2014 is going to be an extremely challenging year for your compliance staff. First, you have the numerous and extraordinarily complex new mortgage regulations that go into effect in January, 2014 that may affect multiple departments within your organization. These will be followed later in the year by the new combined TILA/RESPA disclosures. Second, the [...]
Probably the most common website compliance mistake is forgetting or not knowing that the information you place on your website about your products and services are considered advertisements for regulatory compliance purposes. This means on every page where you talk about share products you need to be aware of whether you have stated a term [...]
If you are a community-chartered credit union, then you will need to check your bylaws to ensure that they include businesses located within your geographic community. NCUA has opined that federally-chartered credit unions that are not a community-chartered credit unions will need to ensure that all owners of the company, which includes stock holders, are [...]
The sources of income that you can use to meet the “independent ability to pay” test for a young applicant (under age 21) or for a young applicant that is requesting an increase in his/her credit limit is more restrictive than the income you can choose to rely on for a consumer who is age [...]
Amendments to Regulation Z Effective Date Voluntary compliance with the rule was effective on May 3, 2013 when it was published in the Federal Register. Compliance is mandatory by November 4, 2013. Background The Consumer Financial Protection Bureau (CFPB) has issued a final rule that amends Regulation Z and its Official Staff Interpretation in order [...]
We were recently asked this question about the Dodd-Frank Act by one of our credit union clients and thought the information would be helpful to others who may have similar questions. The Dodd-Frank Act made specific changes to the sections of the Equal Credit Opportunity Act (ECOA) and Regulation B that pertain to the [...]
In December 2012, Congress passed and the President signed a bill that amended the Electronic Fund Transfers Act (EFTA) to address the issue of ATM signage. In response, the CFPB has now, at last, issued a final rule that amends Regulation E to eliminate the requirement that an ATM operator post a fee notice on [...]
The CFPB has revised section 1026.52(a) of Regulation Z that addresses the limitation on fees that can be assessed on new credit card accounts. Previously, the CFPB had interpreted section 1026.52(a) to mean that fees assessed either prior to or during the first year after the credit card account is opened to be limited to [...]
The final rule took effect on March 8, 2013. How prepared is your financial institution? Get up to speed quickly with this overview of what’s new by AffirmX’s Jane Pannier. The Family Medical Leave Act was amended by the National Defense Authorization Act for Fiscal Year 2010. This final rule issued recently by the Department [...]
The final rule took effect on March 18, 2013. How prepared is your financial institution? Get up to speed quickly with this overview of what's new by AffirmX's Jane Pannier. The Fair Housing Act, which is enforced by HUD, prohibits discrimination in the sale, rental or financing of dwellings and in other housing-related activities on [...]