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Interest Rates- US: H15 0.28 2010-09-09 FRB Market yield on U.S. Treasury securities at 5-year constant maturity, quoted on investment basis, inflation-indexed
- US: H15 0.18 2010-09-09 FRB Federal funds effective rate
- US: H15 0.21 2010-09-09 FRB 30-Day AA Nonfinancial Commercial Paper Interest Rate
- US: H15 1.04 2010-09-09 FRB Rate paid by fixed-rate payer on an interest rate swap with maturity of three year.
- US: H15 0.23 2010-09-09 FRB 60-Day AA Nonfinancial Commercial Paper Interest Rate
- Trade (FTC)
- Dun and Bradstreet Settles FTC Charges that 2009 Acquisition was AnticompetitiveFTC Order Requires Dun and Bradstreet to Divest Previously Acquired Marketing Data Business to Restore Competition […]
- Dun and Bradstreet Settles FTC Charges that 2009 Acquisition was Anticompetitive
- Commerce News
- Notice of Extension of Comment Period -- Cybersecurity, Innovation and the Internet EconomyThe Department of Commerce’s Internet Policy Task Force announces that the closing deadline for submission of comments responsive to the July 28, 2010 notice of inquiry on the nexus between cybersecurity challenges in the commercial sector and innovation in the Internet economy has been extended from September 13 to September 20, 2010. (278 KB PDF file) […]
- Notice of Extension of Comment Period -- Cybersecurity, Innovation and the Internet Economy
- Small Business News
- Advocacy Suggests that the United States Department of Health and Human Services Take Small Businesses That Are Defined as “Business Associates” Into Consideration as it Finalizes the HIPAA Modification RuleOn September 9, 2010, the Office of Advocacy (Advocacy) filed comments with the United States Department of Health and Human Services (HHS) providing the agency with its Regulatory Flexibility Act suggestions and industry concerns about the potential economic impacts associated with finalizing the Modifications to the Health Insurance Portability and Account […]
- Advocacy Suggests that the United States Department of Health and Human Services Take Small Businesses That Are Defined as “Business Associates” Into Consideration as it Finalizes the HIPAA Modification Rule
- Monetary Policy
- Cost Estimates
- S. 3729, National Aeronautics and Space Administration Authorization Act of 2010Cost estimate for the bill as passed by the Senate on August 5, 2010 […]
- H.R. 3655, Bereaved Consumer's Bill of Rights Act of 2009Cost estimate for the bill as ordered reported by the House Committee on Energy and Commerce on July 21, 2010 […]
- S. 3335, Earmark Transparency ActCost estimate for the bill as ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on July 28, 2010 […]
- S. 3729, National Aeronautics and Space Administration Authorization Act of 2010
- Banking
- Stephen A. Lybarger Named Deputy Comptroller for LicensingStephen A. Lybarger has been named Deputy Comptroller for Licensing, succeeding Larry Beard, who plans to retire from the OCC on October 1, 2010. […]
- Stephen A. Lybarger Named Deputy Comptroller for Licensing
Rules to Protect Mortgage Borrowers
The Federal Reserve Board on Monday announced final rules to protect mortgage borrowers from unfair, abusive, or deceptive lending practices that can arise from loan originator compensation practices. The new rules apply to mortgage brokers and the companies that employ them, as well as mortgage loan officers employed by depository institutions and other lenders.
Today, lenders commonly pay loan originators more compensation if the borrower accepts an interest rate higher than the rate required by the lender (commonly referred to as a “yield spread premium”). Under the final rule, however, a loan originator may not receive compensation that is based on the interest rate or other loan terms. This will prevent loan originators from increasing their own compensation by raising the consumers’ loan costs, such as by increasing the interest rate or points. Loan originators can continue to receive compensation that is based on a percentage of the loan amount, which is a common practice.
The final rule also prohibits a loan originator that receives compensation directly from the consumer from also receiving compensation from the lender or another party. In consumer testing, the Board found that consumers generally are not aware of the payments lenders make to loan originators and how those payments can affect the consumer’s total loan cost. The new rule seeks to ensure that consumers who agree to pay the originator directly do not also pay the originator indirectly through a higher interest rate, thereby paying more in total compensation than they realize.
Additionally, the final rule prohibits loan originators from directing or “steering” a consumer to accept a mortgage loan that is not in the consumer’s interest in order to increase the originator’s compensation. The rule will preserve consumer choice by ensuring that consumers can choose from loan options that include the loan with the lowest rate and the loan with the least amount of points and origination fees, rather than the loans that maximize the originator’s compensation.
The Federal Register notice containing the final rules is attached. The final rules are effective April 1, 2011.