News & Analysis as of

Federal Reserve Mortgages

Katten Muchin Rosenman LLP

Basel III Endgame: Will Banks Have to Increase Their Capital Requirements?

On Tuesday, September 10, the Federal Reserve announced a reproposal of the much discussed and awaited Basel III Endgame. However, before we dive into the reproposal, it is important to take a step back and look at how we got...more

Cooley LLP

Federal Regulators Act to Enhance Property Valuations During Mortgage Origination Process

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On July 17 and 18, 2024, federal financial regulators adopted rules and guidance setting forth expectations in the mortgage industry that originators properly oversee use of automated valuation models (AVMs) and entertain...more

Orrick, Herrington & Sutcliffe LLP

Financial regulators release final AVM rule for publication

On July 17, the CFPB, OCC, Fed, FDIC, NCUA and FHFA adopted a final rule titled “Quality Control Standards for Automated Valuation Models.” As previously covered by InfoBytes, this final rule implemented new provisions...more

Orrick, Herrington & Sutcliffe LLP

Agencies finalize new standards for AVMs

On June 20, the CFPB, OCC, Fed, FDIC, NCUA and FHFA (the financial services regulators) issued a final rule implementing new provisions governing the use of automated valuation models (AVMs), which are commonly used by...more

Alston & Bird

CFPB and Other Federal Agencies Finally Adopt AVM Rule

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What Happened? On June 20, 2024, a group of federal regulators published a rule addressing for the use of automated valuation models (AVMs) in mortgage origination and secondary market transactions....more

Cadwalader, Wickersham & Taft LLP

Federal Regulators Publish Final Rule on Automated Valuation Models and AI That Imposes Obligations on Secondary Market Issuers,...

On June 6, 2024 federal regulators published a final rule addressing Quality Control Standards for Automated Valuation Models. This was a collaborative rulemaking effort that included regulators from the Office of the...more

Orrick, Herrington & Sutcliffe LLP

Fed releases paper on debt substitution dynamics

On November 21, the Fed released a paperEditSign concluding that when mortgage rates rise on cash-out refinancings, households do not significantly increase overall borrowing, but instead switch to alternative borrowing...more

Ballard Spahr LLP

CFPB/Fed/OCC increase exemption thresholds for appraisal requirement, Regs Z and M (UPDATED)

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The CFPB, Fed, and OCC have announced that they are increasing three exemption thresholds that are subject to annual inflation adjustments.  Effective January 1, 2024 through December 31, 2024, these exemption thresholds are...more

Troutman Pepper

Federal Agencies Announce Increased Regulations Z and M Dollar Thresholds for Exempt Consumer Credit and Lease Transactions, and...

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On November 13, the Consumer Financial Protection Bureau (CFPB) and the Federal Reserve Board (Fed) announced increased dollar thresholds used to determine whether certain consumer credit and lease transactions in 2024 are...more

Cadwalader, Wickersham & Taft LLP

FHFA Releases Report on Federal Home Loan Banks

On Wednesday, the Federal Housing Finance Agency (“FHFA”) released a long-awaited report on its review of the Federal Home Loan Bank (“FHLB”) System. The FHFA first announced its FHLB System at 100 initiative in August of...more

Ballard Spahr LLP

CFPB Director Rohit Chopra Addresses Mortgage Post-Crisis Reforms and Importance of Consumer Protection Regulations

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Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra recently addressed The Mortgage Collaborative National Conference recounting the Congressional response to the mortgage industry crisis that began in 2008 that...more

Davis Wright Tremaine LLP

Banking and Consumer Regulatory Digest - August 2023

The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more

Nutter McClennen & Fish LLP

Nutter Bank Report: July 2023

The Federal Reserve has announced that its FedNowSM Service, a new interbank settlement service with clearing functionality to support instant payments, went live on July 20 with 35 early-adopting banks and credit unions. The...more

Hudson Cook, LLP

CFPB Bites of the Month - July 2023 - Freedom, Independence, and Celebration From the CFPB

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In this month's article, we share some of our top "bites" for the prior month covered during the July 2023 webinar. Bite 10: Public Inquiry Launched into Credit Card and Loan Products for Healthcare Costs - On July 7,...more

Orrick, Herrington & Sutcliffe LLP

Agencies propose new standards for AVMs

On June 1, the CFPB joined the Federal Reserve Board, OCC, FDIC, NCUA, and FHFA in issuing a notice of proposed rulemaking (NPRM) to implement quality control standards mandated by the Dodd-Frank Act concerning automated...more

Goodwin

Federal Reserve Announces Results From the Review of the Supervision and Regulation of SVB

Goodwin on

Regulatory Developments - Federal Reserve Announces Results From the Review of the Supervision and Regulation of SVB - On April 28, the Federal Reserve released its report analyzing SVB’s failure (Report). The Report...more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights: V 3, Issue 4, April 2023

Banks are Borrowing Less from the Federal Reserve - “’So the fact that they are now borrowing less means that they’re trying to get back to normal.’” Why this is important: Investors and commentators look to several...more

Orrick, Herrington & Sutcliffe LLP

Agencies remind banks of HMDA reporting changes on closed-end mortgages

On February 1, the OCC reminded banks and OCC examiners that the loan origination threshold for reporting HMDA data on closed-end mortgages has changed due to a court decision issued last year, which addressed challenges made...more

Ankura

Ankura Monthly Economic Indicators Overview - Holiday Edition [November 2022]

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Retail sales increased 8.0% in October, exceeding the CORE CPI of 6.3%; and monthly retail sales were up .9% over September totals, exceeding the monthly inflation index of .4%, but much of this gain was due to inflation...more

Ballard Spahr LLP

Federal Reserve Again Raises Interest Rates by 75 Basis Points. What's Next?

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As expected, the Federal Reserve today announced another significant hike in interest rates this year—raising the federal funds rate by another 75 basis points. With today’s increase, the Fed took the federal funds target...more

Goodwin

Federal Reserve Seeks Feedback on Proposed Updates to FMUs Risk Management Requirements

Goodwin on

Regulatory Developments - Federal Reserve Seeks Feedback on Proposed Updates to FMUs Risk Management Requirements - On September 23, the Federal Reserve invited comment on proposed updates to operational risk...more

Fox Rothschild LLP

Don’t Forget, it’s the Economy Stupid! Aunt Fannie Mae Says the Housing Boom Seems Over

Fox Rothschild LLP on

It’s not actually Aunt Fannie but her Chief Economist Doug Duncan who has concluded today that the party ended in March as interest rates spiked 200 basis points since January 1. Fannie Mae revised new homes sales for March...more

Tonkon Torp LLP

The Impact of Interest Rate Hikes on the Housing Market

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On May 4, after a two-day policy meeting, U.S. Federal Reserve Chairman Jerome Powell announced the first of what is likely to be several interest-rate increases in 2022. The first, a 50-basis-point increase, is the single...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter - February 2022

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Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients...more

Holland & Knight LLP

CFPB Issues Final Libor Transition Rules

Holland & Knight LLP on

The Consumer Financial Protection Bureau (the Bureau) has issued final regulations (Final Regulations) to facilitate the transition away from Libor (the London Interbank Offered Rate) in the consumer credit market and to...more

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