<?xml version="1.0" encoding="utf-8"?>
<rss version="2.0">
<channel>
<language>en-us</language>
<pubDate>Mon, 06 Sept 2010 20:07:24 GMT</pubDate>
<title>Regulatory News</title>
<description>RATA Associates</description>
<image>
<title>Regulatory News: RATA Associates</title>
<url>http://www.rataassociates.com/images/Logo_RataEmail.gif</url>
<link>news_regulatory.asp</link>
</image>
<item>
<guid>116</guid>
<pubDate>Tues, 22 Dec 2009 00:00:00 GMT</pubDate>
<title>Agencies release annual CRA asset-size threshold adjustments for small and intermediate small institutions</title>
<description><![CDATA[The federal bank regulatory agencies today announced the annual adjustment to the asset-size thresholds used to define "small bank", "small savings association", "intermediate small bank", and "intermediate small savings association" under the Community Reinvestment Act (CRA) regulations. The annual adjustments for banks are required by the 2005 CRA regulatory amendments and for savings associations by the OTS 2007 CRA regulatory amendments. 

Annual adjustments to these asset-size thresholds are based on the year-to-year change in the average of the Consumer Price Index (CPI) for Urban Wage Earners and Clerical Workers, not seasonally adjusted, for each 12-month period ending in November, with rounding to the nearest million. 

As a result of the 0.98 percent decrease in the CPI index for the period ending in November 2009, the definitions of small and intermediate small institutions for CRA examinations will change as follows: 

•	"Small bank" or "small savings association" means an institution that, as of December 31 of either of the prior two calendar years, had assets of less than $1.098 billion. 
•	"Intermediate small bank" or "intermediate small savings association" means a small institution with assets of at least $274 million as of December 31 of both of the prior two calendar years, and less than $1.098 billion as of December 31 of either of the prior two calendar years. 

These asset-size threshold adjustments are effective January 1, 2010. The agencies will publish the adjustments in the Federal Register. In addition, the agencies will post a list of the current and historical asset-size thresholds on the website of the Federal Financial Institutions Examination Council.

The Federal Register notice is attached.

Federal Register notice: Attachment (51 KB PDF)

Source: Federal Reserve Board]]></description>
<link>http://www.rataassociates.com/news_regulatory_details.asp?id=116</link>
</item>
<item>
<guid>115</guid>
<pubDate>Tues, 22 Dec 2009 00:00:00 GMT</pubDate>
<title>Annual notice of asset-size exemption threshold for depository institutions, Regulation C</title>
<description><![CDATA[The Federal Reserve Board on Tuesday published its annual notice of the asset-size exemption threshold for depository institutions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). 

The asset-size exemption for depository institutions will remain $39 million based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers for the twelve-month period ending in November 2009. As a result, depository institutions with assets of $39 million or less as of December 31, 2009, are exempt from collecting data in 2010. An institution's exemption from collecting data in 2010 does not affect its responsibility to report the data it was required to collect in 2009. 

The adjustment is effective January 1, 2010. 

HMDA and the Board's Regulation C require most mortgage lenders located in metropolitan areas to collect, report, and disclose data about applications for, and originations and purchases of, home purchase loans, home improvement loans, and refinancings. Data reported include the type, purpose, and amount of the loan; the race, ethnicity, sex, and income of the loan applicant; the location of the property; and loan price information for some loans. The purposes of HMDA include helping to determine whether financial institutions are serving the housing needs of their communities and assisting in fair lending enforcement.

The Federal Register notice is attached.

Federal Register notice: Attachment (48 KB PDF)

Source: Federal Reserve Board]]></description>
<link>http://www.rataassociates.com/news_regulatory_details.asp?id=115</link>
</item>
<item>
<guid>114</guid>
<pubDate>Mon, 16 Nov 2009 00:00:00 GMT</pubDate>
<title>Federal Reserve approves interim final rule requiring notice be given to consumers when their mortgage loan is sold or transferred</title>
<description><![CDATA[The Federal Reserve Board on Monday approved an interim final rule to implement a recent statutory amendment requiring that notice be given to consumers when their mortgage loan has been sold or transferred. The new disclosure requirement became effective immediately upon enactment of the Helping Families Save Their Homes Act in May, 2009. Under that Act, a purchaser or assignee that acquires a mortgage loan must provide the required disclosures in writing within 30 days. 

To provide compliance guidance and greater certainty on the new requirements, the interim final rule, revising Regulation Z (Truth in Lending Act), is effective upon publication. However, to allow time for any necessary operational changes, compliance with the interim final rule is optional for 60 days. During the 60-day period, parties that acquire a mortgage loan continue to be subject to the statute's requirements. 

