HAPPY THANKSGIVING!
Category: Uncategorized
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
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
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
EXTENDED DATE FOR NEW MORTGAGE DISCLOSURES
Category: CFPB, Dodd-Frank Act, Lending Compliance, Regulation X, Regulation Z, RESPA, Truth in Lending
On November 16, 2012 the Consumer Financial Protection Bureau (CFPB) announced that it will give creditors extra time to provide certain new disclosures required under the Dodd-Frank Wall Street Reform and Consumer Protection Act in order to allow a more seamless integration with other mortgage disclosures that have been proposed by the Bureau. The Dodd-Frank Act: Requires the CFPB to integrate certain disclosures from the Truth in Lending Act (TILA) and the Real Estate Settlement
This is the final part of a five part series that explores issues related to discount points. The previous articles provided a primer on discount points, explored UDAAP concerns that result from unearned discount points, considered how unearned discount points could lead to fair lending violations, and provided a glimpse of how Regulation Z revisions will change the handling of discount points in the future. In this part we discuss policies, procedures and controls needed
Why we blog . . .
The ever-changing laws, regulations, proposals, deadlines, and guidance are a lot for anyone to manage and keep up with so let us do the work for you. Our blog is designed to help compliance professionals by releasing updates as soon as the news breaks. Our Compliance Resource team is researching, following, and monitoring government agencies and regulators to give you all the latest and greatest compliance news. Our goal is to work harder so you don’t have to.