Latest Compliance - HUD Topics

Congress has passed a new "Burden Relief ' act that will keep regulators and compliance managers busy for the next several years.

Since before Rodash v.

The act contains several changes to RESPA that affect notifications to customers. They are clearly intended to simplify compliance.

The FDIC has proposed changes to its fair housing regulation that would simplify compliance and make the regulation consistent with other regulatory requirements.

Truth in Lending now has three definitions of business day, used for three different purposes in the regulation.

We don't often get good news about what Congress has done with compliance legislation. But this year's banking act had some genuine burden relief.

Congress's efforts at burden relief often fall short of the mark. However, one important feature in this year's banking act provides protection for fair lending self assessment.

Question: We use several different attorneys to close mortgages. In our compliance audit, we discovered that they are not following the same procedures in filling out HUD-1s.

Beginning October 7, 1996, HUD's new rules restricting compensation to employees take effect.

HUD's latest rulemaking on RESPA is beginning to send shock waves through the banking industry as they design compliance procedures for the new rules.