Page 5 - index
P. 5


          analysis of the effects of the breach, enhance monitoring   Senate Votes to Overturn
          activities, anticipate credit report freezes by customers and take   CFPB’s Arbitration Rule –
          the opportunity to update the bank’s identity theft red flag
          programs.                                              President Signs the Repeal

          While the federal banking agencies do not intend to influence   The Senate voted to overturn the
          banks’ decisions about whether to end relationships with the   CFPB’s controversial final rule on
          credit  bureaus,  banks  should  consider  several  favors  when   arbitration by a vote of 51 to 50.
          evaluating their third-party relationship with Equifax and   With a tie-breaking vote by Vice
          carefully document their rationale, Shonk and Feddis note.   President Mike Pence, the Senate
          To view the article visit: https://bankingjournal.aba.  exercised its authority under the
          com/2017/11/third-party-tactics-tips-for-managing-the-  Congressional Review Act to
          equifax-breach/                                        reject new federal regulations.  As
                                                                 expected, Senator Hoeven voted
                                                                 to overturn the rule, Senator Heitkamp voted to maintain the
          Agencies Propose Additional                            rule.  The House voted in July to overturn the rule.
          Call Report Revisions                                  In related news, President Trump has signed the Congressional

          The federal banking agencies are inviting public comments on   Review Act resolution invalidating the CFPB’s final rule that
          additional technical revisions to the Call Report, which will   had effectively banned the use of mandatory arbitration for
          take effect June 30, 2018. The revisions – which are part of the   consumer financial products.  The resolution stops the rule from
          agencies’ ongoing effort to reduce Call Report burden on banks   taking effect and prevent government agencies from issuing any
          – will remove or consolidate several data items and add or raise   similar rule in the future.
          certain existing reporting thresholds in three versions of the   NDBA expresses its thanks to Senator Hoeven and Congressman
          Call Report.                                           Cramer in supporting the repeal which benefits North Dakota
          To read more visit:  banks and their customers.

                                                              When you send customers to First Class Mortgage,
                                                              our team represents you. With over 80 years of
                                                              combined experience, our mortgage experts work
                                                              to find competitive mortgages that meet your
                                                              borrowers’ budgets, goals and timelines, whether
                    Our Expertise,                            they are refinancing or buying a new home.

             Your Peace of Mind.                              Have Mortgage Questions?

                                                              For questions on your bank’s mortgage process or
                       877-375-2016                           for more information, connect

                                  with Dan today.

             CONVENTIONAL • FHA  • USDA  • VA                 Dan Van Winkle
                                                              Mortgage Consultant, NMLS 8495
                     NMLS 2520 • Locations in Fargo & Grand Forks     701-356-9898 |

   1   2   3   4   5   6   7   8   9   10