Hearing Scheduled for Guidance on Nontraditional Mortgage Product Risks

A public hearing is in the works from the Delaware Department of State : Office of the State Bank Commissioner

WHEN: Wednesday, June 6, 2007

WHERE:
555 E. Loockerman St., Ste 210
Dover, DE 19901

TIME: Commencing at 10:00 am

SUBJECT: A public hearing will be held to consider the adoption of proposed new Regulation 2106/2208 (“Guidance on Nontraditional Mortgage Product Risks”). The hearing will be held in the second floor conference room of the Office of the State Bank Commissioner. The proposed regulation is on file at that location and is available for inspection during regular office hours. Copies are also available on request. Interested parties may submit written comments concerning the proposed regulation in advance or appear and present evidence at the hearing.

Summary

The State Bank Commissioner proposes to adopt new Regulation 2106/2208 (“Guidance on Nontraditional Mortgage Product Risks”). This proposed regulation parallels a Guidance jointly issued by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision and the National Credit Union Administration, and is being adopted to provide regulatory consistency between mortgage brokers and mortgage lenders regulated under Chapters 21 and 22 respectively of Title 5 of the Delaware Code that are not affiliated with a bank holding company or an insured financial institution, and the financial institutions that are subject to that federal Guidance. The State Bank Commissioner would adopt the proposed new Regulation 2106/2208 on or after June 6, 2007. Other regulations issued by the State Bank Commissioner are not affected by this proposal. The State Bank Commissioner is issuing this regulation in accordance with Title 5 of the Delaware Code.

I’ve pretty much covered it all here, but if you are interested, you can read the Notice Of Proposed Adoption Of A Regulation Of The State Bank Commissioner here.

• ← Delaware Business Ledger – May 2007 edition
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