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The Federal Reserve Board has published its previously announced proposal to amend its Regulation M (12 CFR Part 213) to define its limited scope following enactment of the Dodd-Frank Act and the CFPB's issuance of its Regulation M. Both regulations implement the Consumer Leasing Act; the Fed's regulation only applies to certain motor vehicle dealers. Comments on the Fed's proposal are due by March 5, 2018.

The FFIEC has updated the instructions on its Rate Spread Calculator page. The page includes a new link to the CFPB's rate spread calculator for loans with a final action date of January 1, 2018, or later.

The NMLS has announced the 2018 Renewal Period has ended as of December 31, 2017. The Reinstatement Period began on January 1 and ends at midnight ET on February 28. Review the State Licensing and Federal Registry Annual Renewal pages of the NMLS Resource Center for steps required for license or registration reinstatement. We remind you that any MLO whose registration has lapsed cannot perform MLO duties unless and until the registration has been reinstated.

The Federal Emergency Management Agency has published a Final Rule in the January 3, 2017, Federal Register identifying communities in the states of Florida, New York, Oregon, Texas and Washington that are scheduled for suspension from the National Flood Insurance Program on January 19, 2018, for noncompliance with the floodplain management requirements of the program.

The SEC has announced the credit rating agencies under its oversight show improved compliance, increased information technology resources, and continued competition, according to a staff report released on nationally recognized statistical rating organizations (NRSROs). A summary and the full report are available.

The Federal Emergency Management Agency has published a rule in the December 29, 2017, Federal Register identifying three communities in the State of Louisiana that are scheduled for suspension from the National Flood Insurance Program on January 5, 2018, for noncompliance with the floodplain management requirements of the program. The listed communities are:

• Unincorporated areas of Beauregard Parish;
• City of DeRidder (Beauregard and Vernon Parishes); and
• Town of Merryville (Beauregard Parish).

The FHFA Index for November indicates that, nationally, interest rates on conventional purchase-money mortgages increased from October to November, according to several indices of new mortgage contracts.

• The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 4.05 percent for loans closed in late November, up 7 basis points from 3.98 percent in October.
• The average interest rate on all mortgage loans was 4.03 percent, up 6 basis points from 3.97 in October.
• The average interest rate on conventional, 30-year, fixed-rate mortgages of $424,100 or less was 4.17 percent, up 6 basis points from 4.11 in October.
• The effective interest rate on all mortgage loans was 4.06 percent in November, up 5 basis points from 4.01 in October.
• The average loan amount for all loans was $307,800 in November, up $300 from $307,500 in October.

The Bureau has released its biennial report on the state of the credit card market. The report indicates that the total amount of credit line, number of accounts, average amount of card debt, and enrollment in online services have all increased over the past several years. The report found also that cardholders average fewer credit cards than before the recession, and more are signing up for secured cards that require a cash deposit.

An open meeting with the NMLS Ombudsman will be held Friday, February 9, 2018, from 8:30 a.m. to 11:30 a.m. CT, in conjunction with the 2018 NMLS Annual Conference and Training in New Orleans, Louisiana. Conference registration is not required to attend the meeting. Suggested agenda items regarding NMLS, state licensing, and/or federal registration are requested and will be accepted until January 17, 2018, via email to ombudsman@nmls.org. Individuals who submit discussion items must attend the meeting to present their issue. Please provide the issue and any relevant information on your company's letterhead. The meeting will be in-person only; there will be no dial-in available.

The CFPB circulated an email notice yesterday that it has launched a HMDA Check Digit Tool and Rate Spread Calcualtor, both available on the CFPB/FFIEC Resources for HMDA filers webpage.