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Regulation
Curry: QM Rule Paves Way for QRM
The Consumer Financial Protection Bureau’s final rule on qualified mortgages paves the way for the implementation of a final rule on qualified residential mortgages (QRM) and risk retention, Comptroller of the Currency Thomas Curry said.
Speaking at a securities conference in Las Vegas, Curry said that there has been a great deal of controversy over the proposed QRM rule, though regulators are focused on ensuring the rules encourage the availability of consumer credit on “reasonable terms.”
The Dodd-Frank Act requires asset securitizers to retain at least 5 percent of the credit risk in any asset-backed security. Exempt from the risk-retention mandate are loans that conform to QRM standards, which include requirements on down payments and loan-to-value ratios. A final QRM rule is expected to be released this year.
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Regulation
Fed Releasing Megabank Stress-Test Results in March
The Federal Reserve Board announced that results of stress tests on large financial institutions will be released in March. The tests, required by the Dodd-Frank Act, are designed to assess whether institutions have sufficient capital to absorb losses and support operations during adverse economic conditions. Stress-test results will be released March 7.
Additionally, results of the annual Comprehensive Capital Analysis and Review will be released March 14. That exercise helps assess whether the largest bank holding companies have sufficient capital to continue operations during the upcoming two-year period assuming economic and financial stress.
Credit Unions
NCUA Opens $9.5M in Funds for Low-Income CUs
The National Credit Union Administration said it plans to make $9.5 million in loans from the Community Development Revolving Loan Fund available to low-income credit unions in 2013. The fund helps low-income credit unions provide financial services to their low-income members. For 2013, the NCUA maintained a record-low loan interest rate of 0.4 percent for the second year in a row.
Congress
Chambliss, Harkin Not Seeking Reelection
Sens. Saxby Chambliss (R-Ga.) and Tom Harkin (D-Iowa) separately announced that they will not seek reelection in 2014. Chambliss, who is in his second term in the Senate, cited frustration with partisan gridlock in Washington. Harkin said it will be time for him to move on after five terms in the Senate and five in the House.
Economy
Pending Home Sales Down in December
Pending home sales declined in December but remained above year-ago levels for the 20th consecutive month, the National Association of Realtors said. The Pending Home Sales Index decreased 4.3 percent in December but was up 6.9 percent from a year ago. NAR Chief Economist Lawrence Yun said he expects existing-home sales to increase 9 percent in 2013, following a 9 percent rise in 2012.
Economy
Durable-Goods Orders Up 4.6 Percent
New orders for manufactured durable goods increased 4.6 percent in December following a 0.7 percent uptick in November, the Commerce Department reported. Durable-goods orders have been up seven of the past eight months. The increase was driven by orders for transportation equipment, which increased 11.9 percent. Excluding transportation, new orders increased 1.3 percent.
In-Depth
ICBA Ready for 113th Congress
With
the 113th Congress underway, a new Web exclusive on the ICBA Independent Banker website identifies the key “players” who will steer financial services policy for the next two years. ICBA Vice President of Congressional Relations and Advocacy Aaron Stetter outlines who will lead the House Financial Services Committee and the new members of Congress joining the panel this year. Read the In-Depth Piece.
Poll
This Week’s Quick Poll
Take this week’s Quick Poll on the impact of new mortgage regulations, and review the previous poll on the regulatory environment. View the Archive.
Education
Community Bank Marketing Strategies Seminar in May
The Great Recession and financial regulatory reform have combined to fundamentally change the landscape in which community bank marketers operate. An upcoming ICBA seminar is designed to provide relevant and timely information, practical and affordable marketing tactics, and best practice examples for community bank marketers whose banks need to succeed in today’s challenging environment. “Community Bank Marketing Strategies” is scheduled for May 1-2 in Kansas City, Mo.
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