The Federal Deposit Insurance Corporation (FDIC) has announced it is considering changes to the implementation timeline for the annual capital-adequacy stress tests required by section 165(i)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The changes under consideration would delay implementation until September 2013 for covered institutions with total consolidated assets between $10 billion and $50 billion. Under a proposed rule approved by the FDIC Board of Directors on Jan.Click to continue

The Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law on July 21, 2010. Few in the appraisal industry adhered to appraisal standards prior to this law, and unfortunately, few understand now what true compliance means, and how to ensure the appraisal process is contributing to the lender’s success, rather than impeding it. Click to continue

The Consumer Financial Protection Bureau (CFPB) is seeking public input on a draft monthly mortgage statement designed to make it easier for homeowners to understand their loans and avoid unnecessary costs and fees. The draft monthly mortgage statement is available by clicking here. The Dodd-Frank Wall Street Reform and Consumer Protection Act requires that most mortgage borrowers receive periodic statements containing specified information.Click to continue

The Securities & Exchange Commission (SEC) has voted unanimously to propose new rules and amendments intended to increase transparency and improve the integrity of credit ratings. The proposed rules would implement certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act and enhance the SEC’s existing rules governing credit ratings and Nationally Recognized Statistical Rating Organizations (NRSROs).Click to continue

Ten Republican Senators from the U.S. Senate have submitted a letter to the Inspectors General of the Federal Reserve Board (FRB), Federal Deposit Insurance Corporation (FDIC), U.S. Department of the Treasury, the Securities & Exchange Commission (SEC), and Commodity Futures Trading Commission, asking them to “initiate a review of the economic analysis” performed by their agencies for several rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act).Click to continue

The Federal Reserve Board and the Federal Trade Commission (FTC) have proposed regulations regarding the credit score disclosure requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The statute requires creditors to disclose credit scores and related information to consumers in risk-based pricing and adverse action notices under the Fair Credit Reporting Act (FCRA) if a credit score was used in setting the credit terms or taking adverse action.Click to continue

The Federal Reserve Board (FRB) has issued a final rule and requested public comment on a second rule under Regulation Z to revise the escrow account requirements for certain home mortgage loans. The revisions to the regulation, which implements the Truth-in-Lending Act (TILA), are being made pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act.Click to continue

The Obama Administration has delivered a report to Congress that provides a path forward for reforming America’s housing finance market. The Administration’s plan will wind down the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, and shrink the government's current footprint in housing finance on a responsible timeline. The plan also lays out reforms to continue fixing the fundamental flaws in the mortgage market through stronger consumer protection, increased transparency for investors, improved underwriting standards, and other critical measures.Click to continue

The Consumer Financial Protection Bureau (CFPB) has announced the official launch of its Web site at www.consumerfinance.gov. The central aim of the CFPB implementation team’s initial new media efforts will be engagement. The team will reach out to the American public for ideas, input, and feedback on the work already underway and on new initiatives commencing in the weeks and months ahead.Click to continue

Federal Deposit Insurance Corporation (FDIC) Chairman Sheila C. Bair has announced the appointment of Michael H. Krimminger as the agency's new general counsel. The appointment was unanimously approved by the FDIC Board of Directors and is effective immediately. The FDIC general counsel is in charge of the legal division, which is responsible for legal work on regulatory issues, as well as FDIC transactions, litigation, and corporate and commercial claims. The legal division currently has over 800 employees nationwide.Click to continue