Comments to Amendments to the 2013 Escrows Final Rule
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Federal Legislation
Federal Legislation
Changes to Article 9
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Amendments
to article 9 of the U.C.C., governing secured transactions, take effect on July
1, 2013. To date, Texas and 27 other states have adopted these amendments, and
Mandatory Flood Insurance
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The Federal Emergency Management Agency (FEMA) announced that it rescinded its publication Mandatory Purchase of Flood Insurance Guidelines
because The Biggert-Waters Flood Insurance Reform Act of 2012 (signed
by the President on July 6, 2012) causes it to be out of date. According
to FEMA's website, "lenders should consult their respective regulatory
agency for information regarding compliance with the mandatory purchase
requirements."
Bankers Legislative Day
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IBAT's Community Banking Day is scheduled March 5-6, 2013. Click here for more information.
Mortgage Rules
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On
Friday, January 18, the Consumer Financial Protection Bureau issued more mortgage rules that prohibit a number of acts by
mortgage brokers or loan officers. The rule prohibits several acts,
CFPB Final Rule
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The CFPB issued this final rule[i]
to implement the Dodd-Frank Act's amendments to the Truth in Lending
Act and the RESPA. The final rule amends Regulation Z by expanding the
types of mortgage loans that are subject to the protections of the Home
Ownership and Equity Protections Act of 1994 (HOEPA), revising and
expanding the tests for coverage under HOEPA, and imposing additional
Increased Lending
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U.S. Treasury Department
Office of Public Affairs
January 8,
2013
CONTACT: Treasury Public Affairs
(202) 622-2960
TREASURY
ANNOUNCES $996.0 MILLION INCREASE IN SMALL BUSINESS LENDING AT TEXAS
INSTITUTIONS RECEIVING CAPITAL THROUGH THE SMALL BUSINESS LENDING FUND
2013 Congressional Visit
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21st Annual Congressional Visit
"Community banks have been unfairly targeted with a vast array of new
and costly regulations. It is time we set about on a course to
establish a two tiered regulatory system...one for the risky practices
of the too big to fail institutions and one for risk averse community
banks. Our time to make that happen in the US Congress is now."
CFPB Remittance Rule
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The Consumer
Financial Protection Bureau (CFPB) issued a bulletin on November 27, 2012 addressing a
TAG Program Update
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In an
unexpected turn of events, Senate Majority Leader Harry Reid lent his support
to a continuation of the Transaction Account Guarantee (TAG) program by
introducing a bill to extend the expiration date. Under Senator Reid's
stand-alone bill, the TAG program would be extended two additional years, or
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