Links in “Proposals, Requests, & Comments”
- ABA Lends Support to Bill to Reconcile Conflicting Regulations
In a letter to the House Committee on Financial Services, the ABA lends its support for a number of bills, including H.R. 4466, which would require a review and reconciliation of banking regulations that may be in conflict or duplicative. The bill is scheduled for review in Congress tomorrow. [5/6]
- CFPB Throws Nonprofits a Bone
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]
- Reg Relief Bills Up for Consideration Next Week
Three bills that would provide regulatory relief for credit unions are scheduled for consideration next week in the House. The three bills address extending the share insurance coverage to all underlying owners in IOLTA and similar accounts, expanding credit unionsâ ability to apply for Federal Home Loan Bank membership, and granting credit unions and other lenders more say in the CFPBâs rural-area designations. [5/2]
- Proposed QM Amendment: What You Need to Know
Here's the scoop on the CFPB's three proposed amendments to the qualified mortgages rules. [5/2]
- New York Judge Proposes Debt Collection Rules
Judge proposes new rules to help New York courts navigate their way through a flood of debt-collection lawsuits. Proposal includes requiring banks and other debt collectors to support the accuracy of the debt claims with more documentation, including the original agreement between the bank and the borrower. [5/2]
- Credit Crunch Fallout: CFPB Proposes to Ease QM Rules
CFPB proposal seeks adjustments to mortgage rules to ensure access to credit by certain nonprofit organizations that work with underserved populations. The proposal notes the limited circumstances where lenders that exceed the points and fees cap can refund the excess amount to consumers and still have the loan be considered a Qualified Mortgage. [5/1]
- Credit Unions May Benefit from Proposed QM Rule Change
Minor adjustments proposed to the Qualified Mortgage Rule could benefit credit unions. The proposal changes would allow lenders to refund points and fees in excess of the 3% cap if the refund is made within 120 days, thus allowing the credit union to avoid adverse consequences for inadvertent mistakes. [5/1]
- Housing Reform in Limbo
The Senate Banking Committeeâs decision to defer a vote on the unwinding of FNMA and FHLMC has created some uncertainty about the future of housing reform. Committee members have indicated that there are looking for more consensus on some issues before bringing the bill to a vote. [5/1]
- NCUA Proposes Revisions to Field of Membership Manual
The NCUA is proposing a revision to the chartering and field of membership rules addressing associations formed for the express purpose of expanding membership without meeting NCUA requirements. Retention of automatic qualification for certain categories of groups that NCUA has approved in the past are retained. [5/1]
- SBA Promotes New Risk Rating Model
The SBA is proposing (comments due 6/30/2014) a new Risk Rating System for each active 7(a) Lender and Certified Development Company (CDC). The redeveloped model expands specific products into various categories (e.g., 5 for the 7a program) as well as number of factors used to expand risk. The scoring system is designed to provide a more predictive outlook on portfolios. [4/29]
