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11/22/2019

MLA site scheduled for maintenance

The MLA website has posted a notice that it will be unavailable during planned system maintenance beginning at 6 p.m. EST on Tuesday, December 17, 2019, to "12 a.m." EST on Wednesday, November 18, which we have interpreted to mean the "downtime" will run for about six hours, until midnight.

11/22/2019

Venezuela Sanctions Regulations amended

OFAC has announced it has amended the Venezuela Sanctions Regulations to incorporate additional Executive Orders, add a general license authorizing U.S. Government activities, and add an interpretive provision. The amendments became effective this morning with their publication [84 FR 64415] in the Federal Register.

11/21/2019

OCC changes OREO amendments date

The OCC has published [84 FR 64193] an amendment of its October 22, 2019, rule amending the agency's OREO-related regulations to change the effective date from December 1, 2019, to January 1, 2020.

11/21/2019

CFPB to assess TRID rule

The CFPB has announced it is requesting public comment on an assessment it will conduct on the TRID Rule.

As part of its assessment, the Bureau stated it intends to address the TRID Rule’s effectiveness in meeting the purposes and objectives of Title X of the Dodd-Frank Act, the specific goals of the rule, and other relevant factors. Section 1022(d) of the Dodd-Frank Act requires the Bureau to publish a report of its assessment within five years after the effective date of the rule being assessed (the TRID Rule became effective on October 3, 2015).

The public is invited to comment on the feasibility and effectiveness of the assessment plan, recommendations to improve the assessment plan, and recommendations for modifying, expanding, or eliminating the TRID Rule, among other questions. The comment period opened upon publication of the notice in the Federal Register on November 22 and will close on January 21, 2020.

Updated to reflect date of and link to Federal Register publication.

11/20/2019

FDIC proposes two new rules

The FDIC’s Board of Directors has proposed two new rules:

  • Withdrawal and reenactment of 12 CFR part 303 subpart L (Applications Under Section 19 of the Federal Deposit Insurance Act) and amendment of 12 CFR part 308, subpart M (Procedures and Standards Applicable to Applications Pursuant to Section 19 of the FDIA) to formalize a longstanding agency policy related to individuals seeking to work in the banking industry with minor criminal offenses. The FDIC released a Fact Sheet on the proposal.
  • Amendments to 12 CFR part 331 (Federal Interest Rate Authority) to clarify the Federal law governing interest rates state banks may charge their customers by addressing marketplace uncertainty in the wake of a 2015 court ruling that called into question the enforceability of interest rate terms following the sale or assignment of a loan originated by a national bank to a third-party non-bank. A Fact Sheet on this proposal was also released.

Comments on both proposed rules will be accepted for 60 days following publication in the Federal Register.

Press releases:

11/20/2019

Final rule on treatment of HVCRE

The Federal Reserve, FDIC, and OCC have finalized a rule to modify the treatment of high volatility commercial real estate (HVCRE) exposures as required by the Economic Growth, Regulatory Relief, and Consumer Protection Act. The final rule clarifies certain terms contained in the HVCRE exposure definition, generally consistent with their usage in the Call Report instructions. The rule also clarifies the treatment of credit facilities that finance one- to four-family residential properties and the development of land, which is substantially similar to the proposal issued in July. Additionally, in response to comments on that proposal, the final rule provides banking organizations with the option to maintain their current capital treatment for acquisition, development, or construction loans originated between January 1, 2015, and the effective date of the final rule, April 1, 2020.

The rule affects OCC regulations at 12 CFR part 3, Federal Reserve Regulation Q (12 CFR part 217) and FDIC regulations at 12 CFR part 324.

11/20/2019

FHFA to re-propose Enterprise Capital Rule

The Federal Housing Finance Agency has announced plans to re-propose the entire regulation on capital requirements for Fannie Mae and Freddie Mac sometime in 2020. FHFA Director Mark Calabria stated, "The 2018 Capital Rule was proposed before FHFA began the process of retaining capital at the Enterprises as a first step toward ending [their] conservatorships. In fairness to all interested parties, the comments submitted during the previous rulemaking were submitted under a different set of assumptions about the future of the Enterprises. During the process of the rulemaking, important issues were identified that will be addressed in the re-proposal."

11/19/2019

OCC proposes 'Valid When Made' rule

The OCC announced yesterday it is soliciting comments on a proposed rule to clarify that when a national bank or savings association sells, assigns, or otherwise transfers a loan, interest permissible prior to the transfer continues to be permissible following the transfer. The proposal will address confusion about the effect of a transfer on a loan’s valid interest rate, including confusion resulting from a recent decision from the U.S. Court of Appeals for the Second Circuit (Madden v. Midland Funding, LLC).
The proposed rule would apply to all national banks and state and federal savings associations. Comments will be accepted for 60 days after publication in the Federal Register. The FDIC is also issuing a proposal that would address this issue.
UPDATE: Published at [84 FR 64229] on 11/21/2019, with a 61-day comment period ending 1/21/2020.

11/19/2019

FHFA extends comment period on pooling practices

The FHFA has announced an extension of the comment deadline from December 19, 2019, to January 21, 2020, for input on potential changes to Fannie Mae and Freddie Mac Uniform Mortgage-Backed Security (UMBS) pooling practices. FHFA previously announced that it was seeking input on the Enterprises' pooling practices for the formulation of “To-Be-Announced" (TBA)-eligible UMBS. FHFA is also seeking public input about other policies and practices that might affect UMBS fungibility, including the Enterprises' oversight of UMBS prepayment speeds and alignment. Input should be submitted electronically.

11/19/2019

NMLS maintenance release scheduled

The NMLS has posted a notice that Maintenance Release 2019.11 is scheduled for November 24. The release contains system enhancements for Temporary Authority to Operate, which can be reviewed in the NMLS 2019.11 release notes.

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