Links in “Proposals, Requests, & Comments”

CFPB's proposal would extend the temporary exception to the rule for five years, allowing institutions to estimate fees and rates in certain circumstances. [4/18]

ABA writes letter to the regulatory agencies expressing support for the revisions to flood insurance reform, but asking for more communication on implementation plans, expectations and timetables about Biggert-Waters, which became law 19 months ago. [4/17]

International money transfer rule proposed by the CFPB would extend temporary exception of estimating third-party fees and exchange rates when providing remittance transfers to account holders for another 5 years (2020). [4/16]

Senator Dan Coats has introduced a bill that would change the manner in which the CFPB obtains information from financial institutions with less than $10 billion in assets. The CFPB would be required to use publicly available information or seek the information from the banking regulators, rather than placing additional reporting burdens on the financial institutions. [4/11]

The “Stop Errors in Credit Use and Reporting Act” (“SECURE Act”) would provide consumers with free access to their credit scores, if an unfavorable decision is based on that score, along with making the credit score available with the consumer’s annual free credit report. The bill would also require the CFPB to develop procedures to ensure that credit reporting agencies report accurate information. [4/11]

NAFCU encourages credit unions to write comment letters to NCUA regarding how the proposed rules would affect credit union industry. [4/4]

Many credit unions say “no,” but this is the percentage that raises the red flag for examiners. John Welch, NCUA’s chief economist, claims that NCUA doesn’t supervise to a single, arbitrary number, but a credit union with 35% or more of its assets in long-term loans and investments is above the 75^th percentile for the industry. [4/2]

Rep. Maxine Waters (D-Calif.) proposed a bill for housing finance reform which she calls the "Housing Opportunities Move the Economy (HOME) Forward Act of 2014." Among many other implementations, this legislation would establish a Mortgage Securities Cooperative that would replace Fannie Mae and Freddie  Mac. [3/28]

Appraisal management companies would have a host of new requirements placed on them under the rules proposed by the joint agencies. Here's a summary. [3/26]

The CFPB enjoys a level of freedom from public scrutiny afforded only the CIA and Federal Open Market Committee. A bill, introduced in the House would apply the Federal Advisory Committee Act to the CFPB, is unlikely to pass this year, but may have more success next year. [3/24]