Compliance News

Federal regulators requested public comment on a proposed rule designed to implement quality control standards for automated valuation models, or AVMs, used by mortgage originators and secondary market issuers in valuing real estate collateral securing mortgage loans.

With the House still planning to take up a resolution to nullify the Consumer Financial Protection Bureau’s Section 1071 data-collection rule, ICBA continues calling on community bankers to urge their members of Congress to support the measure.

The Consumer Financial Protection Bureau issued a small entity compliance guide on the bureau’s Section 1071 rule on small-business data collection and reporting.

The Federal Housing Finance Agency rescinded its previously announced upfront fees for certain borrowers with a debt-to-income ratio above 40%.

The Consumer Financial Protection Bureau issued a circular affirming that banks might violate federal law if they unilaterally reopen a deposit account to process transactions after a consumer has already closed it.

ICBA called on the Consumer Financial Protection Bureau to withdraw its proposed rule on credit card fees for late payments.

ICBA called on the Consumer Financial Protection Bureau to withdraw its proposed rule on credit card fees for late payments, saying the proposed rule sends the wrong message that punctual credit card payments are not a significant priority.

ICBA and other groups asked the Consumer Financial Protection Bureau to extend the comment deadline on its proposed rule on credit card penalty fees by 45 days, to June 18.