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Compliance Rating, Compensation Rule Comments Due in July
Tuesday, July 5, 2016 6:40 AM

Comments on housing, incentive-based compensation, and the Uniform Interagency Compliance Rating System are due in July. Comment deadlines this month are:

  • July 5: Federal Financial Institutions Examination Council (FFIEC) agencies, proposal to update the Uniform Consumer Compliance Rating System, which has been in place since 1980. The system is a supervisory policy for evaluating financial institutions’ adherence to consumer compliance requirements. This change is to reflect consumer compliance supervisory approaches already being used;
  • July 18: Federal Housing Administration (FHA) proposal on Home Equity Conversion Mortgage Program. The proposal would codify several significant changes to the program that were previously issued under the authority granted by the Housing and Economic Recovery Act of 2008 and the Reverse Mortgage Stabilization Act of 2013, and to make additional regulatory changes. The program is FHA’s reverse mortgage program that enables seniors who have equity in their homes to withdraw a portion of the accumulated equity;
  • July 22: Joint proposal to regulate incentive-based compensation at financial institutions. The proposed rule would prohibit incentive-based payment arrangements deemed to encourage inappropriate risks and require those financial institutions to disclose information concerning these arrangements to the appropriate federal regulator.