[David] Alice, let’s get over to you with your legislative update. What do you have for us?
[Alice] Alright. For today, I think I’m just going to give everybody a quick update on a proposed rule that was published in the Federal Register on Friday by our joint regulators. So, essentially the OCC, the FDIC, the Federal Reserve Board of Governors and Treasury. Our regulators over our depository institutions. So not included in this was the CFPB. What was published is round four of opening up for public comment on a certain category of regulations. So every 10 years it’s a requirement that these regulators put out for comment. Are there any regulations in these categories? This time around the categories are banking operations, capital requirements, and CRA, and it’s open for public comment until October 23rd. And they will actually schedule a couple of meetings. I don’t see a meeting on the calendar yet, but in segments past, they’ve scheduled a public meeting, but it’s best to actually get together, those of you at depository institutions and make your recommendations on regulations that should be readdressed, removed, added changed. Okay, I’m not advocating adding anything, but it is necessary to go through and so they’re required to do this. This is round four. The other three segments to cover all regulations were proposed through 2024 and end of 24. What will happen now is once they get this set of comments done, they will put all that together, make it all available to the public, and then they’ll have to create a congressional report. And that report’s not due till 2027. So, I think it was interesting to just get a little bit of background on how that all flows since it was published in the Federal Register and I think MBA was talking about it. For those of you in the mortgage lending side of it who are regulated by CFPB, that they’re not part of this. They have to do their review every five years. And so that’s not coming up for a bit here. NCUA, Credit Unions, they do run in step with this particular process. So credit unions will have their chance to respond to the NCUA coming up also. So that’ll wrap up with the comment period for any changes in regulations. So check that out. If you want more, there is information at the F-F-I-E-C website. And I can send that over to you, Dave. If people want to access exactly what they need to brush up on to comment for this particular session, and that’s my update for today. That’s what’s pending. It’s summer and they’re leaving us alone, so I’m not gonna raise any comp, any flags right now.
[David] Yeah. Stay on recess for a while. That’s good. Thank you. Yeah. Good report. Excellent.
Alice Alvey, Master CMB
She handles development of their World Class Training program designed to support UHM partners and organizational effectiveness.
Prior to UHM, Alice served as Senior Vice President at Indecomm leading the Indecomm-Mortgage U division, Internal QA and Compliance and SaaS technologies. Indecomm acquired Mortgage U in 2013, where Alice was President/Co-founder, providing training and consulting since 1996. Prior to MU she served as SVP of Operations at a national bank overseeing operations for wholesale, retail and correspondent from underwriting through servicing, and compliance.
She has been in the trenches of mortgage lending operations from application through servicing for over 30 years. Her authoring work in training content, policies and procedures and the FHA/VA Practical guides illustrates her ability to bridge regulatory requirements with day-to-day operations.
Alice has been a weekly contributor to the Lykken on Lending show since its beginning in April 2009 and has made her weekly contributions to 450+ episodes!