Summary: |
On January 18, 2013, the Federal
Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System,
the National Credit Union Administration, the Office of the Comptroller of the
Currency, the Federal Housing Finance Agency, and the Consumer Financial Protection
Bureau (CFPB) issued a final rule that establishes new appraisal requirements for
higher-priced mortgage loans. Under the
Dodd-Frank Wall Street Reform and
Consumer Protection Act
, mortgage loans are higher priced if they are
secured by a consumer's home and have interest rates above certain thresholds. In
addition, a number of important changes to CFPB mortgage-related rules also are
underway, and the FDIC is making available to the public several resources
addressing these changes.
Statement of Applicability to Institutions Under $1 Billion in Total Assets: This Financial Institution Letter applies to all FDIC-supervised institutions, including community banks. |
Highlights:
Distribution:
Suggested Routing:
Note:
FDIC Regulatory Calendar: The FDIC Regulatory Calendar helps community banks remain current on changes in federal banking laws, regulations, and supervisory guidance, including the CFPB's changes to the mortgage-related rulemakings. It can be accessed at http://www.fdic.gov/regulations/resources/cbi/calendar.html . FDIC Banker Teleconference Series: The FDIC periodically holds banker teleconferences about important rulemakings, guidance, and emerging issues. For example, in 2012, teleconferences addressed such topics as the proposed CFPB mortgage-related rules, fair lending, and third-party compliance risk management. The FDIC will continue to hold timely teleconferences to keep institutions informed about important banking regulatory and emerging issues. Information about future teleconferences will be communicated through Financial Institution Letters. To receive these communications electronically, you may subscribe at http://www.fdic.gov/about/subscriptions/fil.html . Additionally, materials presented during the teleconferences will be posted to the FDIC's Web site at http://www.fdic.gov/news/conferences/other_events/2012-sept-oct-bankercall.html . CFPB Website: The CFPB's Web site is a resource for tracking changes to mortgage-related rulemakings. It can be accessed at http://www.consumerfinance.gov/regulations/ . The Web site shows that a number of other mortgage-related rulemakings applicable to FDIC-supervised institutions are underway or have been recently issued. As of this writing, these include the following final mortgage rules issued by the CFPB:
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Additional Related Topics:
- Residential Mortgage Loans
- Resource List for Tracking Changes in Mortgage-Related Rulemakings