Page 9 - February 2017 Regulatory Review

proceedings for Federal savings associations to adjust 19/pdf/2017-01044.pdf. Federal Register, Vol. 82,
the maximum amount of each civil money penalty No. 12, 01/19/2017, 7094-7146.
within its jurisdiction to administer to account for
inflation. The final rule is effective 01/27/2017. The HUD Finalizes Rule Revising its Freedom
final rule may be viewed at: of Information Act Regulation.
https://www.gpo.gov/fdsys/pkg/FR-2017-01-
12/pdf/2017-00178.pdf. Federal Register, Vol. 82, HUD is issuing a final rule to amend its Freedom of
No. 8, 01/12/2017, 3619-3623. Information Act (FOIA) regulation to implement the
FOIA Improvement Act of 2016. The FOIA
OCC Requests Comment on Stress Test Improvement Act enacted a range of procedural
Reporting Template. issues, including requirements that agencies establish
a minimum of 90 days for requesters to file an
OCC has issued a notice to announce it seeks administrative appeal, and codifies the foreseeable
comment on the information collection Company- harm standard. In addition, this final rule revises a
Run Annual Stress Test Reporting Template and section of HUD’s FOIA regulations to more
Documentation for Covered Institutions with Total accurately reflect statutory language. The final rule is
Consolidated Assets of $50 Billion or More under the effective 02/13/2017. The final rule may be viewed
Dodd-Frank Wall Street Reform and Consumer at: https://www.gpo.gov/fdsys/pkg/FR-2017-01-
Protection Act. OCC is also giving notice that it has 12/pdf/2017-00178.pdf. Federal Register, Vol. 82,
sent the collection to OMB for review. Comments are No. 8, 01/12/2017, 3619-3623.
due 03/06/2017. The notice may be viewed at:
https://www.gpo.gov/fdsys/pkg/FR-2017-02- HUD Issues Correction to Final Rule on
03/pdf/2017-02255.pdf. Federal Register, Vol. 82, Housing Counseling.
No. 22, 02/03/2017, 9273-9277.
HUD has issued a correction to its final rule
HUD Finalizes Rule on Home Equity implementing changes to its housing counseling
Conversion Mortgage Program. statute regarding an incorrect amendatory instruction.
The correction is effective 01/31/2017. The
The Department of Housing and Urban Development correction may be viewed at:
(HUD) has issued a final rule codifying several https://www.gpo.gov/fdsys/pkg/FR-2017-01-
significant changes to FHA’s Home Equity 31/pdf/2017-00255.pdf. Federal Register, Vol. 82,
Conversion Mortgage program that were previously No. 19, 01/31/2017, 8811.
issued under the authority granted to HUD in the
Housing and Economic Recovery Act of 2008 and HUD Announces Funding Awards for
the Reverse Mortgage Stabilization Act of 2013, and Rural Capacity Building for Community
makes additional regulatory changes. The HECM
program is FHA’s reverse mortgage program that Development and Affordable Housing
enables seniors who have equity in their homes to Program.
withdraw a portion of the accumulated equity. The
intent of the Home Equity Conversion Mortgage HUD has issued a notice announcing the funding
program is to ease the financial burden on elderly decisions made by HUD in a competition for funding
homeowners facing increased health, housing, and under the FY 2016 Notice of Funding Availability
subsistence costs at a time of reduced income. FHA’s (NOFA) for the Rural Capacity Building for
mission is to serve underserved markets, which must Community Development and Affordable Housing
be balanced with HUD’s inherent, as well as, Program. The notice contains the names and
statutory obligation under the National Housing Act addresses of the award recipients under the NOFA.
to protect the FHA insurance funds. This rulemaking The notice may be viewed at:
strengthens the FHA Home Equity Conversion https://www.gpo.gov/fdsys/pkg/FR-2017-01-
Mortgage program and codifies changes that reduce 11/pdf/2017-00432.pdf. Federal Register, Vol. 82,
risk to the Mutual Mortgage Insurance Fund and No. 7, 01/11/2017, 3348.
increase the sustainability of this important program
for seniors. This final rule follows publication of a HUD Issues Notice of HOTMA
May 19, 2016, proposed rule and takes into Implementations.
consideration the public comments received on the
proposed rule. The final rule is effective 09/19/2017. HUD has issued a notice of implementation for
The final rule may be viewed at: several of the provisions of the Housing Opportunity
https://www.gpo.gov/fdsys/pkg/FR-2017-01- Through Modernization Act that impact the Housing

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