The Board is also soliciting comment on the interim rule for 60 days before considering the adoption of a permanent rule. 

The Federal Register notice is attached.

Federal Register notice: Attachment (88.7 KB PDF)

Source: Federal Reserve Board]]></description>
<link>http://www.rataassociates.com/news_regulatory_details.asp?id=114</link>
</item>
<item>
<guid>113</guid>
<pubDate>Fri, 13 Nov 2009 00:00:00 GMT</pubDate>
<title>Agencies issue final rule for mortgage loans modified under the Home Affordable Mortgage Program</title>
<description><![CDATA[The federal bank and thrift regulatory agencies today issued a final rule providing that mortgage loans modified under the U.S. Department of the Treasury's Home Affordable Mortgage Program (HAMP) will generally retain the risk weight appropriate to the mortgage loan prior to modification. 
The agencies adopted as final their interim final rule issued on June 30, 2009, with one modification. The final rule clarifies that mortgage loans whose HAMP modifications are in the trial period, and not yet permanent, qualify for the risk-based capital treatment contained in the rule. 

The final rule, issued by the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and Office of Thrift Supervision, will take effect 30 days after publication in the Federal Register, which is expected shortly. 

The Federal Register notice is attached.

Federal Register notice: Attachment (75 KB PDF)

Source: Federal Reserve Board]]></description>
<link>http://www.rataassociates.com/news_regulatory_details.asp?id=113</link>
</item>
<item>
<guid>112</guid>
<pubDate>Tues, 10 Nov 2009 00:00:00 GMT</pubDate>
<title>Federal Reserve releases articles examining ways to improve housing options for low-income renters</title>
<description><![CDATA[The Federal Reserve Board on Tuesday announced the availability of a collection of brief articles that examine ways to improve the availability of housing options for low-income renters. 

The publication, commissioned in conjunction with the Community Affairs staff at the Federal Reserve Bank of St. Louis, focuses on opportunities to strengthen the Low Income Housing Tax Credit (LIHTC) program. Since its creation in 1986, this program has been a major source of capital for the development of rental housing. However, the recent economic downturn has significantly reduced investor interest in this tax credit.

"Innovative Ideas for Revitalizing the LIHTC Market" contains six articles by practitioners and experts. Each author presents an idea for bolstering the LIHTC market. Ideas range from policy changes to the creation of more-sophisticated financial products that would attract additional investors.

The Federal Reserve System has long had an interest in the LIHTC as a means for fostering economic stability and opportunity in low-income communities. Adverse conditions in the U.S. housing and mortgage markets underscore the importance of producing and rehabilitating affordable rental units--not only to provide homes for families, but also to help stabilize neighborhoods. 

The publication is available online: Innovative Ideas for Revitalizing the LIHTC Market (981 KB PDF)

Source: Federal Reserve Board]]></description>
<link>http://www.rataassociates.com/news_regulatory_details.asp?id=112</link>
</item>
<item>
<guid>111</guid>
<pubDate>Tues, 29 Sept 2009 00:00:00 GMT</pubDate>
<title>Board proposes rules amending credit card provisions of Regulation Z (Truth in Lending)</title>
<description><![CDATA[The Federal Reserve Board on Tuesday proposed rules amending Regulation Z (Truth in Lending) to protect consumers who use credit cards from a number of potentially costly practices. 

"This proposal is another step forward in the Federal Reserve's efforts to ensure that consumers who rely on credit cards are treated fairly," said Federal Reserve Governor Elizabeth A. Duke. "The rule bans several harmful practices and requires greater transparency in the disclosure of the terms and conditions of credit card accounts."

Among other things, the proposed rule would: 

•	Protect consumers from unexpected increases in credit card interest rates by generally prohibiting increases in a rate during the first year after an account is opened and increases in a rate that applies to an existing credit card balance. 
•	Prohibit creditors from issuing a credit card to a consumer who is under the age of 21 unless the consumer has the ability to make the required payments or obtains the signature of a parent or other cosigner with the ability to do so. 
•	Require creditors to obtain a consumer's consent before charging fees for transactions that exceed the credit limit. 
•	Limit the high fees associated with subprime credit cards. 
•	Ban creditors from using the "two-cycle" billing method to impose interest charges. 
•	Prohibit creditors from allocating payments in ways that maximize interest charges.

In December 2008, the Federal Reserve adopted final regulations prohibiting unfair credit card practices and improving the disclosures consumers receive in connection with credit card accounts. This proposal would amend aspects of those regulations to incorporate provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit Card Act), which was enacted in May 2009.

