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On March 18th the Federal Reserve Board approved a rule amending Regulation Z (Truth in Lending) to clarify prior rules implementing the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit Card Act). The rule enhances protections for consumers who use credit cards and resolves areas of uncertainty so that card issuers fully understand their compliance obligations. The Credit Card Act requires that, before opening a new credit card account or increasing the credit

There are several laws that regulate lending to servicemembers. Violations of the law can lead to considerable liability and to serious reputation risk (see the discussion about Chase Bank below). Most financial institutions have not been overly concerned about servicemember lending regulations because the federal financial institution regulatory agencies have been asleep at the switch on this issue. Could it be that the slumbering giants are awakening? Office of Servicemember Affairs On January 6, 2011

On February 23, 2011 the Federal Reserve Board issued a final rule and requested public comment on a second rule under Regulation Z to revise the escrow account requirements for certain home mortgage loans. The revisions to the regulation, which implements the Truth in Lending Act (TILA), are being made pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act. The final rule implements a provision of the Dodd-Frank Act that increases the annual

Recently the Federal Reserve Board announced that it does not expect to finalize three pending rulemakings under Regulation Z prior to the transfer of authority for such rulemakings to the Consumer Financial Protection Bureau (CFPB). The proposed rules were massive. They would have changed all of the rules regarding the disclosures for mortgage loans, both open-end (HELOCs) and closed-end. But we haven’t seen the last of these proposals; they will be revived by the new

Some days the wind blows hot, other days it is cold. Some days the wind is hurricane force, others it s gentle breeze. Some days it blows out of the north, others days it blows from another point of the compass. Recently the FDIC announced the hiring of additional key leadership staff for the Division of Depositor and Consumer Protection (DCP). The FDIC Board of Directors approved the establishment of the new organizations in August,