Page 8 - June 20, 2024 Bulletin

aRTiCLeS

In a joint statement, ABA, the Housing Policy Council and Customers under 40 years old remain the most likely users of
Mortgage Bankers Association said that a discussion about debit cards and most were likely to have a favorable view of the
policies that maintain healthy and competitive mortgage markets product, according to the survey. Security is also important to
makes sense. However, they noted that the CFPB already debit card users, with card issuers whose customers feel informed
conducted a formal review and evaluation of its mortgage about security policies and protections receiving the greatest boost
disclosure rules and praised them for improving borrower in their customer satisfaction scores.
understanding and facilitating the ability to shop among lenders. Read more: https://www.jdpower.com/business/resources/debit-
The industry invested considerable resources into implementing cards-still-lead-customer-satisfaction-and-utilization-even-use-digital
those rules, they added.

“If the CFPB is now modifying its previous position and is FHLB Releases 2023 Report to
considering changing this complex regulatory disclosure regime, Congress
a rulemaking process governed by the Administrative Procedure
Act – and supported by a robust cost-benefit analysis – is the only The Federal Housing Finance Agency issued its 2023 Report to
appropriate vehicle to initiate that work,” the groups said. “Such a Congress, a report required by law. The report describes FHFA’s
rulemaking process would allow for the proper level of engagement actions in carrying out its statutory responsibilities, including a
to produce changes that benefit consumers and do not add description of the financial safety and soundness of the entities it
compliance costs and lead to negative unintended consequences.” regulates – Fannie Mae, Freddie Mac, the 11 Federal Home Loan
Read more: https://files.consumerfinance.gov/f/documents/cfpb_rfi- Banks and the FHLB Office of Finance.
closing-costs_2024-05.pdf In addition to the customary reporting on the financial condition
of FHFA’s regulated entities and their mission activities, the
Business Groups Challenge Labor report for the first time includes information on FHFA’s
Department Overtime Rule implementation of the Prior Approval for Enterprise Products
regulation and provides recommendations that emerged from the
Nine national associations joined local businesses and business agency’s recent report on the FHLB system.
groups in filing a legal challenge to stop the Department of Read more: https://www.fhfa.gov/sites/default/files/2024-06/FHFA-
Labor’s new overtime final rule from taking effect. The rule, 2023-Annual-Report-to-Congress.pdf
issued April 23, would dramatically increase the number of
employees who are subject to the Fair Labor Standards Act’s
minimum wage and overtime requirements. FHA Announces Cybersecurity
The rule increases the salary level below which an employee is Reporting Requirement for
automatically subject to the FLSA’s overtime and minimum Approved Lenders
wage requirements, from the existing $35,568 threshold to
$43,888 as of July 1, and then to $58,656 as of Jan. 1, 2025. The The Federal Housing Administration has issued a new policy
plaintiffs said that the rule contravenes the court’s 2017 order that requiring FHA-approved lenders to report a “significant
permanently enjoined the final rule issued by President Obama’s cybersecurity incident” to the Department of Housing and Urban
DOL, which also raised the salary level significantly. Development within 12 hours of detecting the incident. The policy
change was announced in a mortgagee letter. The agency defines a
Read more: https://strgnfibcom.blob.core.windows.net/ significant cybersecurity incident as one that actually or potentially
nfibcom/2024.05.22-Doc-1-Complaint-and-Civil-Cover- jeopardizes the confidentiality, integrity or availability of information
Sheet-4893-5654-1121-1.pdf within a lender’s systems, or affects the ability of the lender to meet
its obligations under applicable FHA program requirements.
Debit Cards Remain Most According to the letter, cyber incidents must be reported to both
Popular Payment Product HUD’s FHA Resource Center and HUD’s Security Operations

Center. Reports must include information such as a description of
The debit card “is still king” when it comes to overall customer the incident and its effect on potentially identifiable information.
use and satisfaction, according to a new survey by J.D. Power. The Lenders must also report any effects on their information
survey found that 72% of customers say they use a debit card at technology infrastructure and their response to the incident,
the point of sale, which was higher than other payment options, including whether law enforcement has been notified.
such as cash, credit cards and digital wallets. Debit cards also
had the highest percentage of customers (68%) with a favorable Read more: https://www.hud.gov/sites/dfiles/OCHCO/
impression of the payment method. documents/2024-10hsgml.pdf

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