Daylight Saving Time (DT) ends on November 3, 2019 at 2:00 a.m. What does DT have to do with TRID? The TRID rules under Regulation Z require creditors to disclose the time zone applicable to its location when disclosing the date and time the interest rate lock and estimate of closing costs will expire on the loan estimate. As a result, financial institutions located in areas that observe DT need to remember to change the […]
Month: October 2019
FINCEN UPDATES CTR FILING INSTRUCTIONS
The Financial Crimes Enforcement Network (FinCEN) updated the Currency Transaction Reporting (CTR) Electronic Filing Instructions, FinCEN XML Schema 2.0 User Guide, on October 1, 2019. The version 1.4 update to the instructions includes technical corrections, changes how reporters should complete Part I of the CTR when multiple Item 2 roles apply to the person identified in Part I, and clarify when to complete Item 3 for multiple transactions involving multiple Part I sections with different […]
RESIDENTIAL APPRAISAL THRESHOLD INCREASING TO $400,000
The federal banking agencies (Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency) have issued a final rule increasing the threshold for residential real estate transactions that require an appraisal from the current $250,000 to $400,000; transactions exceeding the threshold are required to obtain an appraisal under the agencies’ appraisal regulations. The agencies believe the increased price of residential real estate transactions since the threshold was set in 1994 warrants […]