Federal regulators released a host of information notable for lenders and other financial professionals, especially in the residential housing market. Get a sense of what some of these new developments could mean for your business in this regulatory roundup:
Agencies adjust lending limits on appraisals
The Consumer Financial Protection Bureau, the Federal Reserve, and the Office of the Comptroller of the Currency announced an increase to the threshold for higher-priced mortgage loans subject to special appraisal requirements next year. The threshold will increase from $32,400 to $33,500, effective Jan. 1, 2025, and is based on the 3.4 percent annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers. Read more here.
FHA issues Mortgagee Letter on cyber incident reporting
The Federal Housing Administration (FHA) is seeking feedback on a draft Mortgagee Letter (ML), Revised Cyber Incident Reporting Requirements, regarding its Single-Family Housing Drafting Table. This draft ML includes updated requirements for situations in which FHA-approved mortgagees must notify the Department of Housing and Urban Development when a reportable cyber incident occurs. Learn more here.
FDIC releases CRA examination list for October
The Federal Deposit Insurance Corp. (FDIC) released its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). It includes evaluation ratings assigned to institutions in July 2024. Under CRA requirements, the FDIC is required to assess how well a bank is meeting the credit needs of its entire community, including those of low- and moderate-income neighborhoods, consistent with safe and sound operations. A consolidated list of all state nonmember banks whose evaluations have been made publicly available since July 1, 1990, including the rating for each bank, is available on the agency’s website.
SEC announces updates to EDGAR system
The Securities and Exchange Commission approved amendments to enhance the security of the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system by updating login, password, and account access protocols. These changes require individual logins for each filer and multi-factor authentication, replacing the previous single-login system for companies. A beta version will be available for filer testing, including application program interfaces to improve access and bulk submissions. Filers will have six months to comply with the new login protocols, with an extended grace period for annual confirmation and a three-month window before needing to submit a new Form ID if not enrolled. Learn more here.