On January 25, 2018 the Consumer Financial Protection Bureau (CFPB) announced final updates to its 2016 prepaid rule. The changes extend the effective date of the rule by one year to April 2019. The changes to Regulations E and Z: Adjust error resolution requirements; and Provide more flexibility concerning credit cards linked to digital wallets. Read more: https://mycomplianceresource.com/prepaid-rule-lives-to-fight-another-day/ https://mycomplianceresource.com/effective-date-of-prepaid-account-rule-delayed/ https://mycomplianceresource.com/prepaid-rule-takes-a-much-needed-pause/ https://mycomplianceresource.com/prepaid-accounts-just-got-kicked-up-to-the-consumer-protection-suite/ A copy of the 325 page final rule is available at: https://files.consumerfinance.gov/f/documents/cfpb_prepaid_final-rule_2018-amendments.pdf
Category: Regulation Z
FINAL 2018 LENDING THRESHOLDS
Each year more than a half dozen lending thresholds are published by the federal regulators from mid-summer to the last days of the year.. The thresholds determine coverage for various requirements in the Home Mortgage Disclosure Act, the Truth in Lending Act and the Community Reinvestment Act. On December 27, 2017 the Consumer Financial Protection Bureau (CFPB) published the final lending thresholds for 2017. The HMDA asset-size exemption threshold was increased from $44 million to […]
DISCOUNT POINTS
On November 28, the Federal Reserve Board (FRB) issued a consent order against Peoples Bank (Peoples), Lawrence, Kansas, for deceptive residential mortgage origination practices in violation of section 5 of the Federal Trade Commission Act. Apparently Peoples told certain borrowers that they were paying an additional amount for discount points that would lower the borrowers’ interest rate. In fact, many borrowers did not receive a reduced rate. The consent order requires Peoples to pay approximately […]
ADDITIONAL ANNUAL LENDING THRESHOLDS PUBLISHED
On November 9 the Consumer Financial Protection Bureau published additional 2018 lending compliance thresholds as follows: The HPML Appraisal Exemption Threshold contained in 1026.35(c)(2)(ii) increased from $25,500 to $26,000; and The Regulation Z Scope Thresholds contained in 1026.3(b)(1) increased from $54,600 to $55,800. The same threshold is applicable to Regulation M. Information regarding other TILA thresholds that were published in July is available at https://mycomplianceresource.com/annual-update-to-tila-dollar-amounts/ In a few weeks the remaining thresholds will be published. […]
SET YOUR CLOCKS BACK AND CHECK YOUR TRID DISCLOSURES
It’s that time of year again. Daylight Saving Time, or Daylight Time (DT), ends on November 5, 2017 at 2:00 a.m. If your financial institution is in an area that observes Daylight Savings Time, ensure the time zone designation has been updated to reflect Standard Time (ST) on your TRID disclosures. Under the TRID rules in Regulation Z creditors must disclose the date and time (including the applicable time zone): When the interest rate lock […]