Written by Steve Van Beek
ATM Disclosure Bill. On Monday, the House voted 371 to 0 to pass H.R. 4367 which would remove the "on the machine" fee disclosure requirement from the Electronic Funds Transfer Act (and 12 CFR 1005.16 of Regulation E). Up next, NAFCU will continue to push the Senate to pass a similar bill.
Flood Insurance. On Friday, President Obama signed a long-term reauthorization of the National Flood Insurance Program. The five-year extension pushes the program through September 30, 2017. This long-term extension will provide some sense of certainty in the mortgage market in the upcoming years. Even as most other parts of the mortgage process will be changed by Dodd-Frank, at least credit unions will not need to worry about continual lapses of the flood insurance program.
The CFPB's republishing of the consumer regulations has caused a couple of technical issues. Hopefully, these will be fixed by the CFPB in the future - but I wanted to point one out as an important resource has been accidently hidden during the republishing.
HMDA Commentary. The official staff commentary of Regulation C provides extensive information and discussion on the underlying HMDA reporting requirements. Unfortunately, during the republishing the official staff commentary - Supplement I - was pushed under Appendix B in the Electronic Code of Federal Regulations. Until this is fixed, you'll need to go to Regulation C in the e-CFR and then scroll through Appendix B in order to find the official staff commentary to Regulation C (Supplement I).