Just before the National Flood Insurance Program (NFIP) expired on December 21, 2018 Congress passed and the President signed a resolution continuing the NFIP until May 31, 2019. Prior articles on this topic: Flood Insurance – congress Continues to Play Games https://mycomplianceresource.com/flood-insurance-congress-continues-to-play-games/ National Flood Insurance Program Still Hanging on a Thread https://mycomplianceresource.com/flood-insurance-update/ Flood Insurance Update https://mycomplianceresource.com/flood-insurance-update/
Month: December 2018
WHERE IS THE CFPB HEADED? UPDATE
Last week we reported that the CFPB has its first Director, not Acting Director, since Richard Cordray resigned a little over a year ago. We observed that due to lack of meaningful prior experience it is difficult to predict the direction in which Director Kathy Kraninger might steer the agency. She appears to be starting out with a few lightweight items. For example, under Director Cordray the agency was the Consumer Financial Protection Bureau. Acting […]
AGENCIES RELEASE STATEMENT ON USE OF INNOVATION IN BSA/AML PROGRAMS
On December 3, 2018, the Federal Banking Agencies, including the Federal Reserve Board, Federal Deposit Insurance Corporation, Financial Crimes Enforcement Network, National Credit Union Administration, and Office of the Comptroller of the Currency, issued a joint statement to encourage banks to consider, in appropriate circumstances, implementing innovation in complying with the Bank Secrecy Act/anti-money laundering (BSA/AML) requirements. The Agencies noted such innovation (e.g. new ways of using existing tools, adopting new technologies, etc.), where appropriate, […]
FDIC’S AFFORDABLE MORTGAGE LENDING GUIDE
Recently the FDIC published the Affordable Mortgage Lending Guide (Guide). The Guide: Provides community banks with a practical reference tool to compare federal programs so they can make an informed decision about which programs might be the right fit for their business plans and strategies to improve lending options available for their communities. Describes programs from the U.S. Department of Housing and Urban Development (HUD) and its Federal Housing Administration (FHA), the U.S. Department of […]
FLOOD INSURANCE UPDATE
Earlier today the President signed House Joint Resolution 143 that extends the National Flood Insurance Program through December 21, 2018. We will continue to watch Congress. We expect Congress to continue to “kick the can down the road.” rather than take meaning action to fix the problems in the Program.