TRID Relief "Hold Harmless" Period Pending
Tuesday, September 29, 2015 Richard Cordray, director of the Consumer Financial Protection Bureau, told the House Financial Services Committee there is relief on the way with respect to implementing the new TRID rules.
In the hearing, the director stated the FFIEC would issue a written statement soon that creates an examination "hold harmless" period. According to Cordray, the "hold harmless" period will last for 6 months, and perhaps more, in an effort to give vendors and bankers more time to get it "right."
Cordray said federal banking agency examinations would be "diagnostic, corrective and not punitive." Importantly, these same agencies will work with (rather than against) bankers by providing resources for the implementation of the new TRID rules in an effort to make sure everyone is up to speed and ready to fully implement these new rules.
The original enforcement date is October 3, 2015. As soon as we receive clarification we'll make sure it is published.
SB 306 - Section 8.5 Deadline October 1, 2015
Section 8.5 of Senate Bill 306 requires a financial institution that is a mortgagee or beneficiary of a deed of trust under certain residential mortgage loans to provide to the Division of Financial Institutions of the Department of Business and Industry the name, street address, and any other contact information of a person to whom: (1) a borrower or a borrower’s representative may send information and notices to facilitate a mediation under the Foreclosure Mediation Program (NRS 40.437 and 107.086); and (2) a unit-owners’ association may mail notices concerning the association’s lien (NRS 116.3116 to 116.31168).
Washington TImes Special Section Explores Excessive Bank Regulation
Today the Washington Times runs a 12 page special section titled "How excessive regulation is crushing Main Street: The impact of the feds’ squeeze on community bankers is a special report prepared by The Washington Times Advocacy Department." Read the piece, supported by the ICBA here. This supplement will be distributed to over 20,000 persons on Capitol Hill and to their over 1 million subscribers.
USAA and Nuance Create 'Savings Coach" Financial Literacy Virtual Assistant to Help Millennials Break Negative Savings Rate
Virtual assistant and gaming features prove successful with savers
BURLINGTON, Mass.USAA is introducing a free Savings Coach app, created with Nuance Communications, Inc. (NASDAQ: NUAN). Savings Coach is one of the first proactive virtual assistants for banking, designed especially to help millennials save money.
“Savings Coach engages millennials through a conversational, simple explanation of the importance of saving, analysis of spending and ongoing suggestions for a savings plan.”
Joint Industry Associations Issue Statement on HOA Super Priority Liens
Seven trade associations have signed a letter and statement related to HOA Super Priority Liens. The letter identifies several principals that the signatories believe should be adhered to in any legislative, or regulatory decision related to super priority liens. In addition to outlining policy principles, the document also contains a brief history on this issue and an analysis dangers that may result from judicial decisions on this issue. The document can be read in full here. United in offering this recommendaiton are the American Bankers Association, Amercian Financial Services Association, Association of Mortgage Investors, Housing Policy Cpuncil of the Financial Services Roundtable, Mortgage Bankers Association, Securities Industry and Financial Markets Assoication, and Structured Finance Indutry Group.
Celebrate Dodd-Frank Turning 5 by Asking Congress to Fix It
Tuesday, July 21, marks the fifth anniversary of the Dodd-Frank Act—a sweeping overhaul of financial regulation. Five years in, we’re at a good point to turn and evaluate how the law is working so far.
No law passed by Congress is perfect, and the evidence is clear the Dodd-Frank requires some tweaking to make it work better. As a result of Dodd-Frank’s mortgage rules, many community banks are getting out of the home loan business altogether or drastically cutting back—often in the rural and underserved areas that most need credit.