In the above Opinion dated April 13, 2012, the Attorney General of Texas, Greg Abbott, opined with respect to the above as follows: (1) “Effective January 1, 2012, subsection 11.131(c) of the Tax Code provides a residence homestead tax exemption to the surviving spouse of a fully disabled veteran who at the time of death qualified for an exemption under subsection 11.131(b) of the Tax Code. [See, firm memorandum dated December 1, 2011.] The fact that the disabled veteran died in 2011, prior to the effective date of subsection 11.131(c), does not deprive the surviving spouse of the exemption for the 2012 tax year.” (emphasis added)
Search Results
Read articles below for analysis and discussion of recent trends by BM&G’s industry experts.
Consumer Financial Protection Bureau (CFPB) Issues Transitional Loan Originator Licensing Guidance – CFPB Bulletin 2012-05
Finally some good news from the CFPB. On April 19, 2012, the CFPB released the above referenced Bulletin, which states that the Federal SAFE Act (12 USC Chapter 51) and Regulation H (12 CFR Part 1008) permit a level of reciprocity between the states for granting loan originator licenses.
Consumer Financial Protection Bureau (CFPB) Issues Lending Discrimination Bulletin 2012-04 to Provide Guidance about Compliance with ECOA and Regulation
On April 18, 2012, the CFPB released the above referenced Bulletin notifying entities under CFBP supervision that the CFPB is reaffirming its commitment to enforcing the ECOA and Regulation B, especially in the area of disparate impact discrimination, also known as the “disparate impact doctrine.” In an accompanying press release, CFPB Director Richard Cordray is quoted as saying, “We want consumers to avoid the marketplace’s silent pickpocket-discrimination. We cannot afford to tolerate practices, intentional or not, that unlawfully price out or cut off segments of the population from the credit markets.”
Consumer Financial Protection Bureau (CFPB) to Hold Financial Institutions Accountable for their Service Providers Compliance with Federal Consumer Fi
On April 13, 2012, the CFPB released the above referenced Bulletin notifying financial institutions under CFBP supervision that, depending on the circumstances, the CFPB may hold these financial institutions legally responsible for violations of Federal consumer financial law by the service providers with whom they have a business relationship. This memorandum attempts to summarize the Bulletin’s main provisions, but you are advised to read the Bulletin, which may be found at the following web site: http://files.consumerfinance.gov/f/201204_cfpb_bulletin_service-providers.pdf.
Federal Reserve Board Policy Statement on Rental of Residential Other Real Estate Owned Properties
On April 5, 2012, the Federal Reserve Board (“FRB”) released a policy statement regarding the rental of residential other real estate owned (“OREO”) properties by financial entities for which the FRB is the primary federal supervisor, including state member banks, bank holding companies, non-bank subsidiaries of bank holding companies, savings and loan holding companies, non-thrift subsidiaries of savings and loan holding companies, and U.S. branches and agencies of foreign banking organizations, (collectively “banking organizations”).
FHA Increases Annual and Upfront Mortgage Insurance Premiums – Mortgagee Letter 12-4
In Mortgagee Letter 12-4 (ML 12-4) dated March 6, 2012, the Federal Housing Administration (FHA) announced a new premium structure for FHA-insured single-family forward mortgages. FHA will increase its annual mortgage insurance premium (Annual MIP) by 0.10 percent for loans under $625,500 and by 0.35 percent for loans above $625,500. Upfront premiums (UFMIP) will also increase by 0.75 percent.
FHA Proposes to Reduce Seller Concessions on FHA Insured Loans – Request for Comments
In the February 23, 2012, issue of the Federal Register (77 FR 10695), the Federal Housing Administration (FHA) published a request for comments on its revised proposal to reduce the amount of closing costs a seller (or other interested third parties) may pay on behalf of a homebuyer purchasing a home with an FHA-insured mortgage for the purposes of calculating the maximum mortgage amount. Comments are due on or before March 26, 2012. All comment submissions must refer to the Docket Number FR-5572-N-01 and the title “Federal Housing Administration (FHA) Risk Management Initiatives: Revised Seller Concessions,” and be submitted through one of the following methods: 1. Submission of Comments by Mail. Comments may be submitted by mail to the Regulations Division, Office of General Counsel, Department of Housing and Urban Development, 451 7th Street SW., Room 10276, Washington, DC 20410-0500. 2. Electronic Submission of Comments. Interested persons may submit comments electronically through the Federal eRulemaking Portal at www.regulations.gov. Commenters should follow the instructions provided on that site to submit comments electronically.
Financial Crimes Enforcement Network (“FinCEN”) Issues Final Rule to Establish Anti-Money Laundering Program and Suspicious Activity Report Filing Req
In the February 14, 2012, issue of the Federal Register (77 FR 30), FinCEN, a bureau of the Department of the Treasury, issued a Final Rule defining non-bank residential mortgage lenders and originators as a loan or finance company for the purpose of requiring them to establish anti-money laundering programs and report suspicious activities under the Bank Secrecy Act (“BSA”). The following summary of the Final Rule is taken from FinCEN’s preamble statements published with the Final Rule in the above-cited issue of the Federal Register.
Home Mortgage Disclosure Act Asset-Size Exemption Threshold Increased – Regulation C, Supplement I, Paragraph 1003.2-2
In today’s issue of the Federal Register (Vol. 77, No. 31) the Bureau of Consumer Financial Protection published a final rule amending the official staff commentary in Supplement I to Regulation C (12 CFR part 1003, formerly part 203), which implements the Home Mortgage Disclosure Act, to reflect a change in the asset-size exemption threshold for depository institutions. The exemption threshold has been adjusted to increase to $41 million from $40 million. The adjustment is based on the 3.43 percent increase in the average of the CPI-W (i.e., the Consumer Price Index for Urban Wage Earners and Clerical Workers) for the twelve-month period ending in November 2011. Therefore, depository institutions with assets of $41 million or less as of December 31, 2011 are exempt from collecting data in 2012.
Consumer Financial Protection Bureau Issues Amended Regulation E – Electronic Funds Transfer
In today’s issue of the Federal Register (Vol. 77, No. 25) the Bureau of Consumer Financial Protection (CFPB) published its final rule amending Regulation E, which implements the Electronic Fund Transfer Act, and the official interpretation to Regulation E, which interprets the regulation’s requirements. The final rule provides new protections, including disclosures and error resolution and cancellation rights, to consumers who send remittance transfers to other consumers or businesses in a foreign country. The amendments implement statutory requirements set forth in the Dodd-Frank Wall Street Reform and Consumer Protection Act. The final rule is effective February 7, 2013.