Links in “Proposals, Requests, & Comments”
- CFPB Authorizes “Temporary C&Ds” as an Interim Rule
CFPB issues interim final rule with a request for public comment on the issuance of temporary cease-and-desist orders. This rule is to be used when agency determines an alleged violation is likely to cause serious harm to the institution prior to the completion of the case in chief. [9/30]
- NY Gov Takes Aim at Force-Placed Insurance Abuse
New York Governor Andrew Cuomo proposes reforms aim at cracking down on abuses in the force-placed insurance industry, especially in cases where the loan servicer owns the insurer. [9/25]
- Regulatory Agencies Seek Comment on Revised Credit Risk Rules
Comments on revised credit risk on asset-backed securities sought. We'll see market view on expanded exemptions and definitions in proposal. [9/20]
- Federal Agencies Issue a Second Proposed Interagency Rule on QRMs
Although proposed rule issued by the FDIC, FHFA, FRB, Dept. of Housing and Development, SEC and the OCC does not directly affect credit unions, as participants in the mortgage market place they would likely feel the impact; proposed rule would make the definition of a âqualified residential mortgageâ consistent with the CFPBâs definition of a âqualified mortgage.â [8/29]
- Bankers’ Groups Applaud New QRM
ICBA commends the proposed changes to Qualified Residential Mortgage rules for minimizing "the negative impact of new regulations on our housing recovery." CBA calls it "a win for consumers and the still recovering housing industry." [8/29]
- Proposed Revisions to the QRM Rule: Too Far?
Some in the industry are applauding the increase in the income threshold and the elimination of the down-payment requirement; others are concerned the proposed changes to the Qualified Residential Mortgage rule could result in a repeat of the practices that lead to the crash. [8/29]
- Agencies Seek Comment on QRM
Out for comment is a key definition of âqualified residential mortgageâ (QRM) and what exempt securitizations for QRMs from risk retention will be allowed. Impact could be significant on covered lending products. [8/28]
- Former NCUA Chair to Present Webinar on Meeting Rising Compliance Challenges
Webinar to include presentations from former NCUA chairman Dennis Dollar on the upcoming risk-based capital proposal, as well as presentations on upcoming significant rule changes and options for compliance for credit unions with limited resources; webinar is free. [8/28]
- CFPB Seeks Quick Revision to Privacy Act for Use of Social Media
Proposal (comments due 9/16/2013) seeks to expand use and distribution of social media information obtained by CFPB from tweets, facebook, etc. Distribution partners include not so surprisingly the DOJ among others. [8/16]
- FTC Seeks Public Comment on COPPA’s Parental Consent
Requests for public comment focus on proposed AssertID verifiable parental consent for children regarding Childrenâs Online Privacy Protection Rule methods. [8/16]
