On 12/6/18, the FDIC issued several updates, many of which relate to De Novos and the application process for deposit insurance. First, the FDIC announced that it is seeking comments from interested parties on all aspects of the deposit insurance application process. Secondly, the FDIC reissued its processing timeframe guidelines for applications, notices and other requests submitted on behalf of existing and proposed institutions and other parties. Next, the FDIC issued an update to its publication entitled applying for Deposit Insurance - A Handbook for Organizers of De Novo Institutions, finalized its…

Dec 9
Dec 9 2019 Threshold for HPML Appraisal Exemption

Adam Witmer

Regulation Z, Regulatory Update

On November 21, 2018, the Agencies announced the 2019 threshold for smaller loan exemption from appraisal requirements for higher-priced-mortgage loans (HPMLs). The Dodd-Frank Act amended the Truth in Lending Act to add special appraisal requirements for higher-priced mortgage loans, including a requirement that creditors obtain a written appraisal based on a physical visit to the home’s interior before making a higher-priced mortgage loan. The rules implementing these requirements contain an exemption for loans of $25,000 or less and also provide that the exemption threshold will be adjusted annually to reflect inflation increases.

Dec 4
Dec 4 What to do if the NFIP Expires?

Adam Witmer

Flood, Regulatory Update

Every couple of years, the National Flood Insurance Program (NFIP) gets set to expire. This is a result of the way Congress funds the program as the typically only renew the program for a few years at a time. That is, if they renew the program on time.

Often times, the program is operating at a loss and Congress has a difficult time passing a long-term approval of the program. When this happens, the program is typically reapproved on a short-term basis, but there are cases where the program expires.

Dec 3
Dec 3 FinCEN Reissues & Expands Geographic Targeting Orders

Adam Witmer

BSA, Regulatory Update

On November 15, 2018, FinCEN reissued a temporary geographic targeting order that requires covered U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate.

Nov 27
Nov 27 Agencies Propose Increase to Residential Appraisal Threshold

Adam Witmer

Regulatory Update

On November 11, 2018, the federal agencies (FDIC, Federal Reserve, and OCC) released a notice of proposed rulemaking and request for comment. In the release, the agencies are inviting comment on a proposed rule to amend regulations requiring appraisals for certain real-estate related transactions. The proposed rule would increase the threshold level at or below which appraisals would not be required for residential real estate-related transactions. The proposed rule would increase the threshold from $250,000 to $400,000.

Nov 21
Nov 21 FinCEN Reissues and Expands Geographic Targeting Orders

Adam Witmer

Regulatory Update, BSA

On November 15, 2018, FinCEN reissued a temporary geographic targeting order that requires covered U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate. The new targeting order expands the coverage from seven to twelve major metropolitan areas including…

Nov 20
Nov 20 FDIC Seeks Comments on Small Dollar Lending

Adam Witmer

Regulatory Update

The FDIC has requested public comments on issues related to small-dollar lending by FDIC-Supervised financial institutions. Specifically, feedback is being requested regarding consumer demand for small-dollar credit products, the supply of small-dollar credit products currently offered by banks, and what the FDIC can do to facilitate increase small-dollar lending.

Nov 19
Nov 19 FinCEN Updates Jurisdiction List of Deficient Countries

Adam Witmer

BSA, Regulatory Update

On October 31, 2018, FinCEN released an advisory on the FATF-identified jurisdictions with AML/CFT deficiencies. This advisory, known as FIN-2018-A007, relays information to US financial institutions regarding countries the Financial Action Task Force (FATF) has identified as having deficiencies. FATF is an intergovernmental body comprised of 37 nations that work together to create…

Nov 8
Nov 8 CFPB Issues Statement on Payday Rule Reconsideration and Delayed Compliance Date

Adam Witmer

Regulatory Update

On October 26, 2018, the CFPB issued a statement regarding their planned payday rule. Specifically, the CFPB explained that they expect to issue proposed rules in early 2019 that will reconsider the Payday, Vehicle Title, and Certain High-Cost Installment Loans rule. They also plan to address the rule’s compliance date in this 2019 issuance. In their statement, the CFPB explained that they will make final decisions regarding the scope of the proposal closer to the issuance of the proposed rules. They also said, however, that

Nov 7
Nov 7 CFPB Updates HMDA Small Entity Compliance Guide

Adam Witmer

Regulatory Update, HMDA

On October 30, 2018 the CFPB updated its Regulation C Small Entity Compliance Guide. The new guide (v3.0) incorporates updates to reflect Section 104(a) of the Economic Growth, Regulatory Relief, and Consumer Protection Act as well as the CFPB’s procedural rule issued on August 31, 2018. Major changes to the guide include the following:

Dec 10
Dec 10 FDIC Issues Several Updates

Dec 9
Dec 9 2019 Threshold for HPML Appraisal Exemption

Dec 4
Dec 4 What to do if the NFIP Expires?

Dec 3
Dec 3 FinCEN Reissues & Expands Geographic Targeting Orders

Nov 27
Nov 27 Agencies Propose Increase to Residential Appraisal Threshold

Nov 21
Nov 21 FinCEN Reissues and Expands Geographic Targeting Orders

Nov 20
Nov 20 FDIC Seeks Comments on Small Dollar Lending

Nov 19
Nov 19 FinCEN Updates Jurisdiction List of Deficient Countries

Nov 8
Nov 8 CFPB Issues Statement on Payday Rule Reconsideration and Delayed Compliance Date

Nov 7
Nov 7 CFPB Updates HMDA Small Entity Compliance Guide

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