Servicers Navigate the Post-Pandemic World 2 days ago Related Articles About Author: Seth Welborn CFPB Releases LIBOR Transition Rules Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: CFPB LIBOR Sign up for DS News Daily Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago June 4, 2020 1,089 Views The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Gaps in Mortgage Payment Ability Next: Is Your Mortgage Servicing Program CARES Act-Compliant? Data Provider Black Knight to Acquire Top of Mind 2 days ago CFPB LIBOR 2020-06-04 Seth Welborn Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Print This Post Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Government, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / CFPB Releases LIBOR Transition Rules The Consumer Financial Protection Bureau (the Bureau) has issued three items related to the London Interbank Offered Rate (LIBOR) Transition for the sunset of LIBOR which is expected to be discontinued after 2021.First, the Bureau has issued a proposed rule to amend Regulation Z generally to address the sunset of LIBOR, and to facilitate creditors’ transition away from using LIBOR as an index for variable-rate consumer products. The Bureau is proposing changes to certain open-end and closed-end provisions to provide examples of replacement indices for LIBOR indices that meet certain Regulation Z standards. The Bureau is also proposing changes to certain open-end provisions restricting index changes, requiring change-in-terms notices, and addressing how credit card rate reevaluation requirements apply. To assist understanding of the proposed revisions, the Bureau is releasing a Fast Facts high-level summary and an unofficial redline. Comments on the proposed rule are due August 4, 2020.Second, the Bureau has released additional companion FAQ guidance to address other LIBOR transition topics and regulatory questions under the existing rule. This guidance deals with issues related to general implementation considerations, and requirements for adjustable-rate mortgage servicing notices, adjustable-rate mortgage and HELOC origination disclosures, and requirements under AMTPA.Third, the Bureau has revised the CHARM Booklet to provide updates based on consumer testing and remove LIBOR-based rate examples.Additionally, the Federal Housing Finance Agency (FHFA) have announced that Fannie Mae and Freddie Mac (the Enterprises) have launched new websites that provide key resources for lenders and investors as the Enterprises transition away from the London Interbank Offered Rate (LIBOR). LIBOR is expected to stop being published at the end of 2021. The Enterprises’ websites contain information about resources and products, including the Enterprises’ jointly published LIBOR Transition Playbook and Frequently Asked Questions (FAQ).“To protect our nation’s housing finance markets, FHFA has directed the entities we regulate to transition away from LIBOR. These resources will help market participants to likewise move away from LIBOR in a safe and sound manner,” said FHFA Director Mark Calabria. Subscribe
Mason McClintock, 17, of Alma, Georgia, is the winner of the 2019 4-H Youth in Action Pillar Award for Civic Engagement, according to the National 4-H Council. McClintock will be recognized nationally for his resilience and leadership of his program, the Alma Entrepreneur Tour. From his retro sense of style to his effervescent personality, McClintock always felt different from others his age. When 4-H came into his life, everything changed. He found a place of belonging, somewhere he could be himself and feel encouraged by adults and his peers.“The accepting environment I’ve found in 4-H has been incredibly impactful,” McClintock said. “My 4-H leaders and peers have demonstrated empathy, humble service and a commitment to ensuring everyone feels they have a place to belong.”As a 4-H’er, McClintock developed strong leadership and communication skills, ultimately serving as the Georgia 4-H state president. He’s now using those skills to make a difference in his small, rural hometown of Alma, where he saw an opportunity to help youth explore new careers and expand their goals for the future.McClintock’s program, the Alma Entrepreneur Tour, focuses on rural entrepreneurship, identifying local entrepreneurs and connecting them with the community’s youth. The program raises awareness about innovation in business and demonstrates how overcoming obstacles can transform passions into possibilities. McClintock’s program teaches youth entrepreneurial principles while exposing them to new fields. From financial institutions and inns to department stores and agricultural operations, he has introduced more than 50 youth to a variety of new career pathways. McClintock hopes that these experiences will encourage his peers to pursue the fields they find interesting.“I hoped that if I could find a way to expose rural students to new businesses and workforces started by entrepreneurs in Alma, maybe that would be the spark they needed to realize it just takes perseverance to use your passions to create the life you want for yourself,” he said.McClintock will receive a $5,000 scholarship for higher education and will serve as an advocate and spokesperson for 4-H Civic Engagement programming. He will be recognized as the 2019 4-H Youth in Action Pillar Winner for Civic Engagement at the 10th Annual 4-H Legacy Awards in Washington, D.C., on Tuesday, March 12. Three other 2019 Youth in Action Pillar winners, Addy Battel of Michigan (Agriculture Pillar winner); Elisabeth Watkins of California (Healthy Living Pillar winner); and Clyde Van Dyke of New York (STEM Pillar winner), also will be recognized. The 4-H Youth in Action Awards were established in 2010 to recognize 4-H’ers who have overcome challenges and used the knowledge they gained in 4-H to create a lasting impact in their community.Amelia Day of Fort Valley, Georgia, won the 2017 National 4-H Youth in Action Citizenship award for creating the nonprofit organization Operation: Veteran Smiles to provide care packages to veterans in Department of Veterans Affairs (VA) hospitals. Sophia Rodriguez of Hinesville, Georgia, was awarded the 2018 National 4-H Youth in Action Healthy Living Pillar Award for her program promoting the emotional well-being of children in military families through her Tie-Dye for Troops program.To learn more about the 4-H Youth in Action program and to view pillar winners from around the country, visit www.4-h.org/youthinaction. To learn more about Georgia 4-H, go to georgia4h.org/.