The previously announced $400,000 residential appraisal threshold is effective today (October 9, 2019) following publication of the final rule in yesterday’s Federal Register.
Category: FDIC
UPDATED FLOOD INSURANCE EXAMINATION PROCEDURES
Recently the OCC, the FRB, the FDIC, the FCA, and the NCUA, through the Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council, revised the Interagency Examination Procedures for the Flood Disaster Protection Act. The revised procedures reflect the February 2019 final interagency rule that addresses the private flood insurance provisions of the Biggert-Waters Flood Insurance Reform Act of 2012. The updated procedures incorporate new sections that discuss: Mandatory acceptance of a […]
OPERATION CHOKE POINT LAWSUIT SETTLED
After nearly seven years of controversy, federal investigations, legal proceeding, assurances from the Department of Justice that the program had ended, as well as numerous (and still viable) attempts at legislation to prohibit similar initiatives, it seems the chapter on the DOJ’s Operation Choke Point may have finally come to a close with the FDIC’s recent settlement of the lawsuit related to the program. The FDIC has settled with Advance America et al. in a […]
INTERAGENCY WEBINAR ON PRIVATE FLOOD INSURANCE RULE
On May 14, 2019 staff from the Farm Credit Administration, Federal Deposit Insurance Corporation, Federal Reserve Board, , National Credit Union Administration and the Office of the Comptroller of the Currency are reviewing the recently released rules regarding Private Flood Insurance in a one-hour Outlook Live webinar. The webinar begins at 2 p.m. EDT. Agency personnel will explain: Mandatory acceptance of private flood insurance; Mandatory acceptance Compliance Aid; Discretionary acceptance of private flood insurance; Flood […]
STATUS OF CRA REVISIONS
The federal banking regulatory agencies are making progress in development of a proposal to revise the Community Reinvestment Act regulations. Senior officials at the Office of the Comptroller of the Currency, Federal Deposit Insurance Corp. and Federal Reserve briefed industry leaders on the topic at a recent Consumer Bankers Association conference. The officials indicated that, after preliminary talks and a review of public comments submitted to the OCC, the agencies are ready to start writing […]