In the October 24, 2017 issue of the Federal Register (82 FR 49089) (click here) the Department of the Treasury’s Office of the Comptroller of the Currency, the Federal Reserve System, the Federal Deposit Insurance Corporation, and the National Credit Union Administration (collectively the “Agencies”), published a Statement and Order creating temporary exceptions to the statutory and regulatory appraisal requirements imposed on depository-institution lenders pursuant to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 for areas of the United States impacted by Hurricanes Harvey, Irma, and Maria. The exceptions will last for three years, dated from when the President declared a major disaster in an area.
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Read articles below for analysis and discussion of recent trends by BM&G’s industry experts.
Texas “Cash Out” Rules to Change
Attorney Tom Black explains the proposed changes to the Texas “Cash Out” rules and offers insights to possible implementation issues in the video below. These changes are associated with our June 15th memo on “Home Equity Lending Proposed Constitutional Amendments” which can be accessed by clicking the link under “Complete Memorandum” below.
Community Reinvestment Act Regulations – Proposed Amendments
In the September 20, 2017, issue of the Federal Register (82 FR 43910, click here) the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the Agencies) published proposed amendments to their respective regulations implementing the Community Reinvestment Act (CRA) in order to amend the existing definitions of “home mortgage loan” and “consumer loan” and the public file content requirements to conform to the recent amendments made by the Consumer Financial Protection Bureau to Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), and to make technical amendments to remove unnecessary cross references as a result of the amended definitions, and to remove obsolete references to the Neighborhood Stabilization Program.
Regulation C (HMDA) Amendments
In the September 13, 2017, issue of the Federal Register (82 FR 43088, click here) the CFPB published a final rule amending its 2015 HMDA (Regulation C) Final Rule to: (i) make technical corrections and clarify certain requirements; (ii) temporarily increase the threshold for collecting and reporting data about open-end lines of credit for a period of two years so that financial institutions originating fewer than 500 open-end lines of credit in either of the preceding two years would not be required to begin collecting such data until January 1, 2020; and (iii) adopt a new reporting exclusion.
Regulation Z HOEPA and Qualified Mortgage Annual Threshold Adjustments
In the August 30, 2017, issue of the Federal Register (82 FR 41158, click here), the Consumer Financial Protection Bureau established the following 2018 thresholds for high-cost and qualified mortgages under §§1026.32 and 1026.43, respectively.
Lender Responsibility under New Durable Power of Attorney Law
On July 13, 2017 (revised July 24, 2017), we posted on the firm’s website Legislative Update II summarizing the new requirements enacted into law by House Bill 1974 (click here) and Senate Bills 39 and 1193 (click here and here), which are effective September 1, 2017, that substantially affect durable powers of attorney under Chapters 751 and 752 of the Estates Code. If you have not read Legislative Update II, we advise that you do so before September 1, 2017, because it details important new requirements regarding the acceptance of or refusal to accept durable powers of attorney.
2017 Legislative Update IV from 85th Regular Session of the Texas Legislature – Miscellaneous Bills
This legislative update summarizes additional bills from the 2017 Legislative Session that we consider of interest to our clients. The effective dates of these bills are noted in the applicable bill summary. Previous to this legislative update, we issued Legislative Update I, summarizing proposed constitutional amendments and their enabling legislation, Legislative Update II, summarizing three bills that substantially affect durable powers of attorney, and Legislative Update III, summarizing bills relating to real property. Legislative Updates I, II and III are found on the Articles page of the firm’s website www.bmandg.com.
2017 Legislative Update III from 85th Regular Session of the Texas Legislature
This legislative update summarizes bills from the 2017 Legislative Session that we consider of interest to our clients, listed in order of importance and not when effective. The effective dates of these bills are noted in the applicable bill summary. Previous to this legislative update, we issued Legislative Update I, summarizing proposed constitutional amendments and their enabling legislation, and Legislative Update II, summarizing three bills that substantially affect durable powers of attorney. Legislative Updates I and II are found on the Articles page of the firm’s website www.bmandg.com.
2017 Legislative Update II – Bills Affecting Durable Powers of Attorney
This legislative update summarizes three bills enacted into law from the 2017 Regular Session of the 85th Texas Legislature-House Bill 1974 (HB 1974), Senate Bill 39 (SB 39), and Senate Bill 1193 (SB 1193)-that impact durable powers of attorney under Chapters 751 and 752, Texas Estates Code. Each bill’s effective date is noted in the bill summary. Previous to this legislative update, we issued Legislative Update I summarizing proposed constitutional amendments and their enabling legislation, which are found on the Articles page of the firm’s website www.bmandg.com.
2017 Legislative Update I – Proposed Constitutional Amendments
The Regular Session of the 85th Texas Legislature (85(R) – 2017), which ended May 29, 2017, proposed only seven constitutional amendments. For these amendments to take effect, they must be approved by a majority of Texas voters at an election to be held November 7, 2017. Only four of these proposed constitutional amendments and the three proposed enabling legislative bills are the subject of this legislative update.