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Paul Hastings LLP

Daily Financial Regulation Update -- Tuesday September 10

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September 9, 2024- Securities and Exchange Commission Chief Accountant Paul Munter made a statement at the 2024 AICPA & CIMA Conference on Banks & Savings Institutions....more

Orrick, Herrington & Sutcliffe LLP

FHFA releases NPRM on housing goals for 2025-2027

On August 22, FHFA released a proposed rule on its housing goals for Fannie Mae and Freddie Mac (the GSEs) for 2025-2027 as required by the Federal Housing Enterprises Financial Safety and Soundness Act of 1992. FHFA is...more

Orrick, Herrington & Sutcliffe LLP

FHFA’s OIG issues report on FHFA supervision of FHLBanks

On August 19, the OIG for the FHFA released a report evaluating the agency’s supervision of FHLBanks following the issue of four member banks during spring 2023. The report summarized four findings: (i) the FHFA has not...more

Paul Hastings LLP

Daily Financial Regulation Update -- Wednesday August 28

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August 27, 2024 - The Federal Reserve Board released the minutes from its recent meetings to review and determine the discount rates provided to depository institutions through the discount window....more

Paul Hastings LLP

Daily Financial Regulation Update -- Thursday August 15

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August 14, 2024 - All Financial Services Committee Republicans—led by Chairman Patrick McHenry (NC-10)—sent a letter to Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg demanding his immediate...more

Paul Hastings LLP

Daily Financial Regulation Update -- Wednesday August 14

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August 13, 2024 - The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “When Are Central Bank Reserves Ample?” August 13, 2024 - The Federal Deposit Insurance Corporation...more

Paul Hastings LLP

Daily Financial Regulation Update -- Monday August 12

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August 9, 2024 - The U.S. Department of the Treasury, Federal Reserve Board, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Securities and Exchange Commission, Commodity Futures Trading...more

Alston & Bird

Structured Finance Spectrum - Summer 2024

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Welcome to the latest edition of the Spectrum, covering hot-topic issues in the structured finance markets in the U.S. and UK. This edition features the new UK securitization regime, eHELOCs, and climate risk disclosures....more

Paul Hastings LLP

Daily Financial Regulation Update -- Wednesday July 31, 2024

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July 30, 2024 - The Board of Directors of the Federal Deposit Insurance Corporation (“FDIC”) approved a notice of proposed rulemaking, which if implemented, will effectively roll back significant portions of 2020’s...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

CFPB and FHFA release data from the National Survey of Mortgage Originations

On July 1, the CFPB and FHFA released updated loan-level data from 2013-2021 through the National Survey of Mortgage Originations (NSMO). The NSMO, established in 2014, gathers quarterly data from borrowers who recently...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - July 2024 # 2

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Orrick, Herrington & Sutcliffe LLP

FHFA approves Freddie Mac's second mortgage pilot

On June 20, FHFA conditionally approved a limited pilot program for Freddie Mac to begin purchasing certain single-family closed-end second mortgages. This decision came after implementing a new approval process for products...more

Paul Hastings LLP

Daily Financial Regulation Update -- Wednesday July 3, 2024

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July 2, 2024- The EU–U.S. Joint Financial Regulatory Forum took place on June 25-26, 2024, with participants exchanging views on topics of mutual interest as part of their regular financial regulatory dialogue. The...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

Orrick, Herrington & Sutcliffe LLP

FHFA requests information on its FHLBank Affordable Housing Program

On June 20, FHFA released its request for input (RFI) on the application process for the Federal Home Loan Banks’ (FHLBanks) Affordable Housing Program (AHP). FHFA invited input on all aspects of the AHP application process,...more

Sheppard Mullin Richter & Hampton LLP

Federal Regulators Finalize Rule Enacting Safeguards for AI-Driven Home Valuations

On June 24, the OCC, Federal Reserve Board, FDIC, NCUA, CFPB, and FHFA approved a final rule to implement the quality control standards mandated by the Dodd-Frank Act to address the use of artificial intelligence in...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

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - June 2024 # 4

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Paul Hastings LLP

Daily Financial Regulation Update -- Tuesday June 25, 2024

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June 24, 2024 - U.S. Secretary of the Treasury Janet L. Yellen gave remarks on housing policy and announcing new efforts by the Treasury Department using its existing authorities to increase the supply of housing....more

Orrick, Herrington & Sutcliffe LLP

FHFA issues 2023 annual report and noted challenges in housing market

On June 14, the FHFA released its annual report to Congress, as required under the Housing and Economic Recovery Act of 2008, detailing FHFA’s activities and the state of the housing finance industry in 2023. The report...more

Orrick, Herrington & Sutcliffe LLP

FHFA enhances Fannie and Freddie flex modification policies

Recently, the FHFA announced that Fannie Mae and Freddie Mac will update their Flex Modification policies to help struggling borrowers reduce their mortgage payments. Flex Modification would be for eligible borrowers...more

Paul Hastings LLP

Daily Financial Regulation Update -- Friday May 31, 2024

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May 30, 2024 - The Federal Reserve Board published a working paper entitled, “Central Banking Post Crises.” May 30, 2024 - The Federal Reserve Board published a working paper entitled, “Constructing high-frequency...more

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