WHAT’S UP WITH THE DECEMBER 22 REGULATION Z CHANGES
Category: Lending Compliance, Regulation Z, Truth in Lending
On September 24, 2010 the Federal Reserve board issued an interim rule that requires new rate and payment disclosures in the “Fed Box.” The rule is effective on January 30, 2011. On December 22, 2010 the Fed issued an interim rule that modifies the September 24th interim rule. (An interim rule that modifies an interim rule; the Fed is starting to look like HUD.) The latest interim rule makes a couple of small changes to
HAPPY NEW YEAR!!!
Category: Uncategorized
We hope all of our readers have had a great holiday season. We wish you a happy, healthy and prosperous new year.
WHAT’S UP WITH CRA
Category: CRA, Lending Compliance
It has been years since the federal financial institution regulatory agencies have overhauled the Community Reinvestment Act regulations, but they are working on a total revision right now. And they are constantly tinkering with the rules. The agencies use the CRA regulations to advance social policy. The changes impact how your rating is determined and what activities receive community development credit. Recent Revisions Bankers should view CRA ratings as a game. They need to learn
YEAR-END HMDA NEWS
Category: HMDA, Lending Compliance
As part of the usual year-end flurry the Federal Reserve Board published its annual notice of the asset-size exemption threshold for depository institutions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). The asset-size exemption for depository institutions will increase to $40 million based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers for the twelve-month period ending in November 2010. Depository institutions with assets
CRA – UPDATED THRESHOLDS FOR SMALL AND INTERMEDIATE-SMALL FINANCIAL INSTITUTIONS
Category: CRA, Lending Compliance
On December 21st the federal bank regulatory agencies announced the annual adjustment to the asset-size thresholds used to define small bank, small savings association, intermediate small bank and intermediate small savings association under the Community Reinvestment Act (CRA) regulations. The annual adjustments are required by the CRA rules. The annual adjustments are based on the change in the average of the Consumer Price Index (CPI) for urban wage earners and clerical workers, not seasonally adjusted,
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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.