The Financial Stability Oversight Council ("FSOC") announced in the Federal Register that it has extended the comment period for proposed recommendations for money market mutual fund ("MMF") reform. Click here to view our original story on the extension, including a full analysis and commentary. Comments Due: February 15, 2013. Public comments may be submitted here. View release in full: 78 FR 4145.

The CFPB is amending Regulation B and the commentary to the regulation. The final rule revises Regulation B to implement an Equal Credit Opportunity Act ("ECOA") amendment concerning appraisals and other valuations that was enacted as part of the Dodd-Frank Act. In general, the revisions to Regulation B require creditors to provide to applicants free copies of all appraisals and other written valuations developed in connection with an application for a loan to be secured by a first lien on a dwelling, and require creditors to notify applicants in writing that copies of appraisals will be

SEC Commissioner Daniel M. Gallagher delivered a speech before the U.S. Chamber Center for Capital Markets Competitiveness addressing what he believes to be false assumptions underlying the Dodd-Frank Act. Commissioner Gallagher asserted that the Dodd-Frank Act has failed to address crucial issues, such as the reform of Freddie Mac, Fannie Mae and money market mutual funds, as well as the inadequacies of the short-term funding model of banks that continue to be too big to fail. Commissioner Gallagher also stated that the Act fails to eliminate the redundancy of having regulators share

The CFPB has amended Regulation Z and the commentary to the regulation with respect to mortgage servicer obligations. The amendments implements the sections of the Dodd-Frank Act addressing the following: Initial rate adjustment notices for adjustable-rate mortgages; Periodic statements for residential mortgage loans; Prompt crediting of mortgage payments; and Responses to requests for payoff amounts. This final regulation also amends current rules governing the scope, timing, content, and format of disclosures to consumers regarding the interest rate adjustments of their variable-rate

The CFPB has amended Regulation X and issued an official commentary to the regulation with respect to mortgage servicer obligations. The amendments implements the sections of the Dodd-Frank Act addressing servicers’ obligations to: Correct errors asserted by mortgage loan borrowers; Provide certain information requested by such borrowers; and Provide protections to such borrowers in connection with force-placed insurance. The regulation further addresses servicers’ obligations to: Establish reasonable policies and procedures to achieve certain delineated objectives; Provide information about