FSOC Considers SIFI Process
On January 21st, Reuters described the staff proposals unveiled at the Financial Stability Oversight Council’s (“FSOC”) open meeting. The proposals are aimed at making more transparent, the Council’s procedures for designating financial institutions as systemically important. Transparency. See also DealBook.
Final “Know Before You Owe” Amendments
On January 20th, the Consumer Financial Protection Bureau (“CFPB”) published final amendments to the “Know Before You Owe” mortgage disclosure rules. The changes address when consumers will receive updated disclosures after locking in an interest rate and how consumers receive information regarding certain construction loans. Under the final rule, creditors are required to provide a revised Loan Estimate within three business days after a consumer locks in a floating interest rate. The final rule also contains a minor addition on the Loan Estimate form for loans that involve new home construction. The change creates a space on the Loan Estimate form where creditors could include language informing consumers that they may receive a revised Loan Estimate for a construction loan that is expected to take more than 60 days to settle. The amendments are effective August 1, 2015. CFPB Press Release.
SAR Stats Update