The most recent issue of the Federal Reserve publication Consumer Compliance Outlook features an article on lender-placed flood insurance. The article provides guidance on FEMA’s change in the waiting period requirements for lender force-placed insurance using the Mortgage Portfolio Protection Program (MPPP). It also addresses Section 100244(a)(1) of the Biggert-Waters Act, which “permits lenders to purchase force-placed insurance beginning on the date that a lender determines a property lacks coverage or the amount of coverage is insufficient, and it permits lenders to pass the cost of that force-placed insurance along to the borrower, including any associated fees.”
FDIC extends comment period for Genius Act implementation
The FDIC announced that it will push back to May the deadline for comment on its proposal to create a process through which banks can seek agency approval to issue stablecoins through a subsidiary.
