CFPB Update on Mortgage Regulation Exam Procedures
On August 15, the CFPB released a second update to its exam procedures in connection with mortgage regulations to cover: (i) ability-to-repay; (ii) qualified mortgages; (iii) high-cost mortgages; (iv) appraisals for higher-priced loans; and (v) amendments related to the escrows rule. CFPB Release. RESPA Exam Procedures. TILA Exam Procedures.
CFTC Swap Regulations
On August 13, the CFTC issued a final rule to exempt swaps entered into by qualified cooperatives from certain clearing requirements. The rule will be effective 30 days after publication in the Federal Register; however, the CFTC granted no-action relief to cover the interim period. CFTC Release. CFTC Final Rule. CFTC No-Action Letter.
Fed Assessments on Large Financial Companies
On August 16, the Fed issued a final rule establishing annual assessment fees for its supervision and regulation of large financial companies (with $50 billion or more in total consolidated assets). Beginning with the 2013 assessment period, the Federal Reserve will notify each company of the amount of its assessment fee no later than June 30 of the year following the assessment period. Payments will be due by September 15. The final rule is effective on October 25. Fed Release. Fed Final Rule.