On October 22, 2014 the Board of Governors of the Federal Reserve System, the Department of Housing and Urban Development, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission jointly issued a final rule to implement the credit risk retention requirements of section 15G of the Securities Exchange Act of 1934 (15. U.S.C. 78o-11), as added by section 941 of […]
Month: October 2014
PROPOSED FLOOD INSURANCE REGULATIONS
The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), the Farm Credit Administration (FCA), and the National Credit Union Administration (NCUA) (collectively, the Agencies) are proposing to amend their flood insurance regulations to implement certain provisions of the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA), which amends some of the changes to the Flood Disaster Protection Act of 1973 mandated […]
PROPOSED CHANGES TO INTEGRATED DISCLOSURE RULES
On October 14, 2014 the Consumer Financial Protection Bureau (CFPB) issued a proposal to modify the final rule published last November. The proposal touches on two issues. Revised Loan Estimate After Rate Lock The proposal gives creditors some extra time to provide consumers with revised Loan Estimates after a consumer locks a floating interest rate. Under current integrated disclosure rules, when consumers lock their interest rates, creditors are required to give them a revised Loan […]
RECENT REDLINING CASE
On October 2, 2014 the Department of Housing and Urban Development (HUD) announced that it has negotiated a Conciliation Agreement with Midland States Bancorp, resolving allegations that the bank avoided doing business in predominantly African American and Hispanic neighborhoods in St. Louis, Missouri and northern Illinois in violation of the Fair Housing Act. Midland is a community bank based in southern Illinois. The settlement is the result of a housing discrimination complaint filed by Metropolitan St. […]
RECENT REDLINING CASE
On October 2, 2014 the Department of Housing and Urban Development (HUD) announced that it has negotiated a Conciliation Agreement with Midland States Bancorp, resolving allegations that the bank avoided doing business in predominantly African American and Hispanic neighborhoods in St. Louis, Missouri and northern Illinois in violation of the Fair Housing Act. Midland is a community bank based in southern Illinois. The settlement is the result of a housing discrimination complaint filed by Metropolitan St. […]