Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Inside Washington (07/08/2008)
* WASHINGTON (7/9/08)--The Federal Housing Administration (FHA)’s risk-based pricing structure goes into effect next week. Under the structure, borrowers without traditional data will pay lower insurance fees than those with credit scores lower than 560. However, they will pay more than borrowers with scores of 600 or higher (American Banker July 8). The FHA has underwritten about 5% of its mortgages with nontraditional data, said Lemar Wooley, FHA spokesman. The agency said in April that nontraditional credit data should still be verified by credit bureaus ... * WASHINGTON (7/9/08)--It’s important that borrowers aren’t being foreclosed on more quickly or denied access to modification programs because of their race, Comptroller of the Currency John Dugan said in a speech at a compliance conference Monday. “In today’s difficult economy, with so many mortgages having problems, banks also need to be sure that similarly situated borrowers who default or become delinquent are treated similarly, with no variations based on prohibited factors like race or gender,” he said. He encouraged banks to keep up with compliance, and noted that fair lending will be a priority compliance issue in the next year ... * WASHINGTON (7/9/08)--The Office of Thrift Supervision (OTS) has released its Mortgage Metrics Report , which covers activity by OTS-regulated mortgage servicers to help borrowers avoid foreclosure for the quarter ending March 31. The report provides a baseline of data to track loan modifications and repayment plans. It also assesses the effectiveness of foreclosure prevention initiatives ... * WASHINGTON (7/9/08)--Federal banking and thrift agencies issued a statement Tuesday outlining the qualifications for organizations implementing Basel II, the new capital adequacy framework for financial institutions. The process has three stages: adoption of an implementation plan; completion of a satisfactory parallel run; and advancement through three transitional periods ...


RSS print
News Now LiveWire
.@TheNCUA :Low-income CUs can expand services to members, train staff,collaborate for efficiencies w/more than $1M in grants awarded 2day
5 hours ago
.@CUNA joins 11 other financial service orgs urging @SenateFloor to take up #CISA to strengthen cybersecurity information sharing
6 hours ago
.@RedwoodCU and its staff donated a combined $5,100 toward AIDS Walk San Francisco. The CU is a longtime sponsor of the event.
6 hours ago
See the latest from @CUNA's CompBlog on Customer Due Diligence. http://t.co/rzOzDUpNMT
6 hours ago
New #FinCEN proposal would strengthen, clarify due diligence obligations for financial institutions. http://t.co/2yxVUXCrYA
7 hours ago