Thank You
Thank you sponsors and exhibitors of the 2010 WBA Technology Conference for making this event possible. For more information on these businesses, click here. For more information or to register for the WBA Technology Conference, click here.
FDIC Announces Approval of Safe Accounts Pilot Programs
FDIC has announced the approval of a pilot program to evaluate the feasibility of insured depository institutions offering safe, low-cost transactional and savings accounts. Under the pilot, participating institutions will offer electronic deposit accounts with product features identified in the FDIC Model Safe Accounts Template. Accounts offered by pilot institutions will be FDIC-insured, have reasonable rates and fees that are proportional to their costs, and be subject to applicable consumer protection laws, regulations and guidance. Participating institutions may not charge fees for non-sufficient funds or overdrafts for these accounts. FDIC is accepting applications from interested insured institutions through 09/15/2010. Information on the pilot is available at: www.fdic.gov/consumers/template/. Applications should be submitted through: SafeAcctPilot@fdic.gov. FDIC will notify institutions of their selection for the pilot by 09/30/2010. Copies of the notice may be obtained from the Association office or viewed at: http://www.fdic.gov/news/news/press/2010/pr10183.html.
Federal Banking Agencies Issue Long Awaited Final Rule on Registration of Mortgage Loan Originators
The OCC, FRB, FDIC, OTS, FCA, and NCUA have adopted final rules to implement the Secure and Fair Enforcement for Mortgage Licensing Act (the SAFE Act). Among other requirements, the SAFE Act requires an employee of a bank, savings association, credit union or Farm Credit System institution and certain of their subsidiaries that are regulated by a federal banking agency or the FCA who acts as residential mortgage loan originator to register with the Nationwide Mortgage Licensing System and Registry, obtain an unique identifier, and maintain this registration. The final rule will be outlined in the upcoming August 2010 edition of the WBA Compliance Journal. The final rule may be found at: http://edocket.access.gpo.gov/2010/pdf/2010-18148.pdf