June 30, 2021
In This Issue:
- FinCEN Issues First National AML/CFT Priorities
- Biden Picks Housing Advocate to Lead FHA
- Ginnie Mae Unveils 40-year Mortgage Term for Issuers
FinCEN Issues First National AML/CFT Priorities
U.S. Treasury | June 30, 2021
The Financial Crimes Enforcement Network (FinCEN) issued the first government-wide priorities for anti-money laundering and countering the financing of terrorism (AML/CFT) policy (the “Priorities”), following consultation with other relevant Department of the Treasury offices, as well as Federal and State regulators, law enforcement, and national security agencies. The Priorities identify and describe the most significant AML/CFT threats currently facing the United States. FinCEN today also issued two statements, in coordination with other regulators, to provide guidance to certain covered financial institutions on the applicability of the Priorities at this time, before regulations are promulgated.
Today’s publication of the Priorities, and accompanying AML/CFT Priorities Statements, are issued pursuant to the Anti-Money Laundering Act of 2020 and are intended to assist covered institutions in their AML/CFT efforts and enable those institutions to prioritize the use of their compliance resources.
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Read New Priorities »
Read Statement for Non-Bank Financial Institutions »
Biden Picks Housing Advocate to Lead FHA
Politico | June 24, 2021
President Joe Biden will nominate housing nonprofit executive Julia Gordon to be the commissioner of the Federal Housing Administration, the White House said.
Gordon is the president of the National Community Stabilization Trust, which facilitates the rehabilitation of homes in underserved markets. She was also the housing director at the Center for American Progress and managed the single-family policy team at the Federal Housing Finance Agency.
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Ginnie Mae Unveils 40-year Mortgage Term for Issuers
HousingWire | June 28, 2021
Ginnie Mae is set to introduce a new 40-year mortgage term for its issuers on the heels of administrative shake ups at the top of the housing industry.
Only modified loans with terms greater than 361 months and less than or equal to 480 months will be accepted, but there will be no loan amount restriction, Ginnie Mae said. The mortgage-bond giant said it expects the new pool to be available in October.
The pool must also be authorized by the Federal Housing Agency and other agencies whose programs are the basis for loans through Ginnie Mae, said Michael Drayne, Ginnie Mae acting executive vice president, in a press release.
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