Links in “Federal Reserve”

Five agencies (the OCC, FRB, FDIC, FCA, and NCUA) are proposing to amend their regulations regarding loans in areas with special flood hazards to implement certain provisions of the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA). In particular, the agencies proposed six additional exemptions from the escrow requirement and the incorporation of the detached structures provision of the HFIAA. [10/30/14]

A proposal to amend flood insurance rules was made by five federal agencies. The proposed amendments focus on escrow requirements. A 60-day comment period will be allowed once the rule is published in the Federal Register. [10/27/14]

Six federal agencies approved a final rule that defines "qualified residential mortgage" and exempts their securitization from the risk retention requirement. [10/23/14]

The Federal Reserve Board is planning to vote on a final regulation on qualified residential mortgages at its October 22^nd board meeting. The Wall Street Journal is reporting that the expectation is that the standards for mortgages that are packaged into mortgage-backed securities will be loosened in order to make credit more available. [10/16/14]

For the 10-year period between 2002 and 2012, the OCC issued 157 appeal decisions, the FDIC issued 63, and the Federal Reserve Board issued 25, while the NCUA’s Supervisory Review Committee issued only six and sided with the examiners in all six cases. The professor who authored this recent study believes that the low number of appeals indicate that the NCUA appeals process is likely less understood and less functional than the process in place at other agencies. Or maybe credit unions just don’t feel that, given the track record, there is any point. [10/2/14]

A month remains on the public comment period for the Fed's proposal to repeal Regulation AA for banks. Although the repeal was required by the Dodd-Frank Act and the repeal is unlikely to change the banking industry in significant ways, comments are welcomed. [9/26/14]

The Federal Reserve and CFPB have published rules which amend Regulation Z exemption threshold from $50,000 to $54,600. The same adjustment was made to Regulation M. These adjustments will take effect January 1, 2015. [9/22/14]

At least for now, according to the Federal Reserve Board. However, NAFCU finds that this 21 cent fee cap is not nearly high enough to allow credit unions to break even on debit payment services for their members. [9/19/14]

The Federal Reserve Board and CFPB have announced increases in thresholds pertaining to Regulations Z and M as required the Dodd-Frank Act. These thresholds are to be adjusted annually based on increases in the Consumer Price Index, and will take effect on January 1, 2015. [9/10/14]

Heads of the CFPB, Fed, FDIC and OCC are among those scheduled as witnesses before a hearing today before the Senate banking committee. [9/9/14]