Links in “Proposals, Requests, & Comments”

The CFPB seeks comments, data, and information from the public about proposed amendments to certain disclosure and error resolution requirements set forth in subpart B of Regulation E (Remittance Proposal). The comment period on the Remittance Proposal has been extended to close on June 6, 2014. [5/16]

NCUA Board member Michael Fryzel has sent a letter to both CUNA and NAFCU in which he states that he believes the full NCUA board should vote on whether to extend the comment period for the proposed risk-based capital rule.  However, he added that he was confident that the final rule would include the suggested changes recommended by the two trade associations. [5/15]

The Federal Reserve Board is inviting comments on the proposed implementation of section 622 of the Dodd-Frank Act. The proposal seeks to make the implementation of section 622 more effective through measuring liabilities of financial companies not subject to consolidated risk-based capital rules, using a two-year average to calculate aggregate financial sector liabilities, and extending the "failed bank exception" to apply to the acquisition of any type of insured depository institution in default or in danger of default. [5/15]

HUD's proposed rule on adjustable rate mortgages would change the look-back period and require compliance with the disclosure and notification requirements in the mortgage servicing rule. [5/14]

In 2013, the U.S. Supreme Court ruled that a debt collector can be awarded costs even when the suit wasn't brought in bad faith. If it passes, new legislation would amend the Fair Debt Collection Practices Act to limit that provision to when the plaintiff brings a suit in bad faith or for the purpose of harassment. [5/14]

The CFPB has released an intuitive electronic format of Regulation Z, one of the most complex and heavily-consulted consumer financial regulations. In an effort to further improve the delivery of this and other regulations, the CFPB seeks feedback and requests assistance in sharing this tool with all who may benefit from its use. [5/13]

The Bureau of Consumer Financial Protection is proposing to amend Regulation P, which requires financial institutions to provide an annual disclosure of their privacy policies to customers. In response to growing concerns of overburdening both institutions and consumers, delivery alternatives have been proposed to ease the process of providing privacy protection. [5/13]

Six democratic senators are now saying they will not support the housing reform bill in its current form. The senators claim that the proposed structure for a new mortgage reinsurance structure will not work and the bill does not go far enough in addressing affordable housing issues. [5/12]

The movement to phase out Fannie Mae and Freddie Mac hits another snag, as six key senators appear to be deciding not to lend their support to the reform bill. [5/12]

The Governor of Colorado is poised to sign a bill that will create the first state-run financial cooperatives for the marijuana retail industry. The Mountain West Credit Union League has taken a neutral position on the legislation, however, they are concerned that there be clear disclosure that these cooperatives will not be federally insured. [5/9]