In the early morning hours on Friday June 25th a congressional panel reached agreement on a sweeping overhaul of the financial system. The agreement now must go to the full Senate and House of Representatives for final votes and is expected to be on President Obama’s desk for signing by July 4th. Major compliance issues include: A new financial regulator, but only for institutions with assets exceeding $10 billion. A restriction that prohibits
Horrendous floods recently ravaged Nashville, Tennessee. I am spending the day explaining the details of the National Flood Insurance Act and related laws and regulations to a group of Tennessee bankers.
The world of lending compliance continues to rock. We are still waiting on the new SAFE Act rules and the major revisions to Regulation Z – HELOCs and closed-end mortgages.
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