The Federal Housing Administration today published a final rule removing Libor as an approved index for adjustable-rate mortgages and replacing it with the Secured Overnight Financing Rate as the approved index for newly originated forward ARMs, effective March 31. According to the agency, the rule also codifies the same changes made for newly originated reverse home equity conversion mortgage ARMs, makes clarifying regulatory changes to the requirements for monthly adjustable HECM ARMs, and establishes a 10 percentage points maximum lifetime adjustment cap for monthly adjustable HECM ARMs.
FinCEN updates guidance for financial institutions on sharing information about fraud
FinCEN issued an updated fact sheet to clarify how financial institutions can share information with each other about suspected fraud under the provisions of the USA PATRIOT Act.









