include developing and implementing a transition plan for communicating with consumers and including fallback language that defines a fallback reference rate. Finally, the interagency statement includes clarification on the meaning of certain key terms, factors industry should consider when selecting alternative rates and expectations for fallback language. On June 4, 2020, the CFPB issued a Notice of Proposed Rulemaking and FAQs relating to the LIBOR transition. The CFPB is continuing work on a final rule to address the anticipated expiration of LIBOR and expects to issue it in January 2022. The FAQs pertain to compliance with existing CFPB regulations for consumer financial products and services impacted by the anticipated LIBOR discontinuation and resulting need to transition to other indices. Read the joint statement at bit.ly/3vNm8C8. Senate Advances Chopra Nomination By a vote of 50 to 48, the Senate on October 1 approved the nomination of Rohit Chopra to be director of the Consumer Financial Protection Bureau (CFPB) for a five-year term. Chopra has served since 2018 on the Federal Trade Commission, but he also has prior experience at the CFPB, which he joined in 2011 to investigate industry abuses in the student lending market. At his confirmation hearing in March 2021, Chopra told Senate lawmakers that, as head of the CFPB, he would fight for consumers who are struggling with debt as the pandemic stretches on and would work to protect them from potential abuses by lenders or threats to data privacy. Ginnie Mae Has a New President The Senate confirmed Alanna McCargo as the next president of Ginnie Mae. McCargo, who had served as senior advisor for housing finance at the Department of Housing and Urban Development, was confirmed by voice vote on December 14. McCargo’s career in housing spans decades and has centered on how America’s housing finance system can equitably provide credit and capital to households and affordable housing stakeholders. She previously served as vice president of the Housing Finance Policy Center at the Urban Institute in Washington, DC. Ted Tozer served as the last permanent president and resigned in 2017. Michael Bright served as interim president from 2017 to 2019. “NRMLA commends the Senate for confirming Alanna McCargo as the next president of GinnieMae,” saidNRMLA President Steve Irwin. “It has been more than four years since Ginnie Mae last had a permanent president, so her confirmation comes at a critical time when we need someone with solid leadership skills and a keen understanding of the public/ private nature of the HECM program at the helm. We look forward to working with Alanna and her management team in the coming year on important HMBS issues.” Important HECM News From HUD The Department of Housing and Urban Development (HUD) made several important announcements the week of September 16 that impact the Home Equity Conversion Mortgage (HECM) program. Here are the highlights. HUD published a Notice of Funding Opportunity that provides $51 million in grants to support counseling activities in the coming year. Counseling agencies that offer HECM default counseling will receive priority points when HUD decides who gets grant funds and how much. Counseling agencies had until Oct. 14, 2021, to submit their applications. The Federal Housing Administration (FHA) announced in Mortgagee Letter (ML) 2021-23 that mortgagees can now submit appraisals for reverse mortgage endorsements through the FHA Catalyst: EADModule. While the system is available immediately, it becomes mandatory onMarch 14, 2022. Cases submitted through the legacy EAD portal prior to March 14, 2022, may continue to be delivered through the old system until April 15, 2022. Several key staff appointments were announced, including Mia Pittman, deputy assistant secretary for risk management and regulatory affairs, FHA; Nathan Shultz, senior adviser, Office of Housing, FHA; and Brad Pollock, special assistant, Office of Policy Development and Research. And now you’re up to date. Let us know what you’re talking about. This forum is the place for readers to share their opinions with fellow colleagues about the direction of the reverse mortgage business and other retirement trends. Submissions should be limited to 100 words or fewer and submitted to Associate Editor Darryl Hicks, at dhicks@dworbell.com. Alanna McCargo REVERSE MORTGAGE / JANUARY-FEBRUARY 2022 9
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