District Circular Letters

On August 17, 2012, the CFPB published for public comment proposed rules governing mortgage loan originations. The proposed rules would amend Regulation Z to implement amendments to the Truth in Lending Act (TILA) made by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The comment period for the proposed rules ends on […]

On August 10, 2012, the CFPB proposed mortgage servicing rules that cover nine major topics and implement the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) provisions related to mortgage servicing. The comment periods for the proposals close on October 9, 2012. The CFPB anticipates analyzing the comments and issuing final rules by […]

On Wednesday, August 15, 2012, six federal financial regulatory agencies issued a proposed rule to establish new appraisal requirements for "higher-risk mortgage loans." The proposed rule would implement amendments to the Truth in Lending Act enacted by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Under the Dodd-Frank Act, mortgage loans are […]

On August 7, 2012, the CFPB updated its international money transfer rule that was initially published on February 7, 2012. The update increases the threshold for applicability of the rule and provides guidance on remittances scheduled in advance of transfer.

The Federal Reserve Board on August 8, 2012 announced the extension of the comment period until October 22, 2012, on three notices of proposed rulemaking that would revise and replace current capital rules. The proposals by the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency would implement […]

The July 2012 Senior Loan Officer Opinion Survey on Bank Lending Practices addressed changes in the supply of, and demand for, bank loans to businesses and households over the past three months. This summary is based on responses from 64 domestic banks and 23 U.S. branches and agencies of foreign banks.

The Federal Reserve recently issued supervisory guidance describing a new optional process for an applicant to request a response on a potential bank acquisition or other proposal before the submission of a formal application or notice.

Borrowers seeking a review of their mortgage foreclosures under the federal banking agencies’ Independent Foreclosure Review now have until December 31, 2012, to submit their requests.

The Federal Reserve Board on July 27, 2012 announced the approval of a final rule that amends the provisions in Regulation II (Debit Card Interchange Fees and Routing) that permit a debit card issuer subject to the interchange fee standards to receive a fraud-prevention adjustment. The final rule revises provisions that are currently in effect […]

On July 9, 2012, the Consumer Financial Protection Bureau (CFPB) issued a proposal to amend Regulation X (Real Estate Settlement Procedures Act) and Regulation Z (Truth in Lending Act) to establish new disclosure requirements and forms in Regulation Z for most closed-end consumer credit transactions secured by real property. In addition to combining the existing […]