REGULATORY: Two Comment Calls & a Final Rule Analysis

CUNA
July 9, 2010 | COMMENTS

COMMENT CALLS

HMDA Hearings and Request for Comment

The Federal Reserve Board (Fed) will conduct four public hearings on potential revisions to Regulation C, the Home Mortgage Disclosure Act (HMDA).  The issues discussed during these hearings are part of an overall review of the HMDA rules.  In conjunction with these hearings, the Fed has requested public comment on the various issues that will be the subject of these hearings.  Credit union representatives who recommended by CUNA will participate in these hearings. 

> View the Full Comment Call

Clarification of RESPA's “Required Use” Provisions

The Department of Housing and Urban Development has initiated the rulemaking process that is intended to clarify the current prohibition against the “required use” of affiliated settlement service providers for residential mortgage transactions under the Real Estate Settlement Procedures Act (RESPA).  This is intended to address practices in which certain homebuyers commit to using a home builder's affiliated mortgage lender in exchange for construction discounts or discounted upgrades without sufficient opportunity to review the transaction or comparison shop among other lenders.  Attached is CUNA's Regulatory Comment Call, which provides additional information.  

> View the Full Comment Call

FINAL RULE ANALYSIS

Final Rule Implementing the CARD Act Provisions for Penalty Fees and Rate Reviews

The Federal Reserve Board has recently published the last final rule that implements provisions of the Credit Card Accountability, Responsibility and Disclosure Act of 2009 (CARD Act).  The CARD Act was enacted last year, which prohibits and restricts a number of credit card practices.  This final rule will implement the provisions of the CARD Act that will become effective on August 22, 2010.  These include provisions that are intended to protect credit card users from unreasonable penalty fees and that require card issuers to reconsider interest rate increases every six months after the increased rate becomes effective.

> View the Full Final Rule Analysis