Virginia Financial Institutions: At A Glance: Virginia - Fall 2012, Vol 2. No. 1

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In this issue:

- Virginia Notarization Law Goes Online

- CFPB Proposes Loan Originator Rules

- $2+ Billion and Counting…What OFAC Penalties Mean for Community and Regional Financial Institutions

- New Mortgage Appraisal Rules Proposed

- Third Circuit Rules Against Bank in Cyber Fraud Case Based on Bank’s Deficient Security Procedures

- Alert: Bank ADA ATM Litigation

- Recent Happenings and Highlights

- Fortification of Frontline Financial Services Capabilities in Washington D.C.

- FDIC Advises on Underwriting Standards for Loan Participations

- An excerpt from "NEW MORTGAGE APPRAISAL RULES PROPOSED"

Two proposals to implement new appraisal standards under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) were released by federal financial agencies on August 15. The first would establish new appraisal requirements for higher-risk mortgage loans. The second would increase consumer access to appraisal and valuation reports in all first-lien mortgage transactions. Both proposals are subject to a 60-day comment period, and are expected to be finalized by early next year.

Please see full newsletter below for more information.

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