November, 2016
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Texas Adopts Provisions Concerning Home Equity Lending
The Finance Commission of Texas and Credit Union Commission adopted provisions concerning home equity lending, which will be effective on November 24, 2016. The provisions include sections concerning 3% fee limitation, security of the equity loan, pre-closing disclosures, one year prohibition, and authorized lenders.
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Florida Adopts Mortgage Loan Originator Licensing Provisions
Florida has adopted provisions regarding loan originator license applications, renewals, and reactivation. The purpose of the amendments is to streamline the process for individuals seeking to be licensed as loan originators. The provisions are effective as of November 24, 2016.
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Ohio Mortgage Loan Prepayment Penalty Adjustment for 2017
The Ohio Department of Commerce has issued the loan prepayment penalty adjustment for 2017. This adjustment is based on the annual percentage change in the consumer price index. The adjustment is effective January 1, 2017.
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FFIEC Issues Final Revisions to Consumer Compliance Rating System
November 8, 2016, the Federal Financial Institutions Examination Council (FFIEC) issued Financial Institution Letter FIL-75-2016, Final Guidance on the Uniform Interagency Consumer Compliance Rating System. The letter announces the issuance of final revisions to the Uniform Interagency Consumer Compliance Rating System (CC Rating System).
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CFPB Revises Gramm-Leach-Bliley Act Examination Procedures
Institutions no longer required to provide annual privacy notice if certain criteria is met October 28, 2016 the Consumer Financial Protection Bureau (CFPB) announced a revision to the bureau’s examination procedures concerning the Gramm Leach Bliley Act. Examiners reviewing compliance with GLBA’s implementing Regulation P [12 CFR 1016] will now find that the revised examination […]