On September 26, 2019 H.R 4378 was passed in the Senate. The continuing resolution provides appropriations to federal agencies, including the National Flood insurance Program, through November 21, 2019. The action prevents a government shutdown that would otherwise occur when Fiscal Year 2020 begins on October 1, 2019. The resolution is awaiting the signature of the president.
Month: September 2019
WILL FLOOD INSURANCE EXPIRE ON SEPTEMBER 30TH?
Congress is debating whether to extend the National Flood Insurance Program, which expires on September 30. Since 2017 Congress has often waited (12 times) until the last minute to reauthorized the program before its expiration and passed only short-term extensions. Last week, the U.S. House of Representatives passed H.R. 4378 to keep the federal government funded through November 21 and included an extension for the NFIP through the same date. The resolution is on the Senate […]
US HOUSE PASSES SAFE BANKING ACT CANNABIS BILL
Wednesday evening, in a bipartisan vote of 321 to 103, the United States House of Representatives passed the Safe and Fair Enforcement (SAFE) Banking Act of 2019 – H.R. 1595. The banking industry supported SAFE Banking Act, if enacted, would provide a safe harbor for financial institutions serving stated licensed cannabis related businesses (CRB). Although many states have legalized marijuana (cannabis), it remains illegal under federal law, specifically the Controlled Substances Act where it is […]
OCC REMINDS BANKS OF AMC REGISTRATION REQUIREMENTS
The OCC has issued a bulletin (2019-43) reminding banks of the registration requirements for Appraisal Management Companies (AMC), which was effective August 10, 2019. The Dodd-Frank Act and implementing federal regulations provides minimum requirements to be applied by states in the registration and supervision of AMCs. As a result, AMCs (overseeing more than 15 appraisers in a single state or 25 or more appraisers nationally) must be registered in the state(s) in which they do […]
DETAILS ON 2018 HMDA DATA
On August 31, 2019 the Federal Financial Institutions Examination Council (FFIEC) announced the availability of data on mortgage lending transactions at 5,683 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. The released information includes loan-level HMDA data covering 2018 lending activity that were submitted on or before August 7, 2019. The data include a total of 48 data points providing information […]