On July 25, 2017 the Consumer Financial Protection Bureau (CFPB) approved a final rule that amends various dollar amounts that impact requirements of the Truth in Lending and Act and Regulation Z. The rule was published on August 30, 2017. This is an annual event. The revised amounts are effective on January 1, 2018. Be sure to update your procedures and systems to reflect the revised amounts as of the effective date. The revised amounts: For […]
Month: August 2017
FINAL HMDA RULES PUBLISHED
During October 2015 the Consumer Financial Protection Bureau (CFPB) published final rules to amend Regulation C. The rules are effective, for the most part, on January 1, 2018. On April 13, 2017 the CFPB published substantially proposed revisions to the final rules. Again on July 14, 2017 the CFPB published additional changes to the final rules. Today, with the clock racing to the January 1st mandatory compliance date the CFPB published final rules (225 pages) […]
CFPB SEMIANNUAL REGULATORY AGENDA – SPRING 2017
Semiannually the Consumer Financial Protection Bureau (CFPB) releases an agenda of its anticipated regulatory activities. The CFPB announced its 2017 Spring Agenda on July 20, 2017, and today, August 24, 2017, the Agenda was published in the Federal Register (FR). The Agenda outlines issues the CFPB planned/plans to address during the period of May 1, 2017 to April 30, 2018. The next agenda will be published in Fall 2017. The Agenda includes 19 items (4 […]
TRID AMENDMENTS PUBLISHED
We reported on July 7, 2013 that the Consumer Financial Protection Bureau (CFPB) had released significant revisions to the TRI Rules. Now the revisions have been published in the Federal Register. Amendments are effective 60 days after the date of publication in the Federal Register with a mandatory compliance date of October 1, 2018. So with today’s publication the revisions are effective on October 10, 2017. This will allow financial institutions, in short order, to […]
CFPB’s ANNOUNCEMENT ON OVERDRAFT PROTOTYPES AND THEIR AFFECT ON YOUR BANK
Very early Friday morning the CFPB sent another shot across the bow regarding overdraft accounts that likely are a forerunner to upcoming rules on automated overdrafts which will cover check and ACH transactions. The CFPB has been in testing mode for a few years now and as part of that testing has been obtaining customer feedback as to the clarity of a variety of overdraft disclosures. Director Cordray stated the bureau is not proposing any […]