FEATURES
Volume 31, No.1
CONTENTS
8 Awash In Flood Issues
By DaviD Dickinson, cRcM, anD caRl PRy, cRcM
To the uninitiated, flood insurance compliance seems like a simple concept: see if a building securing a loan sits in
a high-risk flood area; if so, get insurance. Nothing to it. But we all know there is a lot more to it, and over the years
the regulatory agencies and FEMA have issued guidelines, booklets, and questions and answers to address the many
details. We’re getting closer, but we’re not there yet.
14 The New RESPA/Reg X: The Changes and the Challenges
By MauReen caRollo, cRcM
HUD has made several attempts in the past to have Regulation X updated, but was met with resistance each time. The
subprime meltdown created a more captive audience in Congress to finally allow this overhaul and major revisions
that some feel are long overdue. Even the title of the final rule clearly conveys the intent of the changes: “Real Estate
Settlement Procedures Act: Rule to Simplify and Improve the Process of Obtaining Mortgages and Reduce Consumer
Settlement Costs.” The proposal for changes was issued in March 2008, and the final rules
were published in November 2008. Some minor provisions went into effect in January 2009,
but the major changes will be mandatory beginning January 1, 2010.
26 Impact of the Mortgage Meltdown on HMDA Data
By Rajeev DaRolia anD DaviD M. skanDeRson, Ph.D
DEPARTMENTS
Compliance Management 4
By caRl G. PRy, cRcM
This article provides some insights into major trends in the HMDA data, both in the
aggregate and by state, and in terms of differences by racial, ethnic, and income group. These
statistics should help readers benchmark where their institutions stand in relation to the
overall market. The authors also suggest what the data might indicate about the direction
of regulatory attention, which fair lending compliance professionals should consider in
focusing their monitoring and analysis efforts.
Governance 6
By Paul R. osBoRne, cPa, cPo,
aMlP; W. toDD lehMann cPa,
aPM; anD DaviD j. Fites, cFiRs,
caMs, aMlP
The Other Side
By stu lehR, cRcM
38
34 2010: Unprecedented Change All at Once
By josePh M. kelly, senioR eDitoR
Regulatory Development Table 40
Resources 42
Continuing Education Quiz 44
The year 2010 looks to be a rather tumultuous year of unprecedented proportions for bank
compliance officers. There will be many issues, including new regulations and some very
unsettling reform. Compliance officers will be asked—mandated—to quickly implement
new programs and comply with new regulations and rules with limited new resources on
tight budgets. This article will examine the insights of leading compliance professionals to
flesh out a state of the industry, thus preparing compliance officers for what lies ahead this
year.
