OCC updated the “Real Estate Settlement Procedures Act” (RESPA) booklet and the “Foreword” booklet of the Comptroller's Handbook. The RESPA booklet provides guidance and procedures to examiners in connection with changes made by CFPB to Regulation X (12 CFR 1024), which implements the RESPA. The "Foreword" booklet describes the overall organization and format of the Comptroller’s Handbook.
The main changes to the RESPA booklet relate to the implementation of the mortgage servicing rule of CFPB and to the clarification and amendment of provisions of Regulation X, which took effect from October 19, 2017, as well as provisions related to successors in interest, which took effect April 19, 2018. The booklet also reflects changes resulting from the final rule on integrated mortgage disclosures, which became effective on October 03, 2015.
With the issuance of RESPA booklet, the following documents are rescinded:
- Version 1.0 of the “Real Estate Settlement Procedures Act” booklet (April 14, 2015).
- OCC Bulletin 2015-25, “Real Estate Settlement Procedures Act: Revised Comptroller’s Handbook Booklet and Rescissions” (April 14, 2015).
- OCC Bulletin 2015-27, “Consumer Compliance: Revised Interagency Examination Procedures for Consumer Compliance” (May 1, 2015).
- OCC Bulletin 2015-42, “Consumer Compliance: Initial Examinations for Compliance With TILA-RESPA Integrated Disclosure Rule” (November 6, 2015).
The updated "Foreword" booklet replaces version 2.0 of the “Foreword” booklet issued on September 07, 2017. Also rescinded is OCC Bulletin 2017-36, “Comptroller’s Handbook: Revised Foreword Booklet and Rescissions.” The Comptroller’s Handbook is designed to guide examiners in performing consistent, high-quality, professional bank supervision across the spectrum of OCC-supervised banks. The Comptroller’s Handbook is organized into five series, with the Safety and Soundness being the only series that is divided into categories. The seven categories under Safety and Soundness are Capital Adequacy, Asset Quality, Management, Earnings, Liquidity, Sensitivity to Market Risk, and Other Activities.
- News Release on RESPA Booklet
- News Release on Foreword Booklet
- RESPA Booklet (PDF)
- Foreword Booklet (PDF)
Keywords: Americas, US, Banking, Comptroller Handbook, Mortgage Disclosures, Real Estate, CFPB, OCC
The Hong Kong Monetary Authority (HKMA) revised the Supervisory Policy Manual module CG-5 that sets out guidelines on a sound remuneration system for authorized institutions.
The European Banking Authority (EBA) published the final guidelines on the monitoring of the threshold and other procedural aspects on the establishment of intermediate parent undertakings in European Union (EU), as laid down in the Capital Requirements Directive (CRD).
In a recent Market Notice, the Bank of England (BoE) confirmed that green gilts will have equivalent eligibility to existing gilts in its market operations.
The Financial Conduct Authority (FCA) published the policy statement PS21/9 on implementation of the Investment Firms Prudential Regime.
The European Banking Authority (EBA) proposed regulatory technical standards that set out criteria for identifying shadow banking entities for the purpose of reporting large exposures.
The Board of the International Organization of Securities Commissions (IOSCO) proposed a set of recommendations on the environmental, social, and governance (ESG) ratings and data providers.
The European Securities and Markets Authority (ESMA) published recommendations from the Working Group on Euro Risk-Free Rates (RFR) on the switch to risk-free rates in the interdealer market.
The European Central Bank (ECB) published a paper as well as an article in the July Macroprudential Bulletin, both of which offer insights on the assessment of the impact of Basel III finalization package on the euro area.
The International Swaps and Derivatives Association (ISDA) published a paper that explores the impact of the Fundamental Review of the Trading Book (FRTB) on the trading of carbon certificates.
The Prudential Regulation Authority (PRA) published the remuneration policy self-assessment templates and tables on strengthening accountability.