Links in “Proposals, Requests, & Comments”

Department of Education is said to be working closely with the CFPB to make significant restrictions on products that banks sell to college students. Proposed revisions are expected to be issued in July. [6/23/14]

At yesterday’s board meeting, NCUA approved proposed changes to its appraisal rules to eliminate redundancy between its rule and new CFPB rules regarding providing consumers with copies of appraisals. The proposed rule would also create an exemption to the appraisal requirement when a refinance does not involve new funds, other than closing costs, and there has been no obvious and material change to the market conditions or the physical condition of the collateral property. [6/20/14]

NCUA has issued a proposed rule that clarifies that federally chartered credit unions and state-chartered, federally insured credit unions (where state law allows) may securitize the loans they originate. The proposed rule that would provide credit unions with greater parity with banks establishes seven minimum safety and soundness conditions for asset securitization. [6/20/14]

Following a meeting with NCUA Board member Rick Metsger, CUNA Deputy General Counsel Mary Dunn reported that she believes that Mr. Metsger has an open mind to changes to the proposed risk-based capital rule. CUNA will be meeting with NCUA Chair Debbie Matz later this week in an effort to promote revisions to the rule that would include lowering the RBC component for well-capitalized credit unions; revising the risk weightings for certain assets such as business loans, mortgages, mortgage servicing, and CUSO investments; and eliminating the provision that would allow examiners to set higher minimum capital requirements on an individual credit union basis. [6/19/14]

More and more financial institution processes are getting a technological makeover, and privacy is no exception. AffirmX's Jane Pannier describes the proposed privacy notice rule and how to know if it applies to your institution. [6/18/14]

The Consumer Financial Protection Bureau (Bureau) published an interim final rule issuing a temporary cease-and-desist order, which requires the Bureau to establish procedures for conducting adjudication proceedings. This final rule takes effect on July 18, 2014. [6/18/14]

The student loan refinancing bill stalls in the Senate amidst concerns that its flaws may outweigh its benefits, and that more scrutiny may be necessary. [6/17/14]

The Federal Deposit Insurance Corporation (FDIC) today announced it is seeking comment on a notice of proposed rulemaking amending the FDIC's Annual Stress Test rule. [6/17/2014]

Several bills to promote greater transparency and accountability at the CFPB, such as the CFPB Slush Fund Elimination Act and the CFPB Data Collection Security Act, have been approved by the House Financial Services Committee and move to the House floor for a vote. [6/16/14]

The NCUA Board will be considering one final rule and three proposed rules at its June 19^th board meeting. The final rule concerns voluntary liquidations, while the proposed rules focus on asset securitization, appraisals and the safe harbor provision under the involuntary liquidations rule. [6/13/14]