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FFIEC Extends Comment Period on Nontraditional Mortgage Products

WASHINGTON - The five federal financial regulatory agencies have extended the comment period on the proposed guidance on nontraditional residential mortgage products. The agencies - the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of Thrift Supervision, and...

By Staff Writer | Updated on February 28, 2006

WASHINGTON – The five federal financial regulatory agencies have extended the comment period on the proposed guidance on nontraditional residential mortgage products. The agencies – the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of Thrift Supervision, and the NCUA – said the action was prompted by requests from several financial institutions and trade associations for financial institutions to extend the comment period. The original date was Feb. 27. The new date with the 30-day extension is March 29. The original Federal Register notice was published on Dec. 29, 2005.

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