FLOOD INSURANCE CONTINUED
Category: Flood Insurance
After a series of short-term continuing resolutions, on March 10, 2022, Congress passed a federal spending bill that provides funding for the National Flood Insurance Program until September 30, 2022, which is the end of the 2022 fiscal year. The measure has been sent to President Biden for his signature.
EXECUTIVE ORDER ON DIGITAL ASSETS
Category: General
On March 9, 2022, President Biden issued an Executive Order on Ensuring Responsible Development of Digital Assets. The Order “gets the ball rolling” on the development of a central bank digital currency and on the regulation of existing digital assets. The principal policy objectives of the United States with respect to digital assets are as follows: We must protect consumers, investors, and businesses in the United States. We must protect United States and global financial
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
Category: CFPB, Qualified Mortgage, Regulation Z, Truth in Lending
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
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
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