Legal Briefs July 15, 2010
Your update of the regulatory landscape.
Federal Reserve Board
The FRB release minutes from the May 9 and June 22-23, 2010 meetings of the FOMC.
National Credit Union Administration
The NCUA issued letter number 10-CU-10 to the nation’s credit unions. The Letter to Credit Unions urges all federally insured credit unions to review their disaster preparedness and response plans.
The NCUA issued letter number 10-CU-11 to the nation’s credit unions. This Letter to Credit Unions provides information on the NCUA’s merger and purchase & assumption process.
Federal Housing Finance Agency
The FHFA released a statement regarding the significant safety and soundness concerns that must be addressed by Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. The specific issues are with the Property Assessed Clean Energy loans which acquire a priority lien over existing mortgages. The government backed home mortgage lenders will not accept home mortgages that include a PACE lien. Although Washington State has not implemented any PACE programs, Oregon has. The OCC released their Supervisory Guidance regarding the PACE programs.
Office of Foreign Assets Control
The OFAC SDN list was updated again. Last update July 15, 2010.
Department of Financial Institutions
The DFI announced the dates that both the DFI and DCU will be closed due to temporary layoffs due to state budget reductions. The dates of the layoffs are Monday July 12, Friday August 6, Tuesday September 7, Monday October 11, and Monday December 27. There will be similar temporary layoffs in other State departments in the remainder of 2010. Full list of State Department closures.
Department of Housing and Urban Development
The HUD announced FHA enhanced risk management and increased oversight of multifamily lenders and underwriters. The purpose behind Mortgage Letter 2010-21 is to revise underwriting standards, policies and procedures for mortgage insurance under FHA Multifamily Housing programs.
HR 5569 passed both the House and Senate and signed by the President on July 2. The measure reinstates NFIP that is provided by the FEMA until September 30, 2010.
The FASB and IASB released a preliminary Staff Draft of their Exposure Draft. This preliminary work reflects the cumulative, tentative decisions of the Boards’ in their joint project to develop a standard on financial statement presentation.
The FinCEN released a report analyzing the impact of the January 2009 change to CTR exemption filings. The amended CTR exemption rules appear to have helped reduce the overall volume of CTR filings of reports that have little to no value to law enforcement investigations.