Newly finalized amendments to Regulation CC, implementing the rule for the Expedited Funds Availability Act, will change the method for calculating periodic inflationary dollar-amount adjustments. The Federal Reserve and the Consumer Financial Protection Bureau jointly adopted a method for making inflationary adjustments to the dollar amounts in Reg CC every five years, pursuant to the Dodd-Frank Act.

The wait is over for two nominees to senior posts at the Department of Housing and Urban Development (HUD) who were confirmed by the Senate after waiting a combined 37 months from nomination to confirmation.  The Senate confirmed Hunter Kurtz as HUD’s assistant secretary of public and Indian housing and Seth Appleton as assistant secretary of policy development and research. 

As numerous enforcement actions citing companies’ efforts to remediate harmed consumers and self-report legal violations have come to light since Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger took office, there is growing evidence demonstrating that it pays for companies to speak up when they spot a problem rather than waiting for examiners to find it. Goodwin Procter LLP Partner Tony Alexis and Morrison & Foerster Counsel Kathleen “Kitty” Ryan explained why taking such steps can be beneficial to companies.

The Senate has unveiled draft legislation addressing Bank Secrecy Act and anti-money laundering reforms.  The bipartisan bill would improve corporate transparency, strengthen national security, and help law enforcement combat illicit financial activity being carried out by terrorists, drug and human traffickers and other criminals, according to a release from its sponsors. 

A group of four trade organizations representing financial and housing industry professionals recommended that the Federal Housing Administration (FHA) rescind or amend loan-level certification requirements to alleviate concerns about liability exposure. The trades wrote in response to the Department of Housing and Urban Development’s (HUD) request for feedback on proposed changes to FHA’s certification requirements and to its defect taxonomy.

Attempting to align effective dates and transition requirements with its current expected credit loss standard, the Financial Accounting Standards Board recently voted to move forward with technical changes to the requirements. The board also finalized changes to address stakeholder concerns about negative allowances on purchased financial assets with credit deterioration and negative allowances on available-for-sale debt securities.

The Federal Housing Administration (FHA) will not back mortgages for Deferred Action for Childhood Arrivals (DACA) benefit recipients, the Department of Housing and Urban Development (HUD) announced. HUD Assistant Secretary for Congressional and Intergovernmental Relations Len Wolfson ended months of speculation on the matter with a letter to Rep. Pete Aguilar (D-Calif.).

The 15th edition of the National Settlement Services Summit (NS3) got off to a terrific start Tuesday as Acting Deputy Secretary, and Federal Housing Administration (FHA) Commissioner and Assistant Secretary for Housing of the U.S. Department of Housing & Urban Development (HUD) Brian Montgomery, highlighted many topics and issues with important updates for everyone within the real estate transaction business.

For the eighth year, October Research, LLC, presented its annual awards for leadership, innovation and philanthropy, with some of the brightest stars in the title industry recognized for their efforts.  CEO and Publisher Erica Meyer presented the awards Wednesday at the 15th annual National Settlement Services Summit (NS3) in Phoenix.