On March 24, six agencies issued a proposed rule that would implement minimum requirements for state registration and supervision of appraisal management companies (AMCs). An AMC is an entity that serves as an intermediary between appraisers and lenders and provides appraisal management services. The minimum requirements in the proposed rule would apply to states that elect to establish a licensing agency with the authority to register and supervise AMCs. An AMC is barred from providing appraisal management services for federally related transactions if it operates in a state that has not established such registration and supervision programs. Among other proposals, AMCs will be required to comply with the Uniform Standards of Professional Appraisal Practice and use state-certificated appraisers for federally related transactions. Interested parties have 60 days from the date of the publication of the proposed rule in the Federal Register to comment. FDIC Press Release. OCC Press Release. Proposed Rule.
On March 25, the Fed issued a report on the use of mobile phones to obtain financial services. Last year, 33 percent of all mobile phone users and 51 percent of smartphone users had used mobile banking. The most common mobile banking activities continue to be reviewing account balances, monitoring recent transactions and transferring money between accounts. Press Release. Report.
On March 5, the Fed, the FDIC, and the OCC issued final guidance which describes supervisory expectations for stress tests to be conducted by financial companies with between $10 and $50 billion in total assets. The guidance confirms that these companies are not subject to the Fed’s capital plan rule, the Fed’s annual Comprehensive Capital Analysis and Review, Dodd-Frank Act supervisory stress tests, or related data collections, which apply to bank holding companies with assets of at least $50 billion. Joint Release. Final Supervisory Guidance.
On February 25, the SEC re-opened the comment period for two releases (Release No. 33-9117 (Apr. 7, 2010) and Release No. 33 – 9244 (July 26, 2011)) to permit comments with respect to privacy concerns raised by potential dissemination of sensitive asset-level data . Orrick covered this topic extensively in a recent client alert. Release. Staff Memorandum.
On February 25, FHFA announced that Philip A. Laskawy will step down from the chairmanship of Fannie Mae effective March 31, 2014, and will be succeeded by the current board member Egbert L. J. Perry. Press Release.
On February 26, CFTC issued advisory that outlines recommended best practices for covered financial institutions to comply with Title V and Part 160 of CFTC’s regulations concerning security safeguards of the Gramm-Leach-Bliley Act. Staff Advisory.
On February 27, the Fed provided an additional 30 days to comment on an advance notice of proposed rulemaking regarding physical commodity activities conducted by financial holding companies. Public comment period is extended to April 16, 2014. Notice of Extension.
On February 18, the Fed issued a final rule which establishes enhanced supervision standards for large U.S. bank holding companies and foreign banking organizations, as required by the Dodd-Frank Act. The final rule will be effective for U.S. entities on January 1, 2015, and for foreign entities in either 2016 or 2018, depending on the type of entity. Fed Release. Fed Final Rule.