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.
April 20, 2018
Buckley Sandler
On April 18, the House passed H.R. 2905 by a vote of 403-3. The “Justice for Victims of IRS Scams and Identity Theft Act of 2017,” would direct the DOJ and the Treasury Department to submit reports to Congress detailing identity theft prosecutions. The DOJ’s report must contain the number of identity theft cases referred to the agency during...
April 19, 2018
Housingwire--Kelsey Ramirez
In an attempt to prevent foreclosures on the Federal Housing Administration’s borrowers, Democrats introduced a new bill in Congress.
Rep. Maxine Waters, D-Calif., Ranking Member of the Housing Committee on Financial Services, introduced new legislation that would strengthen the requirements for and increase oversight on FHA mortgage servicers.
“A decade after the devastating foreclosure crisis, we continue to see significant...
April 17, 2018
The federal banking agencies today proposed a revision to their regulatory capital rules to address and provide an option to phase in the regulatory capital effects of the new accounting standard for credit losses, known as the “Current Expected Credit Losses” (CECL) methodology.
The proposal addresses the regulatory capital treatment of credit loss allowances under the CECL methodology and would...
April 11, 2018
WASHINGTON – Today, the House of Representatives passed two more bipartisan bills from the Financial Services Committee that improve stress test requirements for banks and reform the designation process for nonbank financial institutions.
“At the end of the day, it’s not really the banks that are the subject of these regulations. At the end of the day, it’s their customers,”...
April 09, 2018
MBA Newslink--Steve O'Connor; Bill Killmer
The House and Senate return to Washington today, Monday, April 9.
Last week the Consumer Financial Protection Bureau released its semi-annual report, the first by Acting Director Mick Mulvaney. Also, Rep. Elizabeth Esty, D-Conn., announced she will not seek re-election, joining a group of roughly 60 House members who have announced retirements ahead of...
April 06, 2018
National Credit Union Administration (NCUA).
ACTION:Final rule; correcting amendment.
SUMMARY:On February 23, 2018, the NCUA Board (Board) published a final rule adopting amendments to its share insurance requirements rule to provide stakeholders with greater transparency regarding the calculation of each eligible financial institution's pro rata share of a declared equity distribution from the National Credit Union Share...
April 06, 2018
Buckley Sandler
On April 2, the CFPB issued its semi-annual report to Congress covering the Bureau’s work from April 1, 2017 to September 30, 2017. The report details, among other things, problems faced by consumers with regard to consumer financial products or services; significant rules and orders adopted by the Bureau; and various supervisory and enforcement actions prior to Mick Mulvaney’s...
April 05, 2018
Federal Deposit Insurance Corporation (FDIC).
ACTION:Final rule; technical amendments.
SUMMARY:The FDIC is making technical amendments to its rules governing deposit insurance assessments. The FDIC believes that the amendments will have little or no effect on the deposit insurance assessments for insured depository institutions (IDIs), and any potential effect would result in lower assessments. The first technical amendment...
April 02, 2018
Summary:
The FDIC, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency (the Agencies) jointly issued an amended rule titled Real Estate Appraisals (Appraisal Rule), which will be published in the Federal Register. The Appraisal Rule increases the current appraisal threshold for commercial real estate (CRE) transactions from $250,000 to $500,000. The Appraisal...
March 27, 2018
The Board of Governors of the Federal Reserve System (``Board'') has adopted final amendments to its Regulation A to reflect the Board's approval of an increase in the rate for primary credit at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically increased by formula as a result of the Board's primary credit rate action.
The amendments...