The proposed rule represents the second stage of the Federal Reserve's implementation of the Credit Card Act. On July 15, 2009, the Board issued an interim final rule implementing the provisions of the Credit Card Act that went into effect on August 20, 2009. The proposed rule would implement the provisions that go into effect on February 22, 2010. The remaining provisions of the Credit Card Act go into effect on August 22, 2010 and will be implemented by the Federal Reserve at a later date.

The notice that will be published in the Federal Register is attached. Comments on the proposal must be submitted within 30 days after publication in the Federal Register, which is expected shortly.

The Federal Register notice is attached.

Federal Register notice: Attachment (2.62 MB PDF)

Source: Federal Reserve Board]]></description>
<link>http://www.rataassociates.com/news_regulatory_details.asp?id=111</link>
</item>
<item>
<guid>110</guid>
<pubDate>Mon, 10 Aug 2009 00:00:00 GMT</pubDate>
<title>Annual adjustment of fee-based trigger for additional mortgage loan disclosures</title>
<description><![CDATA[The Federal Reserve Board on Monday published its annual adjustment of the dollar amount of fees that triggers additional disclosure requirements under the Truth in Lending Act for home mortgage loans that bear rates or fees above a certain amount. 

The dollar amount of the fee-based trigger has been adjusted to $579 for 2010 based on the annual percentage change reflected in the Consumer Price Index that was in effect on June 1, 2009.  

The adjustment is effective January 1, 2010.  This adjustment does not affect the new rules for "higher-priced mortgage loans" adopted by the Board in July 2008. Coverage of mortgage loans under the July 2008 rules is determined using a different rate-based trigger.

The Home Ownership and Equity Protection Act of 1994 restricts credit terms such as balloon payments and requires additional disclosures when total points and fees payable by the consumer exceed the fee-based trigger (initially set at $400 and adjusted annually) or 8 percent of the total loan amount, whichever is larger.

The Board's notice is attached.

Source: Federal Reserve Board]]></description>
<link>http://www.rataassociates.com/news_regulatory_details.asp?id=110</link>
</item>
<item>
<guid>109</guid>
<pubDate>Thur, 30 Jul 2009 00:00:00 GMT</pubDate>
<title>Federal Reserve proposes significant changes to Regulation Z (Truth in Lending) intended to improve the disclosures consumers receive in connection with closed-end mortgages and home-equity lines of credit</title>
<description><![CDATA[The Federal Reserve Board on Thursday approved final amendments to Regulation Z (Truth in Lending) that revise the disclosure requirements for private education loans. 

The amendments implement provisions of the Higher Education Opportunity Act (HEOA) enacted in August 2008. Under the amendments, creditors that extend private education loans must provide disclosures about loan terms and features on or with the loan application and must also disclose information about federal student loan programs that may offer less costly alternatives. Additional disclosures must be provided when the loan is approved and when the loan is consummated. The Board is also providing model disclosure forms that creditors could use to comply with the new disclosure requirements.

The new disclosure requirements apply to loans made expressly for postsecondary educational expenses but do not apply where educational expenses are funded by credit card advances, or real-estate-secured loans. In addition, the amendments do not apply to education loans made, insured, or guaranteed by the federal government, which are subject to disclosure rules issued by the Department of Education.

The Board's amendments also implement the HEOA's restrictions on using the name, emblem, or mascot of an educational institution in a way that implies that the institution endorses the creditor's loans.

The mandatory effective date for the amendments is 180 days after publication in the Federal Register, which is expected shortly.

The Federal Register notice is attached. 

Source: Federal Reserve Board]]></description>
<link>http://www.rataassociates.com/news_regulatory_details.asp?id=109</link>
</item>
<item>
<guid>108</guid>
<pubDate>Thur, 23 Jul 2009 00:00:00 GMT</pubDate>
<title>Federal Reserve proposes significant changes to Regulation Z (Truth in Lending) intended to improve the disclosures consumers receive in connection with closed-end mortgages and home-equity lines of credit </title>
<description><![CDATA[The Federal Reserve Board on Thursday proposed significant changes to Regulation Z (Truth in Lending) intended to improve the disclosures consumers receive in connection with closed-end mortgages and home-equity lines of credit (HELOCs). These changes, offered for public comment, reflect the result of consumer testing conducted as part of the Board's comprehensive review of the rules for home-secured credit. The amendments would also provide new consumer protections for all home-secured credit. 

"Consumers need the proper tools to determine whether a particular mortgage loan is appropriate for their circumstances," said Federal Reserve Chairman Ben S. Bernanke. "It is often said that a home is a family's most important asset, and it is the Federal Reserve's responsibility to see that borrowers receive the information they need to protect that asset."

