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HSU’S COMMENTS ON UKRAINE, CLIMATE RISK AND DIVERSITY AND INCLUSION

Posted by jholzknecht on  March 8, 2022
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Category: Diversity, OCC, Ukraine
On March 7, 2022, Acting Comptroller of the Currency Michael Hsu delivered a presentation for the Institute of International Bankers. The intended scope of the speech was climate risk, and diversity and inclusion. He added a few comments on the situation in Ukraine. Ukraine Sanctions – It is critically important that all of your members’ Compliance Officers, BSA/AML Officers, and Sanctions Officers are aware of the Executive Orders and the U.S. Treasury’s Office of Foreign

CFPB FACTSHEET – APR CALCULATION FOR GENERAL QM

Posted by jholzknecht on  February 27, 2022
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On February 23, 2022, the Consumer Financial Protection Bureau (CFPB) published Factsheet: Prepaid Interest and the General Qualified Mortgage APR Special Rule for Adjustable Rate Mortgages. Creditors that wish to make qualified mortgages (QMs) under the price-based General QM definition must calculate the annual percentage rate (APR) for loans to determine whether they satisfy the price-based General QM definition. The priced-based General QM definition contains a special rule for calculating the APR for loans where

OCC PUBLISHES FAQS ON RESCINDED CRA RULE

Posted by jholzknecht on  February 23, 2022
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Category: CRA, OCC
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On February 22, 2022, the Comptroller of the Currency (OCC) issued OCC Bulletin 2022-4 that provides responses to frequently asked questions (FAQ) about the December 2021 final rule to rescind the OCC’s Community Reinvestment Act (CRA) rule issued on June 5, 2020 (June 2020 CRA rule). The December 2021 CRA final rule, effective January 1, 2022, replaced the June 2020 CRA rule with provisions largely based on the rules adopted jointly by the OCC, the Board of

INTERAGENCY STATEMENT ON SPECIAL PURPOSE CREDIT PROGRAMS

Posted by jholzknecht on  February 23, 2022
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On February 22, 2022, The Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), the Consumer Financial Protection Bureau (CFPB or Bureau), the Department of Housing and Urban Development (HUD), the Department of Justice (DOJ), and the Federal Housing Finance Agency (hereafter, the agencies) issued an interagency statement to remind creditors of the ability

TRID AND DAYLIGHT SAVING TIME

Posted by jholzknecht on  February 23, 2022
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Daylight Saving Time (DST) begins on Sunday March 13, 2022 at 2:00 a.m. It ends on November 6, 2022 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
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