Tabs

Bank/Thrift Supervision   |    Capital    |    CFPB    |    Deposit Insurance    |    Interchange    |    Mortgage Finance
Municipal Advisors   |    OCC-OTS Merger   |    Preemption    |    QM - QRM    |    Swaps   |    Volcker Rule    |    Full Topics List
 
Qualified Mortgage - Qualified Residential Mortgage
Swaps
Consumer Financial Protection Bureau - CFPB
Bank/Thrift Holding Company Supervision
Capital
Deposit Insurance
Interchange
Mortgage Finance
Municipal Advisors
OCC-OTS Merger
Preemption
Volcker Rule
Corporate Governance
Financial Stability Oversight Council (FSOC)
Appraisals
Office of Financial Research (OFR)
Systemic Risk
Supervision and Oversight
Payment, Clearing and Settlement
Prudential Supervision
Trust & Securities
Asset-Backed Securities
Resolution Authority

Wednesday, August 28, 2013

Banks Squeezed by Vendor Readiness & Mortgage Rule Deadlines

Sixty percent of bank vendors have not told banks when they will be ready to comply with the CFPB’s new mortgage rules, according to an ABA survey. With 79% of banks reporting that they will use vendors to create the software and systems necessary to comply with the rules, ABA encouraged regulators to consider a temporary delay of the January compliance deadline.

“This survey confirms what we’ve been telling regulators and Congress all along: banks need more transition time to implement these mortgage rules,” said ABA EVP Robert Davis. “Community banks in particular have indicated that updated software, programming and training are big concerns, and training can’t occur until systems are operational.”

ABA shared the survey results with the CFPB, FDIC, Federal Reserve and OCC.

Read the letter to regulators.

No comments:

Post a Comment

Please read our comment policy before making a comment.