We received a lot of positive feedback about yesterday’s blog entry on the status of changes to Regulation Z. Several of you inquired about the status of other pending rules, particularly those involving Regulations B and C. Well here you go… Regulation B – The Dodd-Frank Act amended the Equal Credit Opportunity Act (ECOA) to require financial institutions to report information concerning credit applications made by women- or minority-owned businesses and small businesses. The amendments […]
Category: Financial Reform
DODD-FRANK ACT – STATISTICAL UPDATE
Information recently released by Davis Polk shows: As of June 1, 2012, a total of 221 Dodd-Frank rulemaking requirement deadlines have passed. This is 55.5% of the 398 total rulemaking requirements, and 78.9% of the 280 rulemaking requirements with specified deadlines. Of these 221 passed deadlines, 148 (67.0%) have been missed and 73 (33.0%) have been met with finalized rules. Regulators have not yet released proposals for 21 of the 148 missed rules. Of the […]
CFPB RULES WILL SIMPLIFY/STRANGLE MORTGAGE POINTS AND FEES
On May 9, 2012 the Consumer Financial Protection Bureau (CFPB) outlined rules it is considering that would simplify (or strangle) mortgage points and fees. These rules, which the CFPB expects to propose this summer and finalize by January 2013, would make it easier for consumers to understand mortgage costs and compare loans so they can choose the best deal. The CFPB is considering proposals, required by the Dodd-Frank Wall Street Reform and Consumer Protection Act […]
CFPB – A CONTINUATION OF THE SAME OLD STORY
It is not that often that a new federal financial institution regulatory agency is created, but when it happens one can only hope for something better than what existed before. But the Consumer Financial Protection Bureau (CFPB) continues to disappoint. The latest disappointment is relatively minor. In their regulatory agenda published last fall the CFPB stated that final rules revising Regulation Z provisions dealing with the borrower’s ability to repay would be published in April […]
SMALL BANK REGULATORY RELIEF?
Last month all of the federal financial institution regulatory agencies showed up at Independent Community Bankers of America’s national convention and told those in attendance what they wanted to hear. “The future of community banking is a major priority.” “We have undertaken a review of the history of community banking.” And my favorite, “Where it makes sense to treat community banks differently from larger institutions, we have pledged to consider doing so.” Not a single […]