Links in “Agencies”

CFPB launches new HMDA tool, but also is seeking MASSIVE expansion of HMDA reporting requirements, including information on rate spread, use of teasers, prepayment penalties, loan officer identification, underwriting information (including DTI and LTV), age and credit score, QM status, and use of AUS (Automatic Underwriting Systems). However, some streamlining is also proposed. [2/10]

The OCC’s updated booklet, “Mortgage Banking,” provides new guidance on risk by assessing mortgage banking, key aspects of risk associated with mortgage banking, and amendments to Regulation X and Regulation Z issued by the CFPB. [2/10]

FinCEN files CMPs against Michigan MSB for serious and willful BSA violations involving failure to implement anti-money laundering efforts involving wires to Yemen. [2/10]

Overall report notes rebounding market as existing home sales continue to make gains, foreclosures reduce, equity expands, and foreclosure assistance provides relief. [2/10]

23-page tome highlights CFPB actions taken over past few months including enforcement orders, remedial actions, supervisory and examination procedural changes, as well as internal upgrades to promote enforcement. [2/7]

OCC Comptroller Curry testifies before Banking Committee on OCC efforts to improve bank oversight and consumer protection. Emphasizes upcoming examination for proper enforcement. [2/7]

Treasury Department announces new intergovernmental agreements (IGAs) with Canada and Hungary implementing Foreign Account Tax Compliance Act (FATCA) to promote tax transparency. Number of agreements signed to date now stands at 34. [2/6]

FRB seeks commentary on proposals on EFAA to catch the regulation up to the current handling of checks. New proposals would recognize the reality of how checks are processed (electronically) and promote electronic returns of checks. [2/5]

Overall, January was a good month for FDIC Banks as it relates to CRA with 98 out of 99 receiving Satisfactory (94) or Outstanding Ratings (4). The Bank of Hamilton in North Dakota received Needs Improvement for low LTD performance. [2/5]

In testimony before Senate Judicial Committee, FTC seeks expanded powers and enforcement capacity (penalties) to reduce security breaches and promote compliance with UDAAP, GLBA, FCRA, and COPPA. FTC further seeks national law requiring controls and consumer notification of security breaches. [2/5]