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News Now

Washington
Consumer advisors to Fed take up mortgage issues June 16
WASHINGTON (6/8/11)--The consumer advisory panel for the Federal Reserve Board is scheduled to meet June 16 to discuss several housing and mortgage loan-related topics, as well as a propose rule on remittance transfers. The CAC is composed of 30 members that serve three-year terms, and UW CU Chief Credit Officer Mike Long currently serves on the panel. The CAC advises the Fed on its responsibilities under the Consumer Credit Protection Act and on other matters in the area of consumer financial services. The group meets three times a year in Washington, D.C. and meetings are open to the public. The agenda for the June 16 meeting carries the following discussion items:
* National servicing standards for residential mortgage loans; views on what principles, policies, and procedures such standards should include; * Real estate-owned (REO) properties’ a look at such as topics as financial institutions' REO management practices, ``first look'' programs, and the implementation of the regulation providing Community Reinvestment Act consideration for certain neighborhood stabilization activities; * The Fed’s proposed rules under Regulation Z (Truth in Lending Act) that would require lenders to determine a consumer's ability to repay a mortgage loan before extending the credit and establish minimum mortgage underwriting standards; * A risk retention proposal that would require sponsors of asset-backed securities to retain at least 5% of the credit risk of the assets underlying the securities--with certain exemptions. The panel will also address a proposed definition of ``qualified residential mortgages,'' which would not be subject to the rule's requirements; and * Proposed rules, issued under Regulation E (Electronic Fund Transfer Act), to create new disclosures and protections for consumers who send remittance transfers to recipients in foreign countries.
The June 16 meeting is the second CAC meeting of the year.


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