To shop for and understand the cost of credit, consumers must be able to identify and understand the key terms of the mortgage. In formulating the proposed revisions to Regulation Z, the Board used consumer testing to ensure that the most essential information is provided at a suitable time using content and formats that are clear and conspicuous.

"Our goal is to ensure that consumers receive the information they need, whether they are applying for a fixed-rate mortgage with level payments for 30 years, or an adjustable-rate mortgage with low initial payments that can increase sharply," said Governor Elizabeth A. Duke. "With this in mind, the disclosures would be revised to highlight potentially risky features such as adjustable rates, prepayment penalties, and negative amortization." 

Closed-end mortgage disclosures would be revised to highlight potentially risky features such as adjustable rates, prepayment penalties, and negative amortization. The Board's proposal would:

•	Improve the disclosure of the annual percentage rate (APR) so it captures most fees and settlement costs paid by consumers; 
•	Require lenders to show how the consumer's APR compares to the average rate offered to borrowers with excellent credit; 
•	Require lenders to provide final Truth in Lending Act (TILA) disclosures so that consumers receive them at least three business days before loan closing; and 
•	Require lenders to show consumers how much their monthly payments might increase, for adjustable-rate mortgages.

The Board will also work with the Department of Housing and Urban Development to make the disclosures mandated by TILA, and HUD's disclosures, required by the Real Estate Settlement Procedures Act, complementary; potentially developing a single disclosure form that creditors could use to satisfy both laws.

In developing the proposed amendments, the Board recognized that disclosures alone may not always be sufficient to protect consumers from unfair practices. To prevent mortgage loan originators from "steering" consumers to more expensive loans, the Board's proposal would:

•	Prohibit payments to a mortgage broker or a loan officer that are based on the loan's interest rate or other terms; and 
•	Prohibit a mortgage broker or loan officer from "steering" consumers to transactions that are not in their interest in order to increase the mortgage broker's or loan officer's compensation. 

The rules for home-equity lines of credit would be revised to change the timing, content, and format of the disclosures that creditors provide to consumers at application and throughout the life of such accounts. Currently, consumers receive lengthy, generic disclosures at application. Under the proposal, consumers would receive a new one-page Board publication summarizing basic information and risks regarding HELOCs at application. Shortly after application, consumers would receive new disclosures that reflect the specific terms of their credit plans. In addition, the Board's proposal would: 

•	Prohibit creditors from terminating an account for payment-related reasons unless the consumer is more than 30 days late in making a payment. 
•	Provide additional protections related to account suspensions and credit-limit reductions, and reinstatement of accounts.

The Federal Register notice is attached. The comment periods end 120 days after publication of the proposals in the Federal Register, which is expected shortly. 

Source: Federal Reserve Board]]></description>
<link>http://www.rataassociates.com/news_regulatory_details.asp?id=108</link>
</item>
<item>
<guid>107</guid>
<pubDate>Wed, 15 Jul 2009 00:00:00 GMT</pubDate>
<title>Fair Lending: Data Limitations and the Fragmented U.S. Financial Regulatory Structure Challenge Federal Oversight and Enforcement Efforts</title>
<description><![CDATA[The Fair Housing Act (FHA) and the Equal Credit Opportunity Act (ECOA)--the "fair lending laws"--prohibit discrimination in lending. Responsibility for their oversight is shared among three enforcement agencies--the Department of Housing and Urban Development (HUD), Federal Trade Commission (FTC), and Department of Justice (DOJ)--and five depository institution regulators--the Federal Deposit Insurance Corporation (FDIC), Board of Governors of the Federal Reserve System (Federal Reserve), National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), and Office of Thrift Supervision (OTS). This report examines (1) data used by agencies and the public to detect potential violations and options to enhance the data, (2) federal oversight of lenders that are identified as at heightened risk of violating the fair lending laws, and (3) recent cases involving fair lending laws and associated enforcement challenges. GAO analyzed fair lending laws, relevant research, and interviewed agency officials, lenders, and consumer groups. GAO also reviewed 152 depository institution fair lending examination files. Depending upon file availability by regulator, GAO reviewed all relevant files or a random sample as appropriate.

