Links in “Proposals, Requests, & Comments”
- CFPB’s Proposal to Survey Credit Card Customers on Arbitration Awareness Draws Industry Fire
Several industry and other business groups decry CFPB's proposal to undertake a telephone survey of 1,000 credit card holders to ascertain their understanding regarding the arbitration provisions in their contracts; effort seen as leading to rulemaking on flawed findings. [8/14]
- Relief May Be in Sight to Simplify Credit Union Financial Statements
In a move that could be very helpful for credit unions, the Financial Accounting Standards Board (FASB) has proposed a new rule that could result in credit unions being defined as nonpublic business entities, a move that could relieve credit unions from the burden of preparing complex financial statements in accordance with rules that are more appropriate for publicly traded businesses. [8/8]
- Agencies Issue Supplemental Proposal to HPML Appraisal Rules
New supplemental proposal focuses on Higher Priced Mortgage Loan (HPML) exemptions including Manufactured Housing (no land), Streamlined Refis and $25K and Under Loans. [8/8]
- Some Relief and Potential Opportunities in Overseas Money Transfers from Dodd-Frank 1073
Section 1073 affected overseas money transfers, with the CFPB's proposed standards making it impossible for many providers to meet, creating a potential gap in crucial services; fortunately the amended final rule, set to take effect on October 28, 2013, carries positive implications for institutions in or considering entering overseas remittance transfers. [8/7]
- Agencies Call for Comments on Stress Test for Mid-sized Institutions
Three agencies seek comments on proposed guidance for stress tests conducted by financial institutions with assets between $10 billion and $50 billion; comment period closes 9/25/13. [7/31]
- A Look at Agencies’ Proposed Rule Changes on Higher-Price Mortgages
Joint agencies propose amendments to their rules published in January 2013 to create exemptions from the rules for transactions secured by existing manufactured homes and not land, certain âstreamlinedâ refinancings, and transactions of $25,000 or less; comment period closes in September. [7/30]
- New Bill Would Dictate Order of Overdraft Payments
In response to consumer concerns, Senator Brown of Ohio plans to introduce a bill that would require financial institutions to pay overdrafts in a particular order; CFPB has noted that many financial institutions structure the payment of overdrafts so that the largest checks are paid first, a practice that often results in larger overdraft fees to consumers. [7/22]
- HUD’s New Playbook for Fair Housing
Proposed new rule will offer powerful tools for fair housing/fair lending analysis including a new Geospatial tool. Proposal gives boost to Fair Housing Act. [7/22]
- Proposed Relief From New Appraisal Rule
NCUA and five other federal regulatory agencies have issued a proposed rule that would exempt from the new appraisal rules higher-priced mortgages that are: $25,000 or less, âstreamlinedâ refinancings, or manufactured home loans; new appraisal rules go into effect January 18, 2014. [7/11]
- Michigan Foreclosure Bill Includes Inspection Provision
Bill includes provision to take away redemption period from homeowner if purchaser at the sale finds certain damages, such as boarded up or closed off windows. [7/9]
