Recently the Consumer Financial Protection Bureau (CFPB) finalized a revision to a 2011 rule on credit card fees. The 2009 Credit CARD Act (CARD Act) limited certain fees charged during the first year after the account is opened to 25 percent of the account’s initial credit limit. In April 2011, the Federal Reserve Board amended its rules implementing the CARD Act to extend this limitation to fees that the consumer must pay prior to opening […]
Month: March 2013
INDIRECT AUTO FINANCING – FAIR LENDING CONCERNS
Recently the Consumer Financial Protection Bureau (CFPB) published a bulletin (CFPB Bulletin 2013-02) that provides guidance on compliance with the fair lending requirements of the Equal Credit Opportunity Act (ECOA) and Regulation B for indirect auto lenders. The bulletin addresses practices that permit dealers to increase consumer interest rates and to compensate dealers with a share of the increased interest revenues. This guidance applies to all indirect auto lenders, including both depository institutions and nonbank […]
COMPLIANCE MASTERS GROUP
Are you looking for help to keep up with all the regulatory changes? Do you wonder what other banks are doing to cope with the volume of new regulations? Compliance Resource, LLC is offering free preview sessions of their Compliance Masters Group (CMG) this Thursday, March 21st from 11:oo am (EDT) to noon, and again on Thursday April 4th from 11:00 am (EDT) to noon. The free one-hour preview sessions explain how the CMG works, previews […]
PROPOSED REVISIONS TO INTERAGENCY CRA QUESTIONS AND ANSWERS
The Office of the Comptroller of the Currency, the Federal Reserve Board, and the Federal Deposit Insurance Corporation (the Agencies) are proposing to clarify their Interagency Questions and Answers Regarding Community Reinvestment to address several community development issues. The Questions and Answers were first published under the auspices of the Federal Financial Institutions Examination Council (FFIEC) in 1996, and were last revised on March 11, 2010. The Agencies propose to: Revise five questions and answers, […]
CRIMINAL BACKGROUND CHECKS AND CREDIT REPORTS FOR LOAN ORIGINATORS
I have had a lot of questions regarding new loan originator qualification standards that take effect on January 10, 2014. On January 20, 2013 the Consumer Financial Protection Bureau (CFPB) published revisions to Regulation Z that expand the SAFE Act requirements that apply to Loan Originators. It is odd that SAFE Act revisions end up in the Truth in Lending Act, but this not the most seriously odd thing that Congress has done lately. Section […]