The Home Mortgage Disclosure Act (HMDA) requires certain lenders to collect and publicly report data on the race, national origin, and sex of mortgage loan borrowers. Enforcement agencies and depository institution regulators use HMDA data to identify outliers--lenders that may have violated fair lending laws--and focus their investigations and examinations accordingly. But, HMDA data also have limitations; they do not include information on the credit risks of mortgage borrowers, which may limit regulators' and the public's capacity to identify lenders most likely to be engaged in discriminatory practices without first conducting labor-intensive reviews. Another data limitation is that lenders are not required to report data on the race, ethnicity, and sex of nonmortgage loan borrowers--such as small businesses, which limits oversight of such lending. While requiring lenders to report additional data would impose costs on them, particularly smaller institutions, options exist to mitigate such costs to some degree, such as limiting the reporting requirements to larger institutions. Without additional data, agencies' and regulators' capacity to identify potential lending discrimination is limited. GAO identified the following limitations in the consistency and effectiveness of fair lending oversight that are largely attributable to the fragmented U.S. financial regulatory system: (1) Federal oversight of lenders that may represent heightened risks of fair lending law violations is limited. For example, the enforcement agencies are responsible for monitoring independent mortgage lenders' compliance with the fair lending laws. Such lenders have been large originators of subprime mortgage loans in recent years and have more frequently been identified through analysis of HMDA data as outliers than depository institutions, such as banks. Depository institution regulators are more likely to assess the activities of outliers and, unlike enforcement agencies, they routinely assess the compliance of lenders that are not outliers. As a result, many fair lending violations at independent lenders may go undetected, and efforts to deter potential violations may be ineffective. (2) Although depository institution regulators' fair lending oversight efforts may be more comprehensive, the division of responsibility among multiple agencies raises questions about the consistency and effectiveness of their efforts. For example, each regulator uses a different approach to analyze HMDA data to identify outliers and examination documentation varies. Moreover, since 2005, OTS, the Federal Reserve, and FDIC have referred more than 100 lenders to DOJ for further investigations of potential fair lending violations, as required by ECOA, while OCC made one referral and NCUA none. Enforcement agencies have settled relatively few (eight) fair lending cases since 2005. Agencies identified several enforcement challenges, including the complexity of fair lending cases, difficulties in recruiting and retaining staff, and the constraints of ECOA's 2-year statute of limitations.

The Full Report is attached.  
 
Source: US Government Accountability Office]]></description>
<link>http://www.rataassociates.com/news_regulatory_details.asp?id=107</link>
</item>
<item>
<guid>106</guid>
<pubDate>Wed, 24 Jun 2009 00:00:00 GMT</pubDate>
<title>Agencies announce proposed revisions to regulations implementing the Community Reinvestment Act</title>
<description><![CDATA[The federal bank and thrift regulatory agencies today proposed revisions to regulations implementing the Community Reinvestment Act (CRA) to require the agencies to consider low-cost education loans provided to low-income borrowers when assessing a financial institution's record of meeting community credit needs. 

This proposal, which is being proposed jointly by the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and Office of Thrift Supervision, incorporates provisions of the recently enacted Higher Education Opportunity Act, which revised the CRA.   

The proposal also would incorporate into the CRA rules statutory language that allows the agencies, when assessing an institution's record, to consider, as a factor, capital investments, loan participations, and other ventures by non-minority and non-women owned financial institutions in cooperation with minority and women owned institutions and low-income credit unions.  This language codifies guidance in the Interagency Questions and Answers on Community Reinvestment, published on January 6, 2009.

Although the agencies seek comment on all aspects of the proposal, they are focusing on the following questions:

•	How "education loans" should be defined, including whether private loans not governmentally insured or guaranteed and loans for elementary and secondary education should be covered, as well as loans for education expenses associated with unaccredited institutions;
•	Whether the proposed definition of "low-cost" is appropriate; and 
•	Whether "low-income" should be defined differently from the way it is currently defined in the CRA regulations, including how the agencies should treat the student's family income or expected contribution. 

Public comments are due 30 days after the proposal is published in the Federal Register, which is expected shortly.  

The Federal Register notice is attached.

Source: Federal Reserve Board]]></description>
<link>http://www.rataassociates.com/news_regulatory_details.asp?id=106</link>
</item>
<item>
<guid>105</guid>
<pubDate>Mon, 08 Jun 2009 00:00:00 GMT</pubDate>
<title>Agencies release list of distressed or underserved nonmetropolitan middle-income geographies</title>
<description><![CDATA[The federal bank and thrift regulatory agencies today announced the availability of the 2009 list of distressed or underserved nonmetropolitan middle-income geographies in which revitalization or stabilization activities will receive Community Reinvestment Act consideration as "community development." 

"Distressed nonmetropolitan middle-income geographies" and "underserved nonmetropolitan middle-income geographies" are designated by the agencies in accordance with their CRA regulations. The criteria used to designate these areas are available on the Federal Financial Institutions Examination Council (FFIEC) website (http://www.ffiec.gov/cra). The designations reflect local economic conditions, including such triggers as unemployment, poverty, and population changes.

As with past releases, the 2009 list will incorporate a one-year lag period for geographies designated as distressed or underserved in 2008, but not designated as such in the 2009 release. Geographies subject to this one-year lag period are eligible to receive consideration for community development activities for 12 months after publication of the 2009 list.

