Featured Product

    FDIC Amends Rules Governing Real Estate Lending Standards

    July 01, 2019

    FDIC adopted the final rule to amend certain sections of the existing FDIC regulations governing real estate lending standards. The rules are applicable to all insured depository institutions for which the FDIC is the appropriate Federal banking agency. The final rule rescinds and removes the “Lending and Investment” regulations and “Registration of Residential Mortgage Loan Originators” regulations. The regulations related to the registration of residential mortgage loan originators have been amended because the supervision and rulemaking authority in this area was transferred to CFPB by the Dodd-Frank Act. The final rule is effective on July 31, 2019.

    Earlier, FDIC had issued the notice of proposed rulemaking with a sixty-day comment period, which closed on April 08, 2019. FDIC received no comments on the proposal and, consequently, the final rule is being adopted without change. The final rule covers the following key changes:

    • 12 CFR part 390, sub-part P is being rescinded in its entirety because other existing FDIC regulations concerning permissible activities, safety and soundness standards, and real estate lending standards replicate the current requirements of part 390, subpart P.
    • To clarify that part 365 applies to all institutions for which FDIC is the appropriate Federal banking agency, FDIC is amending sections 365.1 and 365.2 of part 365 to replace the phrases “insured state nonmember banks (including state-licensed insured branches of foreign banks)” and “state nonmember bank” throughout sub-part A with the phrase “FDIC-supervised institution.” In addition, section 365.1 is being revised to add the definition of the term “FDIC-supervised institution” to mean any insured depository institution for which FDIC is the appropriate Federal banking agency.
    • FDIC rescinded subpart B of part 365, which relates to registration requirements for residential mortgage loan originators, due to the CFPB's issuance of Regulation G pursuant to the CFPB's authority under the Dodd-Frank Act.

     

    Related Link: Final Rule

    Effective Date: July 31, 2019

    Keywords: Americas, US, Banking, Residential Mortgage, Dodd-Frank Act, Residential Real Estate, Loan Origination, FDIC

    Related Articles
    News

    EIOPA Forms Consultative Expert Group on Digital Ethics in Insurance

    EIOPA established the Consultative Expert Group on Digital Ethics in Insurance to assist EIOPA in the development of digital responsibility principles in insurance.

    September 17, 2019 WebPage Regulatory News
    News

    FASB Proposes Taxonomy Changes Related to Topics 848 and 470

    FASB proposed taxonomy improvements for the proposed Accounting Standards Update on topic 848 on facilitation of effects of reference rate reform on financial reporting.

    September 16, 2019 WebPage Regulatory News
    News

    BoE Statement on Recalculating Transitional Measures Under Solvency II

    BoE notified that it will be willing to accept applications from firms to recalculate transitional measure on technical provisions (TMTP) as at September 30, 2019.

    September 16, 2019 WebPage Regulatory News
    News

    BIS Hosts Conference to Discuss Issues from Emergence of Stablecoins

    BIS hosted a conference in Basel to discuss policy and regulatory issues posed by the emergence of stablecoin initiatives backed by financial institutions and large technology companies.

    September 16, 2019 WebPage Regulatory News
    News

    BIS Paper on Embedded Supervision of Blockchain-Based Financial Market

    BIS published a working paper that investigates ways to regulate and supervise blockchain-based financial markets.

    September 16, 2019 WebPage Regulatory News
    News

    BoE Paper on Market-Implied Systemic Risk and Shadow Capital Adequacy

    BoE published a working paper that presents a forward-looking approach to measure systemic solvency risk.

    September 13, 2019 WebPage Regulatory News
    News

    HKMA Consults on Policy Module on Pillar 2 Supervisory Review Process

    HKMA is consulting on the revised Supervisory Policy Manual module CA-G-5 that sets out the HKMA approach to conducting the supervisory review process under Pillar 2.

    September 13, 2019 WebPage Regulatory News
    News

    PRA Publishes Waiver by Consent of Continuity of Access Rules

    PRA published a new waiver by consent to waive the Continuity of Access requirements contained in the Depositor Protection Part of the PRA Rulebook (DPP).

    September 13, 2019 WebPage Regulatory News
    News

    EBA Single Rulebook Q&A: Second Update for September 2019

    EBA updated the Single Rulebook question and answer (Q&A) tool with answers to three questions.

    September 13, 2019 WebPage Regulatory News
    News

    BoE Publishes Update on Meeting of Working Group on Risk-Free Rates

    BoE published the minutes of the July meeting of working group on sterling risk-free reference rates.

    September 13, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3827