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The Board of Governors of the Federal Reserve announced that its eRulemaking Portal failed to receive certain comments submitted in four proceedings.

The announcement states in part:

The Board of Governors of the Federal Reserve System recently received notice that 83 comment letters submitted between March 22, 2008, and September 8, 2008, via the Federal eRulemaking Portal (http://www.regulations.gov) on four of the Board’s rulemaking proposals [Docket No. R-1286, Regulation Z, Truth in Lending (73 FR 28867, May 19, 2008); Docket No. R-1314, Regulation AA, Unfair or Deceptive Acts or Practices (73 FR 28905, May 19, 2008); Docket No. R-1315, Regulation DD, Truth in Savings (73 FR 28739, May 19, 2008); and Docket No. R-1316, Regulation V, Fair Credit Reporting (73 FR 28966, May 19, 2008)] that have not been acted on were not forwarded to the Board, due to a software problem at that portal.  The problem affects comments that were sent only to the eRulemaking Portal.  Comments sent by other means (by e-mail to the Board’s comments mailbox, by facsimile, or by mail) are not affected. Because the identities of the commenters affected by this software problem are not retrievable, the Board requests that before resubmitting a comment, you review the Board’s Web site at: http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm to determine if your comment has been posted.  If the comment that you submitted has not been posted, you may re-submit your comment by using this link:  http://pubdev.frb.gov/generalinfo/foia/LostComments.cfm.

For a complete copy of the notice, please click here.

Tags: FCRA, Federal Bank Regulators, Federal Reserve, Mortgage Banking - General, Regulations, Truth in Lending Act, Truth in Savings, Unfair or Deceptive Acts by the Editor
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The Office of Comptroller of Currency is issuing additional Fair Credit Reporting Act examination procedures regarding affiliate marketing, identity-theft red flags, and address discrepancies.  The procedures are additions to existing FCRA procedures in OCC Bulletin 2006-49.  The procedures address three sections of the FCRA.

The OCC’s press release states in part:

Section 624 has been added to Module 2 of the existing examination procedures. This section pertains to affiliate marketing and opt-out notices to limit solicitations (12 CFR 41.20 – 41.28). The mandatory compliance date for these rules is October 1, 2008.

Section 605(h) has been added to Module 4 of the existing procedures, and section 615(e) has been added to Module 5. Section 605(h) pertains to duties of users of credit reports regarding address discrepancies (12 CFR 41.82), and section 615(e) pertains to duties regarding the detection, prevention, and mitigation of identity theft and duties of card issuers regarding changes of address (12 CFR 41.90 and 41.91 respectively). The mandatory compliance date for these rules is November 1, 2008.

The OCC will incorporate the new procedures in an updated Comptroller’s Handbook series when all FCRA exam procedures are completed.  Until the revised handbook is issued, examiners will use a supplemental attachment.  The new OCC issuance rescinds OCC Bulletin 2006-49. 

For a full copy of the press release, please click here.

Tags: Consumer Reports/Credit Reports, FCRA, Mortgage Banking - General, OCC, Regulations by the Editor
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Mortgage Law Blog reminds readers that the Mortgage Bankers Association will hold its annual Regulatory Compliance Conference September 14 - 16, 2008. 

The conference will be held at the JW Marriott in Washington, DC.

The MBA’s website describes the conference as the “the premier forum for you to attain the most comprehensive, up-to-date information on significant regulatory and compliance issues facing the mortgage banking industry at the federal and state levels.”

The conference includes “an in-depth discussion of the Housing and Economic Recovery Act of 2008, the most sweeping real estate finance and housing legislation in a generation. Attendees of this conference learn about the contents of this law, how its provisions will be implemented and what changes your business needs to make to comply with the new regulations.”

Speakers will cover a variety of topics, including:

• Home Owners Equity Protection Act/Truth in lending Act
• Real Estate Settlement Procedures Act
• Anti-predatory lending requirements
• Home Mortgage Disclosure Act/Fair lending
• Fair Credit Reporting Act/Fair and Accurate Credit Transactions Act
• Federal Housing Administration loans
• Mortgage fraud against lenders
• Servicing
• Secondary market issues

There will also be legislative and litigation updates. 

The final day will include a visit to Capitol Hill to meet with legislators.

To learn more, visit the conference website here.

Tags: Association Activities, Conferences & Events, Consumer Protection, Economic Stimulus, FACT Act, FCRA, FHA Insurance, Fair Lending, Foreclosure, Fraud, HUD & FHA, High Cost Loans, Industry Involvement, Legislation, Loan Servicing, Lobbying, Mortgage Banking - General, RESPA, Regulations, State Regulation, Unfair or Deceptive Acts by the Editor
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On May 19, 2008, the Board of Governors of the Federal Reserve and the Federal Trade Commission jointly issued proposed rules designed to implement the risk-based pricing provisions in section 311 of the Fair and Accurate Credit Transactions Act of 2003.  See 73 Fed. Reg. 28,966.

The proposal included model forms that creditors could use to comply with the requirements of the proposed rules. 

Mortgage Law Blog previously posted notice of the proposal.

The agencies have issued a technical correction to the proposal, stating:

Due to a technical error, the second page of Model form H-4 of the Board’s proposal and Model form B-4 of the Commission’s proposal, as published, erroneously included a row entitled “Key factors that adversely affected your credit score.” As discussed in the preamble to the proposed rules, the notice provided in connection with the credit score disclosure exception for non-mortgage credit is not required to include the key factors that affected the credit score (73 FR 28983).  This document corrects this error by amending Model forms H-4 and B-4 to delete this row.

For a full copy of the Federal Register notice containing the correction, please click here.

Comments remain due August 18, 2008.

Tags: Consumer Protection, Consumer Reports/Credit Reports, FACT Act, FCRA, Federal Reserve, Federal Trade Commission, Mortgage Banking - General, Regulations, Risk-Based Pricing, Unfair or Deceptive Acts by the Editor
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