The 2009 list and lists from previous years can be found on the FFIEC website, along with data source information used to generate the list of distressed or underserved geographies.

Source: Federal Reserve Board]]></description>
<link>http://www.rataassociates.com/news_regulatory_details.asp?id=105</link>
</item>
<item>
<guid>104</guid>
<pubDate>Fri, 08 May 2009 00:00:00 GMT</pubDate>
<title>Board approves final rules revising disclosure requirements for mortgage loans under Regulation Z</title>
<description><![CDATA[The Federal Reserve Board on Thursday approved final rules that revise the disclosure requirements for mortgage loans under Regulation Z (Truth in Lending). The revisions implement the Mortgage Disclosure Improvement Act (MDIA), which was enacted in July 2008 as an amendment to the Truth in Lending Act (TILA). 

The MDIA seeks to ensure that consumers receive cost disclosures earlier in the mortgage process. In several respects, the MDIA is substantially similar to final rules issued by the Board in July 2008. However, the MDIA also broadens and adds to those regulatory requirements. The final rule largely follows a proposal issued by the Board in December 2008. Under the MDIA, creditors must comply with the new provisions on July 30, 2009. The Board's implementing regulations apply to dwelling-secured consumer loans for which a creditor receives an application on or after July 30, 2009.

The MDIA requires creditors to give good faith estimates of mortgage loan costs ("early disclosures") within three business days after receiving a consumer's application for a mortgage loan and before any fees are collected from the consumer, other than a reasonable fee for obtaining the consumer's credit history.  These requirements are consistent with the Board's July 2008 final rule, which applied to loans secured by a consumer's principal dwelling.  The MDIA broadens this requirement by also requiring early disclosures for loans secured by dwellings other than the consumer's principal dwelling, such as a second home.

In addition, the rules would implement the MDIA's requirements that: 

•	Creditors wait seven business days after they provide the early disclosures before closing the loan; and 

•	Creditors provide new disclosures with a revised annual percentage rate (APR), and wait an additional three business days before closing the loan, if a change occurs that makes the APR in the early disclosures inaccurate beyond a specified tolerance. 

The rules would permit a consumer to expedite the closing to address a personal financial emergency, such as a foreclosure.

The notice that will be published in the Federal Register is attached.  Publication is expected to occur soon.
 
Source: Federal Reserve Board]]></description>
<link>http://www.rataassociates.com/news_regulatory_details.asp?id=104</link>
</item>
<item>
<guid>93</guid>
<pubDate>Wed, 11 Mar 2009 00:00:00 GMT</pubDate>
<title>Federal Reserve proposes amendments to Regulation Z to revise disclosure requirements for private education loans</title>
<description><![CDATA[The Federal Reserve Board on Wednesday proposed amendments to Regulation Z (Truth in Lending) that would revise the disclosure requirements for private education loans. 

The amendments implement provisions of the Higher Education Opportunity Act (HEOA), which was signed into law on August 14, 2008.  Under the amendments, creditors that extend private education loans would provide disclosures about loan terms and features on or with the loan application and would also have to disclose information about federal student loan programs that may offer less costly alternatives.  Additional disclosures would have to be provided when the loan is approved and when the loan is consummated.  The Board is also proposing model disclosure forms that creditors could use to comply with the new disclosure requirements.

The new disclosure requirements would apply to loans made expressly for postsecondary educational expenses but would not apply where educational expenses are funded by credit card advances, or real-estate-secured loans.  In addition, the proposal does not apply to education loans made, insured, or guaranteed by the federal government, which are subject to disclosure rules issued by the Department of Education.

The Board's proposal also implements the HEOA's restrictions on using the name, emblem, or mascot of an educational institution in a way that implies that the institution endorses the creditor's loans.

The public comment period ends 60 days after publication of the proposed amendments in the Federal Register, which is expected shortly.

The Board's notice is attached.  

<a href="PDF/03112009.pdf" target="_blank">Attachment (398 KB PDF)</a>
 
Source: The Federal Reserve Board
]]></description>
<link>http://www.rataassociates.com/news_regulatory_details.asp?id=93</link>
</item>
<item>
<guid>100</guid>
<pubDate>Tues, 23 Dec 2008 00:00:00 GMT</pubDate>
<title>2009 CONFORMING LOAN LIMITS RAISED IN TWO COUNTIES</title>
<description><![CDATA[WASHINGTON, DC – The Federal Housing Finance Agency, regulator of Fannie Mae,
Freddie Mac and the 12 Federal Home Loan Banks has revised two counties’ maximum conforming loan limits effective Jan. 1, 2009. For loans purchased by Fannie Mae and
Freddie Mac, Blaine County, Idaho will have a new limit of $625,500 and Kalawao County, Hawaii will have a $626,750 limit. 

