Based on the SECURE Act of 2019, individuals can now remove funds from an IRA penalty-free to pay for qualified birth and adoption expenses. The IRS has posted a draft ...
In the Fall of 2019 the Consumer Financial Protection Bureau (“the Bureau”) published a request for information to reassess the integrated mortgage disclosures under the Real Estate Settlement Procedures Act ...
The Federal Financial Institutions Examination Council (FFIEC) released 2020 Edition of “Guide to HMDA Reporting: Getting it Right.” The updated Guide incorporates the HMDA Rule issued by the Consumer Financial ...
Fannie Mae and Freddie Mac (the GSEs) have published updated Adjustable-Rate Mortgage (ARM) Notes and Riders with new index fallback language for new closed-end, residential ARMs. The language is based ...
Current user of Compliance Systems’ Tax Favored Plan Account documents, we would like to provide you with information regarding changes made to Individual Retirement Accounts (IRAs) by the Setting Every ...
Fannie Mae and Freddie Mac (the GSEs) have made the interactive (fillable) PDF versions of the redesigned Uniform Residential Loan Application (URLA) available on their respective websites. The interactive PDFs ...
The Bureau of Consumer Financial Protection (Bureau) published a policy statement seeking to elaborate on the "abusiveness standard" as used in the Dodd-Frank Act's prohibition of abusive acts or practices ...
The Bureau of Consumer Financial Protection (Bureau) published a policy statement on new compliance resources known as “Compliance Aids (“Aids”).” These “Aids” illustrate requirements for existing rules and statutes in ...
The IRS recently released Notice 2020-06 which provides relief for reporting required minimum distributions (RMD) for IRAs for 2020 in recognition of the short amount of time that financial institutions ...
NACHA released a supplement to the 2020 Operating Rules that created the ACH Contact Registry Rule − a comprehensive ACH contact registry. Under this rule, all ACH financial institutions will ...