Compliance Watch

The Federal Housing Finance Agency has announced that Fannie Mae and Freddie Mac will eliminate their controversial Adverse Market Refinance Fee for loan deliveries effective Aug. 1, 2021.

The Small Business Administration has issued Procedural Notice 5000-812316, "PPP Guaranty Purchases, Charge-Offs, and Lender Servicing Responsibilities," on how lenders can apply to have SBA purchase and charge off Paycheck Protection Program loans for which the borrower has not applied for forgiveness or made payment on the loan.

The IRS and the Treasury recently announced that millions of American families have started receiving monthly Child Tax Credit payments as direct deposits began posting in bank accounts and checks arrived in mailboxes.

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The CFPB has released an Enforcement Compliance Bulletin reminding landlords, consumer reporting agencies (CRAs), and others of their critical obligations to accurately report rental and eviction information.

OFAC has posted Guidance on Filing the Annual Report of Blocked Property and emailed a reminder that holders of blocked property under OFAC regulations must provide OFAC a comprehensive list of all blocked property held as of June 30 of the current year by Sept. 30 of each year.

FinCEN recently issued a notice to U.S. financial institutions to inform them that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards to combat money laundering, counter the financing of terrorism, and combat weapons of mass destruction proliferation financing (AML/CFT/CPF), has updated its statements concerning jurisdictions with strategic AML/CFT/CPF deficiencies.

The Federal Reserve Board announced recently it will soon release a new tool to help community banks implement the Current Expected Credit Losses (CECL) accounting standard.

The Servicemembers Civil Relief Act is a federal law designed to ease financial burdens on military members and their dependents during periods of military service. It covers such issues as rental agreements, security deposits, prepaid rent, eviction, installment contracts, credit card interest rates, automobile leases, mortgage interest rates, mortgage foreclosure, civil judicial proceedings, and income tax payments.

The Bureau released a Spanish-language translation of certain model clauses available for use in early intervention written notices issued under the Mortgage Servicing Rules.