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10/27/2016

OCC to establish financial innovation office

The OCC will establish an office dedicated to responsible innovation and implement a formal framework to improve the agency’s ability to identify, understand, and respond to financial innovation affecting the federal banking system. The Office of Innovation will be headed by a Chief Innovation Officer assigned to OCC Headquarters with a small staff located in Washington, New York, and San Francisco. The office will be the central point of contact and a clearinghouse for requests and information related to innovation. It will also implement other aspects of the OCC’s framework for responsible innovation, which include

  • establishing an outreach and technical assistance program for banks and nonbanks,
  • conducting awareness and training activities for OCC staff,
  • encouraging coordination and facilitation,
  • establishing an innovation research function, and
  • promoting interagency collaboration.

The OCC expects the office to begin operations in the first quarter of 2017.

10/27/2016

FHA lowers occupancy requirements for some condos

The Federal Housing Administration (FHA) has issued Mortgage Letter 2016-15 announcing that, under certain circumstances, it will lower its required owner-occupancy standard for approved condominium developments effective immediately. FHA currently requires that approved condominium developments have a minimum of 50 percent of the units occupied by owners. However, the agency determined this requirement can be lowered to 35 percent for existing condo developments provided the project meets certain conditions.

10/27/2016

Residential sales up

HUD and the Census Bureau have released their September 2016 new residential sales report. Sales of new single-family houses in September were at a seasonally adjusted annual rate of 593,000, 3.1 percent above the revised August rate of 575,000, and 29.8 percent above the September 2015 estimate of 457,000. The median sales price of new houses sold in September 2016 was $313,500; the average sales price was $377,700. The seasonally adjusted estimate of new houses for sale at the end of September was 235,000. This represents a supply of 4.8 months at the current sales rate.

10/26/2016

House prices rise slightly

The Federal Housing Finance Agency (FHFA) has released its monthly House Price Index (HPI) for August 2016. U.S. house prices rose in August, up 0.7 percent on a seasonally adjusted basis from the previous month. The FHFA monthly HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. From August 2015 to August 2016, house prices were up 6.4 percent.

10/25/2016

CFPB releases Project Catalyst report

The Consumer Financial Protection Bureau has announced the release of a Project Catalyst report highlighting various market developments that have the potential to produce benefits for consumers. These developments are emerging from FinTech startups and traditional financial institutions, and include new products, services, and trends. The report also provides an overview of Project Catalyst’s work to promote consumer-friendly innovation and outlines the importance of ensuring consumer protections are built into emerging products and services from the outset.

10/25/2016

Exception from appraisal requirements in Louisiana

The four federal financial institution regulatory agencies have issued a joint press release announcing the issuance of an exception from the FIRREA appraisal requirements for real estate-related financial transactions in the parishes declared to be in a major disaster area due to the severe storms and flooding in Louisiana. The agencies will not require financial institutions to obtain appraisals for affected transactions for the time period specified if certain conditions are met. The exception is being made under the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) and its implementing regulations. In addition, the FDIC issued FIL-70-2016 concerning the exception, which expires December 31, 2017.

  • Federal Register document at 81 FR 75315, published October 31, 2016.

    10/25/2016

    Watt discusses challenges faced by mortgage bankers

    In remarks prepared for the Mortgage Bankers Association annual convention and expo in Boston, Federal Housing Finance Agency Director Melvin Watt discussed some of the import challenges facing the industry in meeting the commitment to ensure that the U.S. housing finance system supports the provision of decent and affordable housing.

    10/25/2016

    HUD expands housing protection for violence survivors

    A final rule has been issued by HUD to protect the housing of survivors of domestic and dating violence, sexual assault, and stalking, to implement the requirements of the 2013 reauthorization of the Violence Against Women Act (VAWA), which applies for all victims of domestic violence, dating violence, sexual assault, and stalking, regardless of sex, gender identity, or sexual orientation, and which must be applied consistent with all nondiscrimination and fair housing requirements. The final rule will be effective 30 days following publication in the Federal Register, with compliance required by 180 days after publication.

    10/24/2016

    Latest FATF releases

    The Financial Action Task Force (FATF) has released the outcomes of its Plenary held October 19-21, 2016. Delegates discussed, among other issues, the global response to terrorist financing, the decline of correspondent banking relationships, improving transparency and beneficial ownership, and the mutual evaluation reports of Switzerland and the United States (to be released after reviews for quality and consistency). New FATF Guidance documents were also released — one on Criminalizing Terrorist Financing, which explains the various aspects that the terrorist financing offense must cover in national legal systems; and the other on Correspondent Banking Services, which explains the FATF’s requirements in the context of correspondent banking services to manage, rather than avoid, the money laundering and terrorist financing risks associated with these business relationships.

    10/24/2016

    New NCUA examiners guide and workplace diversity video

    The National Credit Union Administration has announced its launch of an online new examiner’s guide and the release of a new video highlighting advantages of workplace diversity and inclusion.

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