Qualified Mortgages; Flood; Compliance Monitor; Fair Lending Webinars
Written by Steve Van Beek
Below are just a few quick items for your Friday - have a great weekend!
Qualified Mortgages. Â The Consumer Financial Protection Bureau has reopened the comment period for their Qualified Mortgage rule (also known as the Ability-to-Repay rule). Â The new comment period ends on July 9, 2012. Â It had been expected that the CFPB would finalize this rule in early 2012 but it kept getting pushed back - with good reason as this rule has the potential to significantly alter the mortgage market - and now looks like it will be late 2012 before a final rule. Â Dodd-Frank requires the rule in place by January 2013. Â The CFPB's notice regarding the extended comment period is here.Â
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Flood. Â A 2-month extension was passed and then signed by President Obama. Â This extends the National Flood Insurance Program (NFIP) through July.
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NAFCU's Compliance Monitor. Â Our June 2012 issue of NAFCU's Compliance Monitor is now available for download by NAFCU members. Â This month the articles focus on Reporting Interest Payments to Nonresident Aliens as well as the increased Focus on Fair Lending.
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Fair Lending Webinars.  The Federal Reserve's Consumer Outlook Live series is hosting a June 21st webinar on 2010 Census Data - What it Means for CRA, HMDA and Fair Lending Compliance. The webinar is free and follows on the heels of their November 2, 2011 - Fair Lending Issues and Hot Topics webinar (archived version available).  Â