Page 4 - January 2018

$2.112 billion (including assets of certain affiliates) 22/pdf/2017-27491.pdf. Federal Register, Vol. 82,
as of 12/31/2017, are exempt, if other requirements No. 254, 12/22/2017, 60673-60674.
of Regulation Z also are met, from establishing
escrow accounts for higher-priced mortgage loans in FRB Finalizes Rules of Practice for
2018. This asset limit will also apply during a grace Hearings.
period, in certain circumstances, with respect to
transactions with applications received before FRB issued a final rule amending its rules of practice
04/01/2019. The adjustment to the escrow asset-size and procedure to adjust the amount of each civil
exemption threshold will also increase a similar money penalty provided by law within its jurisdiction
threshold for small-creditor portfolio and balloon- to account for inflation as required by the Federal
payment qualified mortgages. Balloon-payment Civil Penalties Inflation Adjustment Act
qualified mortgages that satisfy all applicable criteria, Improvements Act of 2015. The final rule is effective
including being made by creditors that have (together 01/10/2018. The notice may be viewed at:
with certain affiliates) total assets below the https://www.gpo.gov/fdsys/pkg/FR-2018-01-
threshold, are also excepted from the prohibition on 10/pdf/2018-00227.pdf. Federal Register, Vol. 83,
balloon payments for high-cost mortgages. The final No. 7, 01/10/2018, 1182-1184.
rule is effective 01/01/2018. The notice may be
viewed at: https://www.gpo.gov/fdsys/pkg/FR-2017- FRB Proposes Amendments to Policy on
12-27/pdf/2017-27897.pdf. Federal Register, Vol.
82, No. 247, 12/27/2017, 61147-61151. Payment System Risk.

CFPB Requests Comment on Information FRB issued proposed amendments to part II of the
Collection. Federal Reserve Policy on Payment System Risk
(PSR policy) related to procedures for determining
the net debit cap and maximum daylight overdraft
CFPB announced it seeks comment on the capacity of a U.S. branch or agency of a foreign
information collection titled Generic Information banking organization (FBO). Under the PSR policy,
Collection Plan for Studies of Consumers using an FBO’s strength of support assessment (SOSA)
Controlled Trials in Field and Economic Laboratory ranking can affect its eligibility for a positive net
Settings. CFPB also gave notice that it sent the debit cap, the size of its net debit cap, and its
collection to OMB for review. Comments are due eligibility to request a streamlined procedure to
01/29/2018. The notice may be viewed at: obtain maximum daylight overdraft capacity.
https://www.gpo.gov/fdsys/pkg/FR-2017-12- Additionally, an FBO that is a financial holding
29/pdf/2017-28204.pdf. Federal Register, Vol. 82, company (FHC) can generally receive a higher net
No. 249, 12/29/2017, 61754. debit cap than an FBO that is not an FHC, and is
generally eligible to request a streamlined procedure
FRB Finalizes Rule on Regulation C. to obtain maximum daylight overdraft capacity. The
proposed changes to the PSR policy would remove
The Board of Governors of the Federal Reserve references to the SOSA ranking; remove references
System (FRB) is repealing its Regulation C, which to FBOs’ FHC status; and adopt alternative methods
was issued to implement the Home Mortgage for determining an FBO’s eligibility for a positive net
Disclosure Act (HMDA). Title X of the Dodd-Frank debit cap, the size of its net debit cap, and its
Act transferred rulemaking authority for a number of eligibility to request a streamlined procedure to
consumer financial protection laws, including obtain maximum daylight overdraft capacity.
HMDA, from FRB to the Bureau of Consumer Comments are due 02/12/2018. The proposed
Financial Protection (CFPB). HMDA requires amendments may be viewed at:
covered financial institutions to collect and report https://www.gpo.gov/fdsys/pkg/FR-2017-12-
loan data in connection with residential mortgage 14/pdf/2017-26923.pdf. Federal Register, Vol. 82,
applications and loans. Although FRB retains No. 239, 12/14/2017, 58764-58772.
authority to issue some consumer financial protection
rules, all rulemaking authority under HMDA
concerning mortgage loan transactions was
transferred to CFPB. The final rule is effective
01/22/2018. The final rule may be viewed at:
https://www.gpo.gov/fdsys/pkg/FR-2017-12-

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