The Consumer Financial Protection Bureau (CFPB) finalized a limited “cure” provision for lenders originating a qualified mortgage under the Bureau’s rules but later found that points and fees exceeded the 3% cap. Under the final rule, lenders will have 210 days to issue the excess plus and still maintain the legal protections afforded to QMs.
Last week federal regulators jointly approved the qualified residential mortgage (QRM) rule, generally requiring sponsors of asset backed securities to retain five percent of the credit risk of the collateralizing assets and exempting securitized QRMs from the risk retention requirement.
In a letter recently sent to the Consumer Financial Protection Bureau (CFPB), ICBA staff outlined a number of concerns facing lenders as a result of the current qualified mortgage and ability to repay rules, enacted in January of this year.
IBAT members are encouraged to vote this week before the end of early voting on Friday, October 31.
You can easily access early voting and election day polling locations, as well as sample ballots, by going to your County Clerk's website, or find information here for a number of counties in Texas.
TexasBank (Brownwood, Texas) received a Seeing Business Differently Award at CSI Customer Conference 2014. Each year, CSI’s Seeing Business Differently Awards highlight the ongoing efforts of those customers that are taking a unique, meaningful approach to maintaining success through a variety of strategies and tactics. Specifically, nominees are evaluated on a series of key areas, including:
Here we are a week away from Halloween and many are still searching for just the right costume idea. Something novel. Something unusual. Something that’s scary and at the same time scarce. Like, say, inflation for instance. For the generation who trick-or-treated in the era prior to necessitating hermetically sealed treats, inflation is scary. For more recent generations, inflation is scarce. That point was reinforced this week as we learned that the Consumer Price Index on a year-over-year basis was unchanged last month and still stands at 1.7%.
Speaking on cybercrime trends at IBAT’s 40th Annual Convention, Jeff Multz, vice president of Dell SecureWorks, cautioned Texas bankers of new, more sophisticated tactics cybercriminals have employed to target bank employees and customers, particularly small business customers. They hack into bank accounts and target comptrollers, bookkeepers or other individuals within organizations with a goal of infecting their computers with malware to intercept online banking sessions.