ABA's Center for Regulatory Compliance is your gateway to support for meeting the challenges of managing compliance risk. We provide direct access to regulatory expertise, up-to-date reports on agency initiatives, and the resources to assist you in keeping pace with the demands of supervisory oversight.
ABA Responds to HUD Proposed Rule of SAFE Act (3/8/10) ABA joined in a letter with other key organizations representing mortgage lenders to oppose parts of a HUD proposal to implement the Secure and Fair Enforcement for Mortgage Licensing Act. ABA expressed particular concern about the undue expansion of SAFE requirements through the rulemaking. "[T]he 'purpose' provisions of the rule should expressly state HUD's role of reviewing compliance with minimum standards and should not indicate that HUD has overall responsibility for interpretation, implementation and compliance with SAFE," the letter said. For example, the rulemaking "should conform to the statutory definitions, avoid being overly broad, and be consistent with the federal banking agencies' definitions." Concern also was expressed that the process of serving troubled borrowers could be hampered by ill-founded registration requirements for bank employees and licensing requirements for other lenders. For questions, contact ABA's Bob Davis.
FDIC Unveils New Service, Consumer Tips Online (3/8/10) March 7-13 is National Consumer Protection Week (NCPW). In observance of NCPW, the Federal Deposit Insurance Corporation (FDIC) will now provide consumers with regular online tips on money management. The first tip will be issued on a daily basis beginning Monday, March 8. Starting March 15, the tips will be provided on a weekly basis as the FDIC "Consumer Tip of the Week." Topics will range from saving and borrowing money to protecting money with FDIC insurance and avoiding financial fraud. Read today's consumer tip. For more on financial literacy, see ABA's topics page. More Compliance News
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