Links in “Proposals, Requests, & Comments”

The Partnership to Strengthen Homeownership Act was proposed on Thursday. This act would wind down Fannie Mae and Freddie Mac over a five-year period, replacing them with an insurance program from Ginnie Mae which would then be its own entity, no longer under the jurisdiction of the HUD. [7/11/14]

The Federal Reserve, the United States' official bank, has been a touchy subject amongst politicians who question its ubiquity. Most recently, Republicans Bill Huizenga and Scott Garrett have sponsored a hearing to discuss potentially reforming this financial giant. [7/8/14]

NCUA will have a full-capacity crowd on hand at its listening session on the proposed risk-based capital rule scheduled for this Thursday in Chicago. Due to demand the attendance limit was expanded from 150 seats to 169 seats. The session, led by NCUA Board members Debbie Matz and Rick Metsger, will not be broadcast nor will audio from the session be available. [7/8/14]

After not receiving any comments regarding the renewal of existing information requirements, the FDIC submitted to the OMB a request for approving the renewal of collection practices regarding record keeping and disclosure requirements in connection with Regulation M and Regulation B. The FDIC is inviting comments for a second time on the renewal of these requirements, with a deadline set for September 2, 2014. [7/3/14]

NAFCU’s comment letter on NCUA proposed rule on associational common bonds relates concern with the threshold requirement to determine an association’s independence and purpose. Specifically, NAFCU is questioning the need for the one-year operation period before a new association can be considered for a membership expansion request. [7/1/14]

CUNA has submitted a comment letter to NCUA in response to the proposed associational common bond rule in which it recommends that existing association groups that have already been approved be grandfathered in under the new rule. In the addition, CUNA has requested further information on several points, including the actual review process for new association groups and an appeal process. [6/30/14]

During a Listening Session in Los Angeles, NCUA Chair Debbie Matz, stated that the agency is taking a second look at the proposed risk of certain asset categories, specifically mortgages, business loans, investments, CUSOs and corporates, and will “presumably lower” their risk weightings. Matz also said that they are considering raising the asset threshold limit for determining which credit unions will be exempt from the risk-based capital rule. [6/27/14]

As part of NCUA's Regulatory Modernization Initiative, the NCUA Board is proposing to revise two of NCUA's regulations regarding appraisals. Firstly, the revisions would eliminate the requirement that federal credit unions make available a copy of the appraisal used in connection with that member's application for a loan secured by a first lien on a dwelling. Secondly, the proposed rule would expand the current exemption for certain transactions involving an existing extension of credit. [6/27/14]

The NCUA has proposed a rule which would continue the safe harbor for financial assets transferred in connection with securitizations and participations and defines the conditions for safe harbor protection for securitizations and participations. [6/27/14]

Speaking to the Massachusetts Credit Union League, Metsger declared his support for H.R. 719, the Capital Access for Small Businesses and Jobs Act, which would allow credit unions without a low-income designation to access supplemental capital. [6/26/14]