Links in “Agencies”

The VA issues interim final rule that defines "qualified mortgages" and ability to repay. VA's interpretation allows flexibility designed to meet veteran mortgage needs. [5/9]

The CFPB released a 19-page report addressing the rising mortgage debt for older Americans. The Bureau recommends making mortgage payoff dates a part of retirement plans, avoiding long-term loans that could impact retirement, and considering post-retirement income and expenses. [5/8]

As part of yesterday's cybersecurity webinar, the FFIEC announced a vulnerability and risk-mitigation assessment along with a regulatory self-assessment or supervisory policies and processes to be used by FFIEC member agencies in making cybersecurity decisions to strengthen existing programs. The webinar also provided information on focus areas for management in assessing cybersecurity risks. [5/8]

NCUA Chairman Matz notes in the FSOC annual report positive efforts undertaken to promote increased security. Highlights of risks and recommendations include forward looking capital and liquidity planning, need for improved interest rate monitoring, and use and monitoring of technology. [5/8]

The CFPB proposes a rule to promote more effective privacy disclosures from FI to their customers. The proposal includes constant access to privacy policies, limited data sharing, comparison shopping, and being cheaper for companies to notify consumers of privacy practices. If FI's share information unaffiliated third parties they are not eligible. [5/7]

NCUA will be hosting a series of free webinars starting May  21, 2014, which will provide an overview of OFAC's and FinCEN's programs, enforcement authority, and relationships with other regulators. Leading experts will include Adam Maddox (OFAC Sanctions Compliance Officer), Andrea Sharrin (Financial Crimes Enforcement Network), and Stephanie Brooker (Financial Crimes Enforcement Network). [5/6]

The CFPB proposes amendments to several mortgage rules issued in 2013. The proposed rule would provide an alternative definition for small servicers for certain nonprofit entities, amend existing exemptions from the ability-to-repay rule for certain nonprofit entities, and provide a limited cure mechanism for the points and fees limit that applies to qualified mortgages. [5/6]

FDIC released its list of 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 2014. Of the 87 institutions examined, 4 received outstanding, 82 were satisfactory, and 1 (Washita State Bank) needs improvement. [5/6]

Salary range for NCUA's director of Office of Minority and Women Inclusion is $175K to $240K. [5/5]

The GAO's audit for fiscal years 2013 and 2012 shows significant deficiencies in the CFPB’s internal control over financial reporting and provides four recommendations to improve oversight and controls. [5/5]