On November 27, 2012 the Consumer Financial Protection Bureau (CFPB) announced that it is delaying the effective date of the final Regulation E Remittance Rules from February to May of 2013 to accommodate a few last minute changes. The CFPB plans to propose a narrow set of changes to address the rule’s provisions on: (1) errors resulting from incorrect account numbers provided by senders of remittance transfers; (2) the disclosure of certain foreign taxes and […]
Month: November 2012
RAJ DATE RESIGNS
Recently it was announced that Raj Date, the second highest ranking official at the Consumer Financial Protection Bureau (CFPB), plans to resign from the agency he helped create. Date is departing the CFPB on or around January 31, 2013 after the agency finalizes the slate of mortgage rules mandated by the Dodd-Frank Act. Mr. Date has had a long and varied career in and around U.S. financial institutions – as a strategy consultant, as a […]
HAPPY THANKSGIVING!
The Roman philosopher Seneca is credited with stating, “Nothing is more honorable than a grateful heart.” Since I always seek to be honorable, let me express my gratitude for all of you who have helped make this blog a success. You have provided us with over 20,000 visits to our blog in 2012. Thank you. If you need a dinner toast for today you may impress your friends and family with, “Here’s to the turkey […]
2013 THRESHOLDS
On November 20, 2013 the Consumer Financial Protection Bureau published notices increasing several thresholds for 2013. Two notices increased the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) for exempt consumer credit and lease transactions. The Dodd-Frank Act amendment the Truth in Lending Act and the Consumer Leasing Act to adjust these thresholds annually by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical […]
INCREASED CIVIL MONETARY PENALTIES
The Federal Civil Penalties Inflation Adjustment Act of 1990 (FCPIA Act)requires Federal agencies to adjust, by regulation, the Civil Monetary Penalties (CMPs) within their jurisdiction by a prescribed inflation adjustment at least once every four years. The Federal Reserve Board (FRB) made its last adjustment to its CMPs on October 6, 2008, On November 16, 2012 the FRB issued a final rule to set forth the newly-adjusted CMPs which will apply to violations that occur […]