The Federal Financial Institutions Examination Council (FFIEC) recently issued FFIEC Home Mortgage Disclosure Act Examiner Transaction Testing Guidelines (guidelines). Examiners will use the guidelines to assess the accuracy of data that institutions collect and report under the Home Mortgage Disclosure Act (HMDA). The guidelines, which apply to data collected and reported beginning in 2018: Describe the data sampling process and explain how examination staff go about determining whether errors in each data field reviewed exceed […]
Tag: Federal Reserve
TREASURY INDEX WEEKLY AND MONTHLY AVERAGES: WHERE DID THEY GO?
Many lenders use the Treasury Index, specifically the weekly and monthly averages, as an index for adjustable rate mortgages. The applicable index plus the internal margin set by the lender determines the interest rate that will be charged on an adjustable rate mortgage. Lenders have historically retrieved the Treasury Index weekly and monthly averages from the H.15 report (the Selected Interest Rates report published by the FRB). As of October 11, 2016, the Federal Reserve […]
AGENCIES PROPOSE PRIVATE FLOOD INSURANCE RULES
The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), the Farm Credit Administration (FCA), and the National Credit Union Administration (NCUA) have issued a new proposal to amend their regulations regarding loans in areas having special flood hazards to implement the private flood insurance provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters Act). The proposed rule […]
SELF-ASSESSMENTS OF DIVERSITY POLICIES
On August 2, 2016 the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency provided information on how the financial institutions may begin to submit self-assessments of their diversity policies and practices as of year-end 2015, and issued Frequently Asked Questions (FAQs) about the process. Financial institutions are strongly encouraged to disclose on their websites their diversity policies and practices, as well as information related to their […]
REVISED INTERAGENCY CRA QUESTIONS AND ANSWERS
Recently the Office of the Comptroller of the Currency (OCC); Board of Governors of the Federal Reserve System (Board); Federal Deposit Insurance Corporation (FDIC) published final revisions to the Interagency Questions and Answers Regarding Community Reinvestment. The final rule was based on a proposal issued on September 10, 2014 that addressed alternative systems for delivering retail banking services; community development-related issues; and the qualitative aspects of performance, including innovative or flexible lending practices and the […]