As the industry prepares for the discontinuation of Libor, the CFPB today finalized changes to Regulation Z designed to facilitate the transition to alternate reference rates. The final rule amends open-end and closed-end provisions to provide examples of replacement indexes for Libor indexes that meet Reg Z standards.
Closed-end mortgage originations increased 65.2% in 2020, driven primarily by an increase in mortgage refinance loans, according to a new review of Home Mortgage Disclosure Act data released by the Consumer Financial Protection Bureau today.
Consumer credit delinquencies declined in eight out of 11 closed-end loan categories in the second and third quarters of 2020 amid significant fiscal support and sound financial management from consumers, according to ABA’s Consumer Credit Delinquency Bulletin released today.
Can a Bank Lose its Small Servicer Exemption if it Originates Mortgage Loans That It Sells But Still Services?
…and other answers to your compliance questions in the September/October 2020 ABA Regulatory Policy and Compliance Inbox.
As the U.S. economy dove deeper into recession amid the coronavirus pandemic in the second quarter, more than half of banks reported weaker demand for commercial and industrial loans, according to the Federal Reserve’s latest survey of senior loan officers released yesterday.
As part of the planned transition away from the London Interbank Offered Rate—which is not guaranteed to be available after 2021—the Consumer Financial Protection Bureau today proposed a rule addressing the rate transition and Regulation Z.
Outstanding household debt increased by 1.1% in the first quarter of 2020, rising by $155 billion to land at $14.3 trillion, the Federal Reserve Bank of New York reported today.
A small net percentage of banks reported easing standards and terms for loans to large and midsize firms in the previous quarter, while on net no banks eased standards for small businesses, according to the Federal Reserve’s latest senior loan officer opinion survey released today.
…and more insights from ABA’s Compliance Center Inbox in the next issue of the ABA Banking Journal.
To enable banks to offer a full range of mortgage products, ABA has endorsed the comprehensive mortgage fulfillment solution provided by Promontory Fulfillment Services, a unit of Promontory MortgagePath.