While there were no compliance alerts for November, there are two changes going into effect on January 1, 2023, and a number of additional advisories and announcements to look out for! Learn more about December’s regulatory compliance changes below.
Effective – January 1, 2023
Effective – January 1, 2023
The selected advisories and/or announcements below provide information that may be helpful to your organization but were not included as compliance alerts because they do not contain any regulatory changes.
The CFPB issued a circular related to the investigation of consumer reporting disputes. The Circular reiterates that consumer reporting agencies and furnishers are liable under the FCRA if they fail to investigate any dispute that meets the statutory and regulatory requirements.
The CFPB released its Fall Supervisory Highlights. The highlights discuss the CFPB’s examinations in the areas of auto servicing, consumer reporting, credit card account management, debt collection, deposits, mortgage origination, mortgage servicing, and payday lending that were completed between January 1, 2022, and June 31, 2022.
The FDIC announced updates to several sections of the Consumer Compliance Examination Manual, including SOURCE Violation Codes (II-14.1), Sample Letter for Pre-Examination Packet (III-1.1), and Overdraft Payment Programs (V-14.1).
The OCC released a revised Policies and Procedures Manual for assessing civil money penalties, with the revisions being effective January 1, 2023. The updated Manual includes revisions to the Civil Money Penalty Matrix, including: 1) revised mitigating factors of (a) self-identification, (b) remediation or corrective action, and (c) restitution, 2) increased scoring weight of mitigating factors, and revised table titled “Suggested Action Based on Total Matrix Score and Total Assets of Bank.”
The FFIEC announced an update to its Community Reinvestment Act data entry software. Version 2022 for the calendar year 2022 CRA data, which is due March 1, 2023, is now available.
The Department of Housing and Urban Development issued a Final Rule permitting the use of private flood insurance policies with FHA-insured mortgage loans. The Final Rule applies to Title I manufactured home loans, Title II single-family home loans, and HECM loans. To qualify as private flood insurance under the Final Rule, a policy must be issued by an insurance company that meets certain conditions, and the policy must provide flood insurance coverage that is at least as broad as the coverage provided under a standard flood insurance policy issued under the NFIP.
The Federal Housing Finance Agency announced the conforming loan limits for residential mortgage loans acquired by Fannie Mae and Freddie Mac in 2023. The standard loan limit for a one-unit home increased to $726,200 for 2023. For high-cost areas, and also for Alaska, Guam, Hawaii and the U.S. Virgin Islands, the loan limit for a one-unit home increased to $1,089,300 for 2023. Fannie Mae sets forth the limits in Lender Letter 2022-06.
For access to the complete analysis, executive summaries, and actions needed to ensure compliance, contact us.