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aRTiCLeS


          be published no later than 8 a.m.                      the guide to easily review exam questions side-by-side with the
          ET each day. The London Interbank                      IT handbook’s recommendations.
          Offer Rate – the standard reference                    Todownload the guide visit: https://www.aba.com/Tools/
          rate in use today, with more than                      Function/Technology/Documents/IT-Examination-Toolkit.pdf
          $160 trillion in outstanding loans,
          derivatives and financial products
          pegged to it – will be sustained only                  FHA Announces New Loan
          through the end of 2021.                               Limits for 2018, Blocks PACE
          The Fed will publish a Secured Overnight Financing Rate,   Loans
          or SOFR, a broad measure of overnight Treasury financing
          transactions recommended by the Alternative Reference Rate   The  maximum conforming loan  limits for mortgages the
          Committee earlier this year as a replacement for U.S. dollar   Federal  Housing  Administration  will  insure  will  increase  in
          Libor. It will be calculated based on triparty repo data from   2018.  The limits will align with those employed by Fannie Mae
          the Bank of New York Mellon and General Collateral Finance   and Freddie Mac.
          Repo from DTCC  Solutions,  plus  a filtered  set  of bilateral   The loan limit in lower-cost areas will be $294,515, or 65 percent
          Treasury  repo  transactions  cleared  through  a  Fixed  Income   of the national conforming loan limit of $453,100. In high-cost
          Clearing Corporation service.                          areas, the limit will be $679,650, the FHA said. FHA-insured
                                                                 reverse mortgages will be capped at $679,650. Approximately
          The Fed will also publish a Tri-Party General Collateral Rate,
          or TGCR, based on triparty repo data from BNY Mellon and   82 percent of U.S. counties are considered lower-cost areas, with
          a Broad General Collateral Rate, or BGCR, based on both the   2.3 percent at the ceiling and the rest somewhere in between.
          TGCR and cleared triparty repo data from DTCC.         To read more visit: https://www.fhfa.gov//Media/
                                                                 PublicAffairs/Pages/FHFA-Announces-Maximum-
          To read more visit: https://www.federalreserve.gov/
          newsevents/pressreleases/files/bcreg20171208a1.pdf     Conforming-Loan-Limits-for-2018.aspx
                                                                 In related news, FHA announced that it will no longer insure
          CFPB Seeks Comments on                                 mortgages for properties backed by Property Assessed Clean
          Free Access to Credit Scores                           Energy, or PACE, loans, a controversial financial product that
                                                                 allows homeowners to pay for energy-efficient retrofitting
          The   CFPB   is  requesting                            – such as solar panels and high-efficiency air conditioners –
          information on consumers’                              through their property tax assessments. The policy shift affects
          experience with access to                              mortgages going forward from Jan. 6, 2018.
          free credit scores as well as
          information about the experience                       Judge Rejects Legal Challenge
          of  companies and nonprofits                           to Mulvaney at CFPB
          that offer their customers and
          the public free access to credit                       A federal judge has sided with the White
          scores. Comments are due                               House and CFPB Acting Director Mick
          February 12, 2018. In addition, the CFPB plans to update the   Mulvaney in the legal conflict over the
          list of companies that offer existing credit card customers free   bureau’s interim leader. Judge Timothy
          access to a credit score. Companies included on the March 2017   Kelly declined to issue a temporary
          list must submit a new request on or before January 12, 2018.  restraining order sought by CFPB
                                                                 Deputy Director Leandra English
          To read more visit: https://www.gpo.gov/fdsys/pkg/FR-2017-
          11-13/pdf/2017-24555.pdf                               preventing Mulvaney from performing
                                                                 the  duties  of  acting  director.  English   Mick Mulvaney
                                                                 said she will seek to appeal the ruling
          ABA Releases IT Examination                            and continue seeking an injunction.
          Resource Guide                                         Mulvaney  was  appointed  by  President  Trump  following

          The ABA has published a guidebook and companion to the   Richard Cordray’s abrupt resignation as director.  Named
          FFIEC IT Information Security Booklet, which reformats   deputy director shortly before Cordray’s resignation, English
          the exam booklet into a checklist with direct links to cross-  sued Mulvaney and Trump on the theory that the Dodd-Frank
          referenced statutes, regulations, and guidance. Bankers can use   Act makes her the bureau’s acting director during a vacancy.



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