FDIC: Board Approves Revisions to Section 19 Regulations to Conform to the Fair Hiring in Banking Act
The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved revisions to regulations under Section 19 of the Federal Deposit Insurance (FDI) Act to conform to the Fair Hiring in Banking Act (FHBA), which became effective on December 23, 2022. “I strongly support these changes which would expand employment opportunities in the banking industry,…
FDIC: Board Approves Proposed Rule to Amend Change in Bank Control Act Regulations
The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a Notice of Proposed Rulemaking to amend the agency’s regulations under the Change in Bank Control Act. The proposed rule would require the provision of advance notice to the FDIC for certain acquisitions of voting securities of FDIC-supervised institutions, at a level sufficient to trigger…
FDIC: Board Approves Proposed Rule to Revise Brokered Deposit Regulations
The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a notice of proposed rulemaking to strengthen the important prudential protections of the agency’s safety and soundness rule on brokered deposits (12 CFR 337.6) that implements section 29 of the Federal Deposit Insurance Act. Based on the FDIC’s experience since the adoption of the 2020…
Federal Banking Regulatory Agencies Seek Comment on Interagency Effort to Reduce Regulatory Burden
The federal bank regulatory agencies today announced their second notice requesting comment to reduce regulatory burden. The Economic Growth and Regulatory Paperwork Reduction Act of 1996 requires the Federal Financial Institutions Examination Council and federal bank regulatory agencies to review their regulations every 10 years to identify outdated or otherwise unnecessary regulatory requirements for their…
Agencies Finalize Interagency Guidance on Reconsiderations of Value for Residential Real Estate Valuations
Five federal regulatory agencies today issued final guidance addressing reconsiderations of value (ROVs) for residential real estate transactions. The guidance advises on policies and procedures that financial institutions may implement to allow consumers to provide financial institutions with information that may not have been considered during an appraisal or if deficiencies are identified in the…
CPFB: Interpretive Rule Proposed to Ensure Workers Know the Costs and Fees of Paycheck Advance Products
Proposed rule also addresses unusual practice of workers “tipping” their lender or employer The Consumer Financial Protection Bureau (CFPB) today proposed an interpretive rule explaining that many paycheck advance products, sometimes marketed as “earned wage” products, are consumer loans subject to the Truth in Lending Act. The guidance will ensure that lenders understand their legal obligations to…
Agencies Issue Final Rule to Help Ensure Credibility and Integrity of Automated Valuation Models
Six federal regulatory agencies today issued a final rule, pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, designed to help ensure the credibility and integrity of models used in valuations for certain mortgages secured by a consumer’s principal dwelling. In particular, the rule will implement quality control standards for automated valuation models…
HUD: New Rule Proposed to Govern the Sale of FHA Mortgage Notes
Proposed rule to establish a permanent Single Family Sale Program, including exclusive first look opportunities for prospective homeowners Today, the U.S. Department of Housing and Urban Development (HUD) is proposing a new rule to govern the sale of seriously delinquent single family mortgage loans insured by the Federal Housing Administration (FHA). These rules will help expand available…
CFPB: New Rule Proposed to Help Homeowners Avoid Foreclosure
Proposed rules would require servicers to help homeowners before foreclosing, give servicers more flexibility by reducing paperwork requirements, and improve communication with homeowners The Consumer Financial Protection Bureau (CFPB) today proposed new rules to make it easier for homeowners to get help when they are struggling to pay their mortgage. The proposal, if finalized, would…
CDFI Fund: Public Comment Sought on the CMF Performance Report
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) is soliciting public comment on changes to the Capital Magnet Fund (CMF) Performance Report. The CDFI Fund’s CMF Application and Performance Report Paperwork Reduction Act (PRA) approval will expire in July 2024. Although the PRA approval for the forms in the CMF…