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Inside Washington (12/22/2010)
* WASHINGTON (12/23/10)--The Federal Deposit Insurance Corp.’s (FDIC) acting general counsel said in an interview that federal regulators should create national servicing standards as part of soon-to-be-released risk retention guidelines--rather than waiting for Congress to legislate them (American Banker Dec. 22). Michael Krimminger, FDIC acting general counsel, said the Dodd-Frank Act instructs regulators to create risk retention rules that ensure high quality risk management practices, and service standards are a critical part of meeting that goal. The Federal Reserve Board and the Office of the Comptroller of Currency agree that there is a need for new servicing standards, but they argue that risk retention policies are not the place for them. Sources said the Treasury Department and the Securities and Exchange Commission agree with the FDIC’s approach … * WASHINGTON (12/23/10)--The Federal Trade Commission (FTC) has submitted a proposal to the Federal Reserve Board to strengthen the rules under the Home Mortgage Disclosure Act (HMDA). The HMDA requires some mortgage lenders to collect and report loan data that the government uses to analyze whether they are complying with fair lending laws. In response to a request for comments by the Federal Reserve Board, the FTC staff outlined the commission’s enforcement of fair lending laws and recommended changes to the HMDA’s Regulation C. Credit unions that engage in residential mortgage lending must comply with Regulation C. The FTC staff recommended that the board expand the number of mortgage lenders required to report loan data by modifying the criteria for determining who must report. These changes would not be overly burdensome to lenders and would provide regulators with better data to enforce fair lending laws, FTC staff said. Staff also suggested that the board require lenders to report on additional types of loans, such as reverse mortgages and home equity lines of credit, and to report additional data for reported loans. Also, the FTC staff recommended that the board make the mortgage data available to the public and useful to researchers while still protecting mortgage applicants’ privacy …


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