Federal Legislation

This topic consolidates legislative summaries of proposed and final regulatory rules impacting the mortgage banking industry today.  This includes rules promulgated by federal regulatory agencies as well as up-to-the-minute legislative actions out of Washington, DC. 

December 13, 2018

CFPB Policy on No-Action Letters and the BCFP Product Sandbox

AGENCY:

Bureau of Consumer Financial Protection.

ACTION:

Proposed policy guidance and procedural rule; proposed information collection; request for comment.

SUMMARY:

The Bureau of Consumer Financial Protection (Bureau or BCFP) invites the public to take this opportunity to comment on its proposed Policy on No-Action Letters and the BCFP Product Sandbox, which is intended to carry out certain of...

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December 11, 2018

OCC NR 2018-135 OCC Reports Slight Improvement in Mortgage Performance

WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported a slight improvement in the performance of first-lien mortgages in the federal banking system during the third quarter of 2018.

The OCC Mortgage Metrics Report, Third Quarter 2018, showed 95.4 percent of mortgages included in the report were current and performing at the end of the quarter, compared to 94.8 percent a...

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December 11, 2018

BCFP Promoting fair, equitable, and nondiscriminatory access to credit: 2017 Fair Lending Report

BCFP--Patrice Ficklin 

Access to credit is a key to economic mobility and prosperity for consumers and small businesses alike. Our annual Fair Lending Report to Congress highlights how in 2017 we continued to focus on promoting fair, equitable, and nondiscriminatory access to credit in mortgage lending, continued fair lending supervision of servicing and small business lending, and embarked on new efforts to...

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Webinar: Agency and Regulatory Reporting Essentials

December 10, 2018

BCFP 2018 HMDA Platform Beta Testing

The Bureau is pleased to announce the beta launch of the HMDA Platform for data collected in 2018. The beta release provides financial institutions an opportunity to become familiar with the HMDA Platform and, in particular, determine whether their sample LAR data complies with the reporting requirements outlined in the Filing Instructions Guide for HMDA data collected in 2018.

The...

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December 10, 2018

Another Temporary Extension of the Flood Insurance Program

Ballard Spahr LLP--Richard J. Andreano, Jr.

As previously reported, the National Flood Insurance Program was scheduled to expire on November 30, 2018 and Congress extended the Program to December 7, 2018. The US House of Representatives and US Senate have once again voted to temporarily extend the Program, this time until December 21, 2018. Perhaps Congress...

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December 07, 2018

NFIP Extended to Dec. 21

National Mortgage Professional--Phil Hall

The National Flood Insurance Program (NFIP) was extended through Dec. 21 as part of Congress’ two-week extension for the federal government’s funding deadline.

The NFIP was set to expire tomorrow at the conclusion of a one-week temporary extension. The Senate approved a six-month extension of the program last week, but the House of Representatives has not acted...

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December 06, 2018

Analyzing Lending Practices Under CRA

MReport--Radhika Ojha

Nonbanks tend to lend more to LMI borrowers than banks that fall under the CRA regulations, according to an analysis by the Urban Institute. The analysis was meant to help the Office of the Comptroller of Currency (OCC) strengthen its changes in regulations to the Community Reinvestment Act (CRA) proposed earlier this year and has been submitted as...

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ARMCO Mortgage QC Industry Trends Report

December 04, 2018

OCC-NR 2018-134 OCC Releases CRA Evaluations for 28 National Banks and Federal Savings Associations

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of November 1, 2018 through November 30, 2018. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received ratings. The possible ratings are...

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December 04, 2018

OCC NR 2018-133 Agencies Seek Public Comment on Proposal to Raise Appraisal Exemption Threshold for Residential Real Estate Transactions

The three federal banking agencies announced they are seeking public comment on a proposal to raise the threshold for residential real estate transactions requiring an appraisal from $250,000 to $400,000. The appraisal threshold has remained unchanged since 1994, and the agencies believe an increase would provide burden relief without posing a threat to the safety and soundness of financial institutions.

...
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December 04, 2018

OCC NR 2018-133 Agencies Seek Public Comment on Proposal to Raise Appraisal Exemption Threshold for Residential Real Estate Transactions

The three federal banking agencies announced they are seeking public comment on a proposal to raise the threshold for residential real estate transactions requiring an appraisal from $250,000 to $400,000. The appraisal threshold has remained unchanged since 1994, and the agencies believe an increase would provide burden relief without posing a threat to the safety and soundness of financial institutions.

...
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December 03, 2018

OCC NR 2018-131 OCC Report Discusses Key Risks for Federal Banking System

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today reported credit, operational, compliance, and interest rate risks are key themes for the federal banking system in its Semiannual Risk Perspective for Fall 2018.

Highlights from the report include:

  • Credit quality remains strong, but the OCC is monitoring the origination quality of new loans, the potential for increased...
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