FDIC Law, Regulations, Related Acts
REPORT BULLETIN NO. 5
Washington, D.C. 20429
* Amendments to Federal Mortgage Disclosure Requirements Under the Truth in Lending Act (Regulation Z). The Bureau of Consumer Financial Protection (Bureau) modified the Federal mortgage disclosure requirements under the Real Estate Settlement Procedures Act and the Truth in Lending Act that are implemented in Regulation Z. This rule memorializes the Bureau's informal guidance on various issues and makes additional clarifications and technical amendments. This rule also creates tolerances for the total of payments, adjusts a partial exemption mainly affecting housing finance agencies and nonprofits, extends coverage of the TILA–RESPA integrated disclosure (integrated disclosure) requirements to all cooperative units, and provides guidance on sharing the integrated disclosures with various parties involved in the mortgage origination process. 82 Fed. Reg. 37656.
See pages 6953–6954, 6957–6958, 6958.01–6958.02, 7005–7006.06, 7009–7014, 7024.11–7024.38, 7160.13–7160.14, 7163–7164, 7177–7178.02, 7283–7288, 7293–7294, 7299–7300, 7315–7316.24, 7327–7328, 7335–7336.02, 7366.01–7366.56, and 7482.11–7482.14
* Collection and Transmission of Annual AMC Registry Fees. Appraisal Subcommittee of the Federal Financial Institutions Examination Council adopted a final rule to implement collection and transmission of appraisal management company (AMC) annual registry fees in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) to be applied by State appraiser certifying and licensing agencies that elect to register and supervise AMCs, pursuant to 12 U.S.C. 3353 and the regulations promulgated thereunder. 82 Fed. Reg. 44493.
See pages 8590.83–8590.84
* Restrictions on Qualified Financial Contracts of Certain FDIC-Supervised Institutions; Revisions to the Definition of Qualifying Master Netting Agreement and Related Definitions. The FDIC added regulations to improve the resolvability of systemically important U.S. banking organizations and systemically important foreign banking organizations and enhance the resilience and the safety and soundness of certain State savings associations and State-chartered banks that are not members of the Federal Reserve System (``State nonmember banks'' or ``SNMBs'') for which the FDIC is the primary Federal regulator (together, ``FSIs'' or ``FDIC-supervised institutions''). This final rule requires that FSIs and their subsidiaries (``covered FSIs'') ensure that covered qualified financial contracts (QFCs) to which they are a party provide that any default rights and restrictions on the transfer of the QFCs are limited to the same extent as they would be under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and the Federal Deposit Insurance Act (FDI Act). In addition, covered FSIs are generally prohibited from being party to QFCs that would allow a QFC counterparty to exercise default rights against the covered FSI based on the entry into a resolution proceeding under the FDI Act, or any other resolution proceeding of an affiliate of the covered FSI. The final rule also amends the definition of ``qualifying master netting agreement'' in the FDIC's capital and liquidity rules, and certain related terms in the FDIC's capital rules. These amendments are intended to ensure that the regulatory capital and liquidity treatment of QFCs to which a covered FSI is party would not be affected by the restrictions on such QFCs. 82 Fed. Reg. 50228.
See pages 2240.11–2240.18, 2240.23–2240.26, 2240.29–2240.30, 2307–2310, and 3258.25–3258.30