The conforming loan limits for 2009, originally announced on November 7, 2008 were revised in response to changes in local median price estimates by the Department of Housing and Urban Development. Loan limits in high-cost areas are set at 115 percent of local home price medians under rules set forth in the Housing and Economic Recovery Act of 2008.

The change in Blaine County, ID comes as a result of an appeal, which increased Blaine
County’s median home price estimate from $398,000 to $562,000, resulting in an increase in the one-unit loan limit to $625,500 from $457,700.

The median price for Kalawao County, HI has been set equal to the median price for the adjacent county, Maui County. This increases the county’s loan limit to $626,750, slightly above the $625,500 limit announced Nov. 7, 2008.

The list of maximum conforming loan limits incorporates the changes for the areas above
as well as limits originally announced November 7, 2008.

Click here for the revised abbreviated list of areas with loan limits exceeding the general limits ($417,000 in the continental United States and $625,500 for Alaska, Hawaii, Guam, and the U.S. Virgin Islands).

Source: Office of Federal Housing Enterprise Oversight]]></description>
<link>http://www.rataassociates.com/news_regulatory_details.asp?id=100</link>
</item>
<item>
<guid>99</guid>
<pubDate>Thur, 18 Dec 2008 00:00:00 GMT</pubDate>
<title>Annual notice of asset-size exemption threshold for depository institutions (Regulation C) </title>
<description><![CDATA[The Federal Reserve Board on Thursday published its annual notice of the asset-size exemption threshold for depository institutions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). 

The asset-size exemption for depository institutions will increase from $37 million to $39 million based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers for the twelve-month period ending in November 2008.  As a result, depository institutions with assets of $39 million or less as of December 31, 2008, are exempt from collecting data in 2009.  An institution's exemption from collecting data in 2009 does not affect its responsibility to report the data it was required to collect in 2008.
The adjustment is effective January 1, 2009.

HMDA and the Board's Regulation C require most mortgage lenders located in metropolitan areas to collect, report, and disclose data about applications for, and originations and purchases of, home purchase loans, home improvement loans, and refinancings.  Data reported include the type, purpose, and amount of the loan; the race, ethnicity, sex, and income of the loan applicant; the location of the property; and loan price information for some loans.  The purposes of HMDA include helping to determine whether financial institutions are serving the housing needs of their communities and assisting in fair lending enforcement.
The Board's notice is attached.

<a href="PDF/12182008.pdf" target="_blank">Attachment (50 KB PDF)</a>
 
Source: The Federal Reserve Board]]></description>
<link>http://www.rataassociates.com/news_regulatory_details.asp?id=99</link>
</item>
<item>
<guid>102</guid>
<pubDate>Wed, 17 Dec 2008 00:00:00 GMT</pubDate>
<title>Federal Reserve extends comment period on proposal to revise disclosure requirements for mortgage loans, Regulation Z (Truth in Lending) </title>
<description><![CDATA[The Federal Reserve Board on Wednesday extended the end of the comment period on its proposal to revise the disclosure requirements for mortgage loans under Regulation Z (Truth in Lending) from January 23, 2009, to February 9, 2009.  The revisions would implement the Mortgage Disclosure Improvement Act (MDIA), which was enacted in July 2008 as an amendment to the Truth in Lending Act (TILA).  The extension is granted to give the public additional time to comment on the proposal.   

The Board's notice is attached.

<a href="PDF/121720082.pdf" target="_blank">Attachment (51 KB PDF)</a>
 
Source: The Federal Reserve Board]]></description>
<link>http://www.rataassociates.com/news_regulatory_details.asp?id=102</link>
</item>
<item>
<guid>101</guid>
<pubDate>Wed, 17 Dec 2008 00:00:00 GMT</pubDate>
<title>Agencies release annual CRA asset-size threshold adjustments for small and intermediate small institutions </title>
<description><![CDATA[The federal bank regulatory agencies today announced the annual adjustment to the asset-size thresholds used to define "small bank," "small savings association," "intermediate small bank," and "intermediate small savings association" under the Community Reinvestment Act (CRA) regulations.  The annual adjustments for banks are required by the 2005 CRA regulatory amendments and for savings associations by the OTS 2007 CRA regulatory amendments.

Annual adjustments to these asset-size thresholds are based on the year-to-year change in the average of the Consumer Price Index (CPI) for Urban Wage Earners and Clerical Workers, not seasonally adjusted, for each twelve-month period ending in November, with rounding to the nearest million.  

