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Friday, July 31, 2015

The Week Ahead: August 3 - 7

  • Comments Due OCC: Bank Appeals Follow-Up Questionnaire Read more.
  • Meeting FRB/FDIC/OCC: Regulatory Publication and Review Under EGRPRA Read more.
  • CFTC Comments Due: Process for Review of Swaps for Mandatory Clearing Read more.
  • Comments Due OCC: Guidance on Stress Testing for Banking Organizations With More Than $10 Billion in Total Consolidated Assets Read more.
  • Comments Due OCC: Registration of Mortgage Loan Originators Read more.
  • Comments Due TREAS: Creditor's Request For Payment of Treasury Securities Belonging To A Decedent's Estate Being Settled Without Administration Read more.

All times in Eastern Standard Time. See future events on the Dodd-Frank Calendar.

Thursday, July 30, 2015

ABA ‘Agenda’ Bills Sail Through House Committee

With bipartisan majorities, the House Financial Services Committee passed several bills that are part of ABA’s Agenda for America’s Hometown Banks. ABA President and CEO Frank Keating said:

Today’s votes are an important step toward removing statutory and regulatory barriers that constrain lending and make it harder for banks to meet the needs of their local communities. We look forward to working with the committee and the full House as this process moves forward.

Bills to make more institutions eligible for the 18-month exam cycle (H.R. 1553) and eliminate unnecessary restrictions on sales of privately held stock (H.R. 1839) passed without opposition, while bills to improve exam fairness (H.R. 1941) and institute a hold-harmless period for the TILA-RESPA integrated disclosures until Feb. 1, 2016 (H.R. 3192) carried by 45-13 margins. H.R. 1210, which would designate portfolio loans as Qualified Mortgages, passed by 38-18, while H.R. 766, which would roll back Operation Choke Point, was approved by 35-19.

Wednesday, July 29, 2015

Fed, FDIC Provide Guidance on Resolution Plans

Following their review of resolution plans submitted last year, the Federal Reserve and FDIC said they are providing additional guidance — including areas for improvement in some cases — to 119 financial firms that will be expected to file updated resolution plans in December. The agencies also released an updated template for institutions filing tailored resolution plans.

The resolution plan process — which applies to U.S. bank holding companies with assets of more than $50 billion, nonbanks designated as systemically important by the FSOC and large foreign banks with U.S. operations — requires these large institutions to describe their strategy for a rapid and orderly wind-down in the event of stress. Planning requirements are tiered based on a firm’s level of complexity.

Yesterday's guidance applies to banks that submit resolution plans in December. Bank holding companies with more than $100 billion in assets submit resolution plans each year in July.

Read more.
View the tailored resolution plan template.

CFPB Releases Spanish Version of TILA-RESPA Form Guide

The CFPB released the Spanish version of “Your Home Loan Toolkit,” intended to help consumers understand the new Loan Estimate and Closing Disclosure forms that lenders are required to begin providing in October. Creditors must distribute the toolkit to mortgage applicants as part of the loan application process.

The guide, released as part of the TILA-RESPA mortgage disclosure integration taking effect Oct. 3, is intended to replace the current Settlement Cost booklet from the Department of Housing and Urban Development that creditors now distribute.

The toolkit includes information on choosing the right mortgage and the closing process. The electronic PDF version includes fields for customers to enter numbers and save their work as they shop for a home loan.

Access the new guide.

Tuesday, July 28, 2015

OIG: Seven Recommendations for CFPB Complaint Database

The Office of Inspector General for the CFPB has found that the CFPB has taken steps to secure the DT Complaint Database in accordance with Federal Information Security Modernization Act of 2014 (FISMA) and the agency’s information security policies and procedures. However, there are several control deficiencies related to configuration management, access control and audit logging and review. The report includes seven recommendations to strengthen controls for the DT Complaint Database.

Read the OIG Summary.

GAO: Agencies Must Assess Effects of QM/QRM

In planning for review of the qualified mortgage (QM) and qualified residential mortgage (QRM) regulations, the agencies responsible for the regulations have not included elements important for conducting retrospective reviews necessary to better understand the effects of these regulations and identify unintended consequences, according to a study by the U.S. Government Accountability Office (GAO). Existing data lack important information for performing these reviews, such as loan performance and borrower debt to income. The CFPB proposed expanding Home Mortgage Disclosure Act (HMDA) data reporting requirements to extract the extra data, but enhanced data would not be available before 2017.

The GAO recommends that the CFPB, HUD and the six agencies responsible for the QRM regulations should complete plans to review these regulations including identifying specific metrics, baselines and analytical methods.

Read the GAO report.