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Industry Updates: December 2015

Melanie A. Feliciano Esq.
Mar 22, 2016
On Oct. 15, 2015, the Consumer Financial Protection Bureau (CFPB) issued its final amendments to Regulation C

CFPB Issues Final Amendments to Home Mortgage Disclosure Act
On Oct. 15, 2015, the Consumer Financial Protection Bureau (CFPB) issued its final amendments to Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). The HMDA amendments modify:

►The types of institutions that must collect, report, and disclose information about their mortgage lending activity;

Which transactions are subject to the HMDA rule;

The types of data that must be collected, recorded, and reported; and

The processes for reporting and disclosing the required data.

The most substantive portions of the rule do not become effective until Jan. 1, 2018, giving financial institutions subject to the HMDA amendments some time to prepare.

CFPB Revises Supervisory Appeals Process
On Nov. 3, 2015, the CFPB announced the release of its supervisory appeals process for financial service providers, including depository institutions, under its jurisdiction. To view the CFPB’s recent guidance, please visit the CFPB’s Guidance Documents page.

New York State Department of Financial Services Proposes Cyber Security Regulation
On Nov. 9, 2015, the New York State Department of Financial Services (NYDFS) issued a letter regarding a potential new regulation aimed at increasing cyber security defenses within the financial services sector. The letter outlines specific requirements it would implement in its proposed regulation. A link to a copy of the NYDFS’ letter can be viewed from the NYDFS’ home page.

Federal Financial Institutions Examination Council Releases New IT Exam Handbook
This November the Federal Financial Institutions Examination Council (FFIEC) released its updated Management booklet, which is one of 11 handbooks making up the Information Technology Examination Handbook. This Management booklet rescinds and replaces its June, 2004 version. The booklet provides guidance to examiners and outlines the principles of overall governance and, more specifically, IT governance. Additionally, this booklet explains how risk management is a component of governance and how IT Risk Management (ITRM) is a component of risk management. To view the Management booklet, please visit the FFIEC’s IT Examination HandBook InfoBase.

FHA Eases Condominium Project Approval Requirements
On Nov. 13, 2015, the Federal Housing Administration (FHA) published Mortgagee Letter 2015-27, announcing additional temporary approval provisions under its condominium approval process. The Mortgagee Letter provides:

Notice of revised calculation of FHA required owner occupancy percentage;

Provides expansion of eligible condominium project insurance coverage; and

Provides revised requirements for obtaining condominium project recertification. These new guidelines are intended to increase affordable housing options for first-time and low-to-moderate-income homebuyers. The provisions of ML 2015-27 became effective immediately. To view ML 2015-27, visit the U.S. Department of Housing & Urban Development’s “HUD Letters” page and click on “Mortgagee Letters.”

CFPB Releases Fall 2015 Rulemaking Agenda
The CFPB has published an overview of its current Fall 2015 rulemaking agenda.  Some of the CFPB’s current initiatives include:

Targeting the use of arbitration clauses in many contracts for consumer financial products and services, which require consumers and financial institutions to resolve any disputes that may arise between them through a private arbitration process, instead of going to court; and

Finalizing a proposal published in December 2014 to amend certain aspects of the CFPB’s 2013 mortgage servicing rules. The CFPB has also summarized its long-term goals on credit reporting and student loan servicing. To review all of the CFPB’s initiatives, please visit the CFPB’s blog.

Melanie A. Feliciano Esq. is DocMagic Inc.’s chief legal officer and currently serves as editor-in-chief of DocMagic’s electronic compliance newsletter, The Compliance Wizard. She received her JD from the Georgetown University Law Center, and is licensed in California and Texas. She may be reached by phone at (800) 649-1362 or e-mail

This article originally appeared in the December 2015 print edition of National Mortgage Professional Magazine.


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