House Passes ATM Disclosure Fix; Flood Insurance Extended for 5 Years; HMDA
Written by Steve Van Beek
ATM Disclosure Bill. Â On Monday, the House voted 371 to 0 to pass H.R. 4367 which would remove the "on the machine" fee disclosure requirement from the Electronic Funds Transfer Act (and 12 CFR 1005.16 of Regulation E). Â Up next, NAFCU will continue to push the Senate to pass a similar bill. Â Â
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Flood Insurance.  On Friday, President Obama signed a long-term reauthorization of the National Flood Insurance Program.  The five-year extension pushes the program through September 30, 2017.  This long-term extension will provide some sense of certainty in the mortgage market in the upcoming years.  Even as most other parts of the mortgage process will be changed by Dodd-Frank, at least credit unions will not need to worry about continual lapses of the flood insurance program. Â
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The CFPB's republishing of the consumer regulations has caused a couple of technical issues. Â Hopefully, these will be fixed by the CFPB in the future - but I wanted to point one out as an important resource has been accidently hidden during the republishing. Â
HMDA Commentary. Â The official staff commentary of Regulation C provides extensive information and discussion on the underlying HMDA reporting requirements. Â Unfortunately, during the republishing the official staff commentary - Supplement I - was pushed under Appendix B in the Electronic Code of Federal Regulations. Â Until this is fixed, you'll need to go to Regulation C in the e-CFR and then scroll through Appendix B in order to find the official staff commentary to Regulation C (Supplement I). Â Â