Topic: Dodd-Frank Act
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Can you provide guidance on using broker opinions for loan renewals?
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Broker price opinions (BPOs) may be used to support an appraisal or evaluation, but not in lieu of an appraisal or evaluation. The Interagency Appraisal and Evaluation Guidelines (“Guidelines”) specifically state that a BPO should not be used instead of an evaluation: “For example, a valuation method that provides a sales or list price, such…
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What is the status of the Dodd-Frank risk-based capital rules? Have any regulations been proposed or enacted? When will these new rules go into effect?
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The Basel III Risk-Based Capital Proposal, if enacted, would have established rules to enact section 171 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which requires the federal banking agencies to establish minimum risk-based capital requirements. Last November, the federal banking agencies announced that the Basel III rules, including the risk-based…
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How should we comply with the CFPB’s requirements as to electronic imaging in the new mortgage disclosure proposal?
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As you may already may be aware, the CFPB stated in its proposed rules regarding the data storage requirement that it is considering a community bank exemption to the rule — “as an alternative to requiring electronic records, that a class of entities consisting of small creditors be exempted based on either entity size or…
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We learned that when Regulation Q was repealed, the premium restriction rules were moved. Where can we find those rules now?
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You had asked where the rules from former Section 217.101 of Regulation Q, which excluded certain account premiums from the definition of “interest,” can be found after Regulation Q’s repeal. The FDIC decided to republish the premium rule in a new location, 12 CFR 330.101. In the accompanying notice, the FDIC explained that while the…
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With all the changes from Dodd-Frank, are corporations and LLCs still prohibited from having NOW accounts?
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We do not believe that an LLC can open a “NOW account,” but under changes made by the Dodd-Frank Act, you can allow any type of business (LLCs/limited liability companies, partnerships, and corporations) to open ordinary deposit accounts that earn interest. While there may be no major differences between NOW accounts and checking accounts, one…
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Can we charge for credit life insurance single premiums up front after July 21, 2012? When does that rule go into effect?
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Section 1414 of the Dodd-Frank Act amended the Truth in Lending Act (TILA) to prohibit lenders from financing credit life insurance, with exceptions for insurance premiums “paid in full on a monthly basis” and for credit unemployment insurance (if other requirements are met). 15 USC 1639c(d). Section 1400 of Dodd-Frank states that these provisions will…
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What are the record retention requirements for the Dodd Frank Legislation?
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Provisions of the Dodd-Frank Act relating to registered swap dealers and major swap participants require such entities to retain daily trading records, including electronic e-mails. Dodd-Frank also authorizes the SEC to require all managers of private funds (registered or not registered) to retain general records. More record retention requirements may appear as federal agencies release…