All in Regulatory Update

HUD Charges Landlord with Discrimination Against Family with 10 Children

Adam Witmer
Fair Lending, Regulatory Update

On 4/20/21, the U.S. Department of Housing and Urban Development (HUD) announced that wass charging an owner of a six-bedroom rental home in Frisco, Texas, with violating the Fair Housing Act by refusing to rent to a woman and her ten children. HUD’s charge alleges that the owner stated that he could not rent the home to a family with eleven people, even though the mother, a HUD Housing Choice Voucher recipient, was qualified to rent the home.

Agencies Issue Joint BSA Statement & Request for Information

Adam Witmer
BSA, Regulatory Update

On 4/9/2021, the federal banking agencies, along with the Financial Crimes Enforcement Network (FinCEN) and the NCUA, issued a joint statement addressing “how risk management principles described in the ‘Supervisory Guidance on Model Risk Management’ relate to systems or models used by banks to assist in complying with the requirements of Bank Secrecy Act (BSA) laws and regulations.” In addition, the agencies also announced a request for information (RFI) on the extent to which the principles discussed in the guidance support compliance by banks and credit unions with BSA/AML and Office of Foreign Assets Control requirements

FDIC Reopens Input Request on Signage & Advertising Requirements

Adam Witmer
Regulatory Update

On 4/9/2021, the FDIC announced that it is again seeking the public’s input on potential modernization of its sign and advertising requirements to better reflect how banks and savings associations operate and how consumers use banking services. This request for information reopens a notice the FDIC originally published in the Federal Register on 2/19/2020, just prior to the COVID-19 Pandemic. Given the challenges associated with the COVID-19 pandemic, the FDIC temporarily postponed this effort on April 16, 2020. The goal of this request is to solicit public input regarding potential changes to its official sign and advertising rules, as the last significant updates to these rules were in 2006.

CFPB Warns Mortgage Services to Prepare for Homeowners Needing Assistance

Adam Witmer
Regulatory Update

On 4/1/2021, the CFPB warned mortgage servicers to take all necessary steps now to prevent a wave of avoidable foreclosures this fall. In their release, the CFPB explained that millions of homeowners currently in forbearance will need help from their servicers when the pandemic-related federal emergency mortgage protections expire this summer and fall, and that servicers should dedicate sufficient resources and staff now to ensure they are prepared for a surge in borrowers needing help. The CFPB explained that they will closely monitor how servicers engage with borrowers, respond to borrower requests, and process applications for loss mitigation.

FinCEN Begins Changes to Beneficial Ownership Reporting

Adam Witmer
BSA, Regulatory Update

On 4/1/21, the Financial Crimes Enforcement Network (FinCEN) issued an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on a wide range of questions related to the implementation of the beneficial ownership information reporting provisions of the Corporate Transparency Act (CTA). In their release, FinCEN explains that this ANPRM is the first in a series of regulatory actions that FinCEN will undertake to implement the CTA, which is included within the Anti-Money Laundering Act of 2020 (AML Act). The AML Act is part of the FY 2021 National Defense Authorization Act, which became law on January 1, 2021.

NCUA Chairman Named Chairman of FFIEC

Adam Witmer
Regulatory Update

On 4/1/2021, the FFIEC announced that Todd M. Harper, Chairman, National Credit Union Administration (NCUA), was named Chairman of the Federal Financial Institutions Examination Council (FFIEC). His two-year term runs from April 1, 2021, through March 31, 2023. Mr. Harper became the NCUA’s twelfth Chairman on January 20, 2021, and has been making statements over the last year that imply potential changes to how the NCUA will regulate consumer protection going forward.

Revised HMDA Getting It Right Guide for 2021

Adam Witmer
HMDA, Regulatory Update

On 3/31/2021, the FDIC announced that the Federal Financial Institutions Examination Council (FFIEC) had issued the 2021 edition of A Guide to HMDA Reporting: Getting It Right! for Home Mortgage Disclosure Act (HMDA)-related data collected in 2021 and reported in 2022. This longstanding compliance resource has regularly been used by financial institutions as a “go-to” HMDA resource as it can help financial institutions better understand HMDA requirements, including the data collection and reporting provisions.

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