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11/25/2019

FDIC TRID Rule teleconference scheduled

The FDIC has issued FIL-73-2019 announcing the agency will host a teleconference on December 11, 2019, for FDIC-supervised institutions to provide information and answer questions relating to the TRID Rule, including a review of common issues and tips to help banks address and avoid mistakes. The program, "Understanding the Requirements of the Truth in Lending Act (Regulation Z) and Real Estate Settlement Procedures Act (Regulation X) Integrated Disclosure Rule (TRID Rule)," is scheduled to run from 2:00 p.m. to 3:30 p.m. ET.

  • Registration is required.
  • Following a formal presentation, FDIC staff will respond to questions during a Question-and-Answer segment. Institutions should submit questions by December 4 by sending an email to BankerTeleconference@FDIC.gov.

11/25/2019

NMLS updates Policy Guidebook

The NMLS has posted an updated version of its NMLS Policy Guidebook, including a new section on Temporary Authority to Operate. The NMLS also posted a summary of the updates to the guidebook.

11/25/2019

FHA incentives to rehab Opportunity Zone homes

HUD Secretary Carson has announced that the Federal Housing Administration (FHA) will offer a new incentive for borrowers interested in rehabilitating homes in Opportunity Zones. FHA is expanding its Limited 203(k) Rehabilitation Mortgage Insurance Program (available to owner-occupant homebuyers and existing occupant homeowners for the purchase and/or rehabilitation of single family homes) for homes located in Opportunity Zones.

11/22/2019

CFPB compares large and small mortgage servicers

The CFPB has released a report examining the differences between large and small mortgage servicers. The report explores the role servicers of different sizes play in the mortgage market where size is defined by the number of loans serviced. Because of differences in the resources, capabilities, customer base, and business models of financial institutions of varying sizes, the impact of consumer finance regulations can vary as well. Key findings in the report include:

  • 74 percent of borrowers with mortgages at small servicers said having a branch or office nearby was important in how they chose their mortgage lender, compared to 44 percent at large servicers;
  • delinquency rates on loans at servicers of all sizes increased substantially starting in 2008, but peak delinquency rates were much lower for small servicers than for large and mid-sized servicers; and
  • smaller servicers have a greater share of mortgages in non-metro or completely rural counties.

11/22/2019

NCUA Board approves two measures

The National Credit Union Administration Board has announced its unanimous approval of two items on the agenda for its November 21 open meeting:

  • A final interpretive ruling and policy statement to expand career opportunities for individuals convicted of certain minor offenses.
  • A proposed rule raising the threshold for requiring a residential real estate appraisal from $250,000 to $400,000.

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.

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