Monthly Archives: January 2014

Forthcoming Changes to ACH Debit Posting

Continuing the evolution to electronic payments, the Federal Reserve Board has proposed new rules that would alter the timing of ACH transfers (automated clearinghouse).  As the notice of proposed rulemaking explains, ACH debit transactions post at 11:00 a.m. (Eastern) and ACH credit transactions post at 8:30 a.m. (Eastern).  The Federal Reserve Board previously delayed the […]

Congressional Financial Services Committee Scrutinizes CFPB

On Tuesday, January 27, 2014, the House of Representatives Committee on Financial Services will hold a hearing on the Semi-Annual Report of the Consumer Financial Protection Bureau (“CFPB”).  This blog discussed the report when it was issued in November 2013.  The only scheduled witness at the hearing is Director of the Bureau, Richard Cordray, who is […]

Updates to Mortgage Origination and Servicing Exam Procedures

On Friday, January 10, 2014, the Consumer Financial Protection Bureau (“CFPB”) published updates to its mortgage origination exam procedures and mortgage servicing exam procedures. It is no coincidence that the exam procedures were published on the effective date of the new mortgage regulations. Financial institutions should review the examination manuals and identify what, if any, […]

Federal Reserve Releases First Beige Book of 2014

The Board of Governors of the Federal Reserve publishes an informal review of economic conditions nine times per year. The Beige Book (so called because of its beige hard copy cover) is an interesting and quick read for observing trends that various bankers and businesspersons have reported to the Federal Reserve. Each district reports separately, […]

New Mortgage Rules Effective Friday (1/10/14)

Friday morning is a turning point for mortgage lending professionals, as January 10, 2014 is the effective day for the Qualified Mortgage/Ability-to-Repay Rules. All mortgages will need to adhere to the extensive rules promulgated by the Consumer Financial Protection Bureau (“CFPB”) last January and updated on multiple occasions during 2013. Underwriting guidelines must be updated, […]