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20 Mar

A Lookback at Some Compliance Happenings in 2018

A Lookback at Some Compliance Happenings in 2018

With the new year just beginning, it is a good idea to review some of the compliance changes that occurred in 2018:

  • The new HMDA rules became effective on January 1, 2018.
  • In January 2018, the CFPB postponed the effective date of the prepaid rule until April 1, 2019.
  • HUD updated the Servicemembers Civil Relief Act (SCRA) Notice (Form 92070) with an expiration date of March 31, 2020.
  • Mortgage Servicing – The provisions relating to successors in interest and bankruptcy periodic statements became effective on April 19, 2018.
  • On April 2, 2018, the agencies adopted a final rule increasing the threshold level at or below which appraisals are not required for commercial real estate transactions from $250,000 to $500,000.
  • Mandatory compliance with the Beneficial Ownership rule was on May 11, 2018.
  • On May 24, 2018, the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) amended provisions in the Dodd-Frank Act and other statutes.
  • The TRID Black Hole rule addressing timing restrictions on when a creditor may use a Closing Disclosure to communicate closing cost increases and use that disclosure to reset baseline costs became effective on June 1, 2018.
  • The Protecting Tenants at Foreclosure Act of 2009 (PTAFA), which expired on Dec. 31, 2014, was permanently reinstated due to the EGRRCPA effective June 23, 2018.
  • The final Regulation CC rule that modified the check collection and return requirements to reflect the virtually all-electronic check collection and return environment and encouraged all depositary banks to receive, and paying banks to send, returned checks electronically became effective on July 1, 2018.
  • On August 10, 2018, the Bureau finalized an amendment to Regulation P to allow financial institutions that meet certain requirements to be exempt from sending annual privacy notices to customers.
  • On August 31, 2018, the Bureau issued a HMDA interpretive and procedural rule for small reporters to implement and clarify the requirements in Section 104 of EGRRCPA.
  • On September 7, 2018, FinCEN granted permanent exceptive relief from Beneficial Ownership requirements for legal entity customers for certain account rollovers, renewals, modifications and extensions.
  • On September 12, 2018, the Bureau issued an interim final rule updating two model disclosures (Summary of Consumer Rights and Summary of Consumer Identity Theft Rights) due to changes required by EGRRCPA. The effective date was September 21, 2018.
  • The final rule to amend TRID had a mandatory compliance date of October 1, 2018.
  • On November 20, 2018, the FRB and Bureau proposed changes to Regulation CC including implementing five-year adjustments to certain threshold amounts and extending Regulation CC coverage to additional U.S. Territories.
  • On November 20, 2018, the agencies issued a notice of proposal to raise the threshold for residential real estate transactions requiring an appraisal from $250,000 to $400,000.

2018 was a busy year with the implementation of HMDA and TRID 2.  We anticipate 2019 will be another busy year with compliance developments.

For additional information contact the author Shanin L. Bachstein at