Archive

CFPB – PROPOSED RULE REGARDING REMITTANCE TRANSFERS

Recently the Consumer Financial Protection Bureau (CFPB) published a proposed revision to Regulation E regarding remittance transfers. The proposal addresses three narrow issues. Additional flexibility regarding the disclosure of foreign taxes and fees If a remittance transfer provider does not have specific knowledge regarding variables that affect the amount of foreign taxes imposed on the transfer the proposal would: Continue to permit a provider to rely on a sender’s representations regarding these variables. Separately permit […]

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NEW CRA ASSET-SIZE THRESHOLDS

On December 19 the Federal Reserve Board published the new Community Reinvestment Act (CRA) asset-size threshold adjustments for small and intermediate small institutions. The adjustments are based  on the change in the average of the Consumer Price Index (CPI) for urban wage earners and clerical workers, not seasonally adjusted, for each 12-month period ending in November, with rounding to the nearest million. As a result of the 2.23 percent increase in the CPI index for […]

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CFPB What’s Happening & When It’s Happening

The Consumer Financial Protection Bureau (CFPB) has proposed thousands of pages of new rules during 2012. Everyone knows that final rules are expected soon, but it is generally not clear exactly what is going to happen and when is it going to happen. The following table summarizes what is expected from the CFPB and when the next action is expected. The information is largely based on the Spring 2012 Semiannual Regulatory Agenda published by the […]

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UDAAP – LIST OF VIOLATIONS

The emphasis on Unfair, Deceptive and Abusive Acts or Practices (UDAAP) is increasing. Violations are being cited with increasing frequency. The civil monetary penalties being imposed are substantial. While all of the federal regulatory agencies focus on the issue, the most intense focus seems to come from the Federal Deposit Insurance Corporation (FDIC). While all of the FDIC’s regions appear to be focusing on the issue, the most intense focus appears to be coming from […]

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REVISED INTERAGENCY EXAMINATION PROCEDURES FOR REGULATION Z

Several sources recently reported that the Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council approved revised interagency examination procedures for Regulation Z – Truth in Lending. So, is this a significant event? Does your bank need to do anything in response? The primary revisions to the examination procedures result from the July 21, 2011 transfer of Regulation Z from the Federal Reserve Board to the Consumer Financial Protection Board.  To minimize […]

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