID-19 crisis, “the benefits of a resilient banking system have been evident” as banks’ “strong capital and liquidity positions” have enabled the pandemic recovery, the Federal Reserve said today in its supervision and regulation report.