Consumer Financial Protection Bureau (CFPB)
CFPB and FHFA Release Updated Data from the National Survey of Mortgage Originations for Public Use
The CFPB and FHFA published updated loan-level data collected through the National Survey of Mortgage Originations. The data provides updated mortgage performance and credit information for a nationally representative sample of mortgage borrowers from 2013 to 2021.
The release features data on three new survey questions first asked of mortgage borrowers in 2021.
When asked about appraisal satisfaction, 70 percent of respondents reported being very satisfied with their property appraisal, 23 percent reported being somewhat satisfied, and 6 percent were not at all satisfied.
When questioned on their willingness to move from their primary residence, 50 percent of respondents reported being unwilling to move, 20 percent were unsure about moving, 25 percent were willing and able to move, and 5 percent were willing but unable to move.
Supervisory Highlights: Issue 24 – Servicing and Collection of Consumer Debt
The CFPB released the 34th edition of Supervisory Highlights which shares findings from recent examinations of auto and student loan servicing companies, debt collectors, and other financial services providers. The report also highlights consumer complaints about medical payment products and identifies concerns with providers preventing access to deposit and prepaid account funds.
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Federal Housing Finance Agency (FHFA)
Advisory Bulletin 2014-02: Operational Risk Management
The FHFA issued revisions to Advisory Bulletin 2014-02 which provides guidance to Fannie Mae and Freddie Mac related to the four basic components of an effective operational risk management program. The four components being:
Identification and assessment;
Measurement and modeling;
Reporting; and
Risk management decision-making.
The bulletin provides detailed information related to each of the components, and even the governance expectations of operational risk management which include:
Operational risk policy;
Board oversight;
Executive and senior management;
Operational risk officer; and
Business unit management and staff
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Washington State Department of Licensing (DOL)
Changes to Permissible Fees for Notarial Acts
The Washington State DOL completed rulemaking to set new fees for notarial acts under Chapter 308.30.220 WAC.
The maximum fees a notary may charge for notarial acts have increased to $15.00 from $10.00.
Notarial Act Maximum Fee
Witnessing or attesting a signature $15.00
Taking an acknowledgment or a
verification upon oath or affirmation $15.00
Certifying or attesting a copy $15.00
Administering an oath or affirmation $15.00
Certifying that an event has occurred
or an act has been performed $15.00
Remote notarial act $25.00
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Financial Crimes Enforcement Network (FinCEN)
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering, Combating the Financing of Terrorism, and Counter-Proliferation Finance Deficencies
FinCEN released information that the Financial Action Task Force (FATF) issued a public statement highlighting the growing financial connectivity of the Democratic People’s Republic of Korea (DPRK) with the international financial system, and reiterating the FATF’s concerns over the DPRK’s continued failure to address the significant deficiencies in its AML/CFT regime and the serious threats posed by the DPRK’s illicit activities related to the proliferation and financing of weapons of mass destruction.
As part of the FATF’s listing and monitoring process to ensure compliance with its international standards, the FATF issued two statements: (1) Jurisdictions Under Increased Monitoring, which publicly identifies jurisdictions with strategic deficiencies in their AML/CFT/CPF regimes that have committed to, or are actively working with, the FATF to address those deficiencies in accordance with an agreed upon timeline; and (2) High-Risk Jurisdictions Subject to a Call for Action, which publicly identifies jurisdictions with significant strategic deficiencies in their AML/CFT/CPF regimes and calls on all FATF members to apply enhanced due diligence and, in the most serious cases, apply countermeasures to protect the international financial system from the money laundering, terrorist financing, and proliferation financing risks emanating from the identified countries.
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