Top Story Lending Related

The CFPB has published in today's Federal Register, at 81 FR 54317, the proposal it announced on July 29 (see our earlier Top Story) to amend Regulation Z to clarify and refine the Bureau's TRID Rule. Comments on the proposal are due by October 18, 2016.

The Federal Housing Finance Agency (FHFA) has announced an extension of the response period for its previously issued Single-Family Credit Risk Transfer request for information (RFI). The response period will now close on October 13, 2016. The RFI lays out FHFA's principles of credit risk transfer and seeks feedback on credit risk transfer policy issues and on proposals to adopt front-end credit risk transfer. Responses can be submitted electronically or via mail.

The Small Business Administration has published a proposed rule at 81 FR 52595 in the Federal Register to make changes to some of its lending program regulations for clarity and to increase participation in: The Surety Bond Guarantee (SBG) Program, the 7(a) Loan Program, the Microloan Program, and the Development Company Loan Program (504 Loan Program). In addition, the proposed changes will streamline the regulations by removing or revising any outdated regulations. Comments on the SBA proposal are due by October 11, 2016.

The Federal Housing Finance Agency (FHFA) has released the results of annual stress tests that Fannie Mae and Freddie Mac are required to conduct under the Dodd-Frank Act. The Act requires certain financial institutions with more than $10 billion in assets to conduct annual stress tests to determine whether they can absorb losses as a result of adverse economic conditions. The report provides updated information on possible ranges of future financial results for Fannie Mae and Freddie Mac under severely adverse economic conditions.

The Federal Emergency Management Agency has published a final rule at 81 FR 52353 in today's Federal Register identifying communities where the sale of flood insurance has been authorized under the National Flood Insurance Program (NFIP) that are scheduled for suspension on September 16, 2016, for noncompliance with the floodplain management requirements of the program. Affected communities are portions of Prince George's County, Maryland, and portions of Northumberland County, Pennsylvania.

The FFIEC has posted information on a revision of the methodology for determining average offer rates to reflect that a different source of survey data for the one-year variable rate mortgage product is being used to calculate the average prime offer rates for certain mortgage products.

June 2016 G.19 consumer credit data have been posted by the Federal Reserve. Consumer credit increased at a seasonally adjusted annual rate of 5-1/4 percent during the second quarter. Revolving credit increased at an annual rate of 4-1/2 percent, while nonrevolving credit increased at an annual rate of 5-1/2 percent. In June, consumer credit increased at an annual rate of 4 percent.

The FDIC has announced it has extended the comment period for proposed guidance on third-party lending. Comments on the proposed guidance, which was published on July 29, now must be received on or before October 27. The 45-day extension was made in response to requests from interested parties who asked for additional time to consider the proposal.

The FDIC has released a list of 38 state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in May 2016. One bank received an outstanding rating, 35 were rated satisfactory, and two were rated "needs to improve."

The Federal Emergency Management Agency has published in this morning's Federal Register [at 81 FR 51808] a final rule that identifies communities where the sale of flood insurance has been authorized under the National Flood Insurance Program (NFIP) that are scheduled for suspension on September 2, 2016, for noncompliance with the floodplain management requirements of the program. The affected communities are in the states of California, Washington and West Virginia.