Five federal agencies recently issued a notice of proposed rulemaking to implement elements of the Biggert-Waters Flood Insurance Reform Act of 2012. The scope of the rules are limited to flood insurance purchases where the agencies have jurisdiction. The five agencies include the FDIC, FRB, OCC, NCUA, and Farm Credit.
Maine financial regulators have now finalized Regulation Z-3 in order to harmonize the State’s Truth-in-Lending rules with recently adopted changes approved by the Consumer Financial Protection Bureau.
Under the new rules, federal Regulation Z (12 CFR Part 1026) and Regulation M (12 CFR Part 1013) are conformed to Maine law. The new rule also includes changes to both rules that were adopted on September 13th of this year by the CPFB.
The original notice of rulemaking was issued on August 20, 2013 as reported in Banking Law Update.
Regulation Z-3 became effective on October 15, 2013.
The Federal Deposit Insurance Corporation wants its members to sure that their director and officer liability insurance is adequate. On October 10, 2013, the FDIC issued an Advisory Statement urging banks to review their D&O policies to ensure the policies provided sufficient coverage to attract and retain high quality individuals.
On October 8th, the FDIC issued a Financial Institution Letter (FIL-46-2013) entitled “Managing Sensitivity to Market Risk in a Challenging Interest Rate Environment.” The letter outlines four key areas for banks to consider in managing the risk of rising interest rates.
- Mechanics Savings Bank obtains a $3.7 million judgment against an Oxford developer (Bangor Daily News, 10.3.13)
- NCUA preparing new regulation for large credit union stress tests (Kennebec Journal, 9.19.13)
- Credit reporting agency fined $3.5 million for violating FCRA (Bangor Daily News, 8.25.13)
- Maine real estate sales double the national average (Bangor Daily News, 8.22.13)
- Northeast Bank Discusses Its Commercial Loan Acquisition Strategy (MaineBiz, 9.30.13)
- Maine Credit Unions reach new highs in assets, loans, members (Portland Press Herald, 10.9.13)
- Attorney General to host public meetings regarding Maine’s Foreclosure Diversion Program (Portland Daily Sun, 10.9.13)