As a result of the 4.49 percent increase in the CPI index for the period ending in November 2008, the definitions of small and intermediate small institutions for CRA examinations will change as follows:

•	"Small bank" or "small savings association" means an institution that, as of December 31 of either of the prior two calendar years, had assets of less than $1.109 billion. 

•	"Intermediate small bank" or "intermediate small savings association" means a small institution with assets of at least $277 million as of December 31 of both of the prior two calendar years, and less than $1.109 billion as of December 31 of either of the prior two calendar years.

These asset-size threshold adjustments are effective January 1, 2009.  The agencies will publish the adjustments in the Federal Register.  In addition, the agencies will post a list of the current and historical asset-size thresholds on the website of the Federal Financial Institutions Examination Council..

<a href="PDF/121720081.pdf" target="_blank">Attachment (51 KB PDF)</a>
 
Source: The Federal Reserve Board]]></description>
<link>http://www.rataassociates.com/news_regulatory_details.asp?id=101</link>
</item>
<item>
<guid>98</guid>
<pubDate>Fri, 05 Dec 2008 00:00:00 GMT</pubDate>
<title>Federal Reserve seeks public comment on proposed changes to Regulation Z (Truth in Lending) </title>
<description><![CDATA[The Federal Reserve Board on Friday proposed for public comment changes to Regulation Z (Truth in Lending) that would revise the disclosure requirements for mortgage loans.  The revisions would implement the Mortgage Disclosure Improvement Act (MDIA) which was enacted in July 2008 as an amendment to the Truth in Lending Act (TILA). 

The MDIA seeks to ensure that consumers receive cost disclosures earlier in the mortgage process.  In several respects, the MDIA is substantially similar to final rules issued by the Board in July 2008.  However, the MDIA also broadens and adds to those regulatory requirements.

The MDIA requires creditors to give good faith estimates of mortgage loan costs ("early disclosures") within three business days after receiving a consumer's application for a mortgage loan and before any fees are collected from the consumer, other than a reasonable fee for obtaining the consumer's credit history.  These requirements are consistent with the Board's July 2008 final rule which applied to loans secured by a consumer's principal dwelling.  The MDIA broadens this requirement by also requiring early disclosures for loans secured by dwellings other than the consumer’s principal dwelling, such as a second home.  

In addition, the proposed rules would implement the MDIA's requirements that: 

•	Creditors wait seven business days after they provide the early disclosures before closing the loan; and 

•	Creditors provide new disclosures with a revised annual percentage rate (APR), and wait an additional three days before closing the loan, if a change occurs that makes the APR in the early disclosures inaccurate beyond a specified tolerance. 

The proposed rules would permit a consumer to expedite the closing to address a personal financial emergency, such as a foreclosure.  Under the MDIA, the proposed rules would become effective on July 30, 2009. 

The notice that will be published in the Federal Register is attached.  The public comment period ends January 23, 2009.  

<a href="PDF/12052008.pdf" target="_blank">Attachment (63 KB PDF)</a>
 
Source: The Federal Reserve Board]]></description>
<link>http://www.rataassociates.com/news_regulatory_details.asp?id=98</link>
</item>
<item>
<guid>97</guid>
<pubDate>Tues, 25 Nov 2008 00:00:00 GMT</pubDate>
<title>Federal Reserve announces it will initiate a program to purchase the direct obligations of housing-related government-sponsored enterprises and mortgage-backed securities backed by Fannie Mae, Freddie Mac, and Ginnie Mae </title>
<description><![CDATA[The Federal Reserve announced on Tuesday that it will initiate a program to purchase the direct obligations of housing-related government-sponsored enterprises (GSEs)--Fannie Mae, Freddie Mac, and the Federal Home Loan Banks--and mortgage-backed securities (MBS) backed by Fannie Mae, Freddie Mac, and Ginnie Mae.  Spreads of rates on GSE debt and on GSE-guaranteed mortgages have widened appreciably of late.  This action is being taken to reduce the cost and increase the availability of credit for the purchase of houses, which in turn should support housing markets and foster improved conditions in financial markets more generally.

Purchases of up to $100 billion in GSE direct obligations under the program will be conducted with the Federal Reserve's primary dealers through a series of competitive auctions and will begin next week.  Purchases of up to $500 billion in MBS will be conducted by asset managers selected via a competitive process with a goal of beginning these purchases before year-end.  Purchases of both direct obligations and MBS are expected to take place over several quarters.  Further information regarding the operational details of this program will be provided after consultation with market participants. 
 
Source: The Federal Reserve Board]]></description>
<link>http://www.rataassociates.com/news_regulatory_details.asp?id=97</link>
</item>

</channel>
</rss>