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August 15, 2008 

Final Reg Z Rule a Reality 
The FRB issued its Final Rule amending the mortgage lending provisions of Regulation Z and the Commentary The purpose of the changes is to provide additional consumer protections for mortgage and home-equity loans. Importantly, the rules apply to all creditors, including nonbank mortgage lenders and brokers. The Rule includes a new category of loan known as a higher-priced mortgage loan (HPML). Also, the pattern or practice rule for assessing violations for the failure to determine the applicant’s ability to repay has been removed. This means violations may occur after one such incident and thereby trigger an enforcement action. Effective dates are staggered with the majority of the Rule being effective October 1, 2009 .

Most Common Violations Increase
Each year the Federal Reserve Board and other agencies, including the FCIC, OCC, and OTS, compile a report of the most common violations found by examiners. The 2007 report was issued in April 1008 and covered July 1, 2006 to June 30, 2007. It reveals an increase in compliance violations over 2006. Reg Z ad Reg DD topped the list with the largest increases.

Reg C Amendment Proposed Due to Reg Z Changes
With the changes being made by the Final Rule to Reg Z affecting mortgage loans, changes to Reg C are required to ensure accuracy and consistency in HMDA reporting. This Proposed Rule explains the changes and makes the required implementation date January 1, 2009.

Operation Malicious Mortgage Results in National Takedown of Fraudsters
Mortgage fraud can occur any time; however, in times of downturns in the residential real estate market occurrences often escalate. Operation Malicious Mortgage was a nationwide crackdown on mortgage fraud violations. Additionally the 2007 Mortgage Fraud Report has been released by the FBI and details the latest findings.

HELOC Risks Lead to Suggested Best Practices
As the decline in home values continues across the U.S. , many borrowers are experiencing financial difficulties. Some financial institutions are finding it necessary to reduce or suspend HELOCs. The FDIC Guidance, which is applicable to all financial institutions, provides guidance on best practices in making and executing these decisions.


June 27

Agencies Propose Rule on Unfair and Deceptive Practices  
A proposed rule on unfair or deceptive acts or practices has been issued for comment by the NCUA, FRB, and OTS. The proposal would prohibit seven specific practices associated with credit cards. With regard to overdraft protection services on deposit accounts, the proposal would require institutions to make an opt out, and partial opt out, available to consumers. It also addresses overdrafts caused by use of a debit card.

Proposed Reg DD Amendment Issued  
Regulators have made no secret of the fact they are not in favor of widespread use of bounce protection programs. Since institutions weren’t stopped by this concern, the regulators are now proposing amendments to several regulations to require additional disclosures to consumers about these services. Those who offer such programs, whether they “promote” them or not, should read this proposed amendment carefully.

FRB and FTC Propose Risk Based Pricing Notices   
As the FRB and FTC continue to implement the FACT Act, Section 311 has been addressed with a proposed rule requesting comments by August 18. This requires a risk-based pricing notice to be provided to consumers under certain circumstances. The requirement is designed to improve the accuracy of consumer reports by alerting consumers to the existence of negative information on their credit report so the consumers can, if they choose, check their reports for accuracy and correct any inaccurate information.

FinCEN Releases Report on Money Laundering in the Residential R/E Industry  
FinCEN has performed a study of randomly selected SARs containing words related to the residential real estate industry. The report revealed that fraud and money laundering definitely occur in the residential real-estate business. The SARs revealed that in addition to real-estate based money laundering and fraud other illicit crimes, such as tax evasion and identity theft, also occurred and were reported on residential real-estate based SARs. The report provides examples of SAR narratives actually filed by depository institutions.

IRS Yearend Reporting Tools   
The Regulatory Reference Guide Section G, Yearend Reporting Guidelines – Forms and General Instructions, has been updated for 2008 tax year filing requirements. 

 

May 29

FinCEN Proposes Amendments to CTR Exemption Regs  
FRB Proposes Additional Reg Z Changes
    

Is HUD’s RESPA reform plan really better? 
        

Pandemic Flu Exercise Proves Huge Success 
  


April 22

Got Flood Questions? 

NCUA Renders Legal Opinions on Appraisal, Record Retention and Lending Experience Rules 
  

FinCEN Reports Detail Activity and Trends   

The Many Faces of the Mortgage Crisis 

 

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