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This memorandum is to advise you that in the above issue of the Federal Register (75 FR 44656) the following named federal agencies - Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (FRB), Federal Deposit Insurance Corporation (FDIC), Office of Thrift Supervision (OTS), Farm Credit Administration (FCA), and National Credit Union Administration (NCUA) - each adopted a parallel final rule (collectively the “Final Rule”) to implement the federal SAFE Act.
In today’s Federal Register (75 FR 41217) HUD published notice that in order to enhance FHA risk management practices, FHA is proposing the following changes to its underwriting guidelines: 1. reduce “seller concessions”; 2. introduce a minimum eligibility credit score; 3. reduce the maximum LTV for low credit score borrowers; and 4. tighten underwriting standards for manually underwritten loans.
In today’s Federal Register, the following federal agencies - OCC, FRB, FDIC and OTS - published a proposed rule to revise the definition of “community development.” In pertinent part, the proposed revised definition includes “[l]oans, investments, and services that [s]upport, enable, or facilitate projects or activities that meet the criteria described in Section 2301(c)(3) of the Housing and Economic Recovery Act of 2008 (HERA) … and are conducted in designated target areas identified in plans approved by the United States Department of Housing and Urban Development in accordance with the Neighborhood Stabilization Program (NSP) established by the HERA and the American Recovery and Reinvestment Act of 2009 … .”
In today’s Federal Register, the following federal agencies - OCC, FRB, FDIC and OTS - published notice that they will hold joint public hearings to solicit comments that can be used for future revision of the CRA regulations. These public hearing dates and locations are as follows:
1. July 19, 2010-FDIC’s L. William Seidman Center, 3501 Fairfax Drive, Arlington, VA 22201-2305. 2. August 6, 2010-Federal Reserve Bank of Atlanta, 1000 Peachtree Street Northeast, Atlanta, GA 30309. 3. August 12, 2010-Federal Reserve Bank of Chicago, 230 South La Salle Street, Chicago, IL 60614. 4. August 17, 2010-Los Angeles Branch of the Federal Reserve Bank of San Francisco, 950 South Grand Avenue, Los Angeles, CA 90015.
In today’s Federal Register, HUD published the above ANPR to solicit comments that can be used for future revision of the definition of “required use” contained in Regulation X (24 CFR 3500.2(b)). If you do not want the debacle the lending community experienced when HUD attempted to revise the required use definition in its November 17, 2008 final rule (HUD withdrew this revised definition by final rule published May 15, 2009), we urge you to comment on this ANPR before the September 1, 2010 due date.
