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In an opinion filed on March 15, 2018 in the matter of Chamber of Commerce of the United States of America et al v. United States Department of Labor et al a majority of a three-member panel of the U.S. Court of Appeals for the Fifth Circuit (Louisiana, Mississippi, and Texas) has vacated the Department of Labor’s Fiduciary Rule . Three business groups had filed suits challenging the Fiduciary Rule finalized by the Department in April 2016.

On May 5, 2016 FinCEN issued its final rule on beneficial ownership and customer due diligence.  This rule was issued to strengthen customer due diligence requirements for covered institutions.  The rule included a new requirement to identify and verify the identities of beneficial owners of legal entity customers (LEC).  A beneficial owner was deemed as any individual who owns 25 percent or more of the equity interests of a LEC and a single individual with

On March 7, 2018 the FDIC ordered the Bancorp Bank to pay a penalty and to reimburse consumers for overcharges on prepaid cards. The Order requires Bancorp Bank to pay a $2 million civil money penalty and to make approximately $1.3 million in restitution payments to about 243,000 consumers harmed by unfair and deceptive acts and practices involving the assessing of transaction fees greater than those disclosed by the bank. The FDIC also found that

On March 6, 2018 the Consumer Financial Protection Bureau (CFPB) issued a final rule to help mortgage servicers communicate with certain borrowers facing bankruptcy. The revisions to Regulation Z give mortgage servicers more latitude in providing periodic statements to consumers entering or exiting bankruptcy, as required by the Bureau’s 2016 mortgage servicing rule. The 2016 mortgage servicing rule requires that servicers send modified periodic statements or coupon books to certain consumers in bankruptcy starting April 19, 2018.

Daylight Saving Time (DT) begins on March 11, 2018 at 2:00 a.m..  It ends on November 4, 2018. What does DT have to do with TRID? The TRID rules under Regulation Z require creditors to disclose the time zone applicable to its location when disclosing the date and time the interest rate lock and estimate of closing costs will expire on the loan estimate. As a result, financial institutions located in areas that observe DT