In a recent blog post and in recent training we pointed out the financial institution regulatory agencies attack on overdraft fees. Now the attack is being broadened. On January 26, 2022, the Consumer Financial Protection Bureau (CFPB) issued a request for public comment on the topic of Fees Imposed by Providers of Consumer Financial Products or Services. Comments will be accepted until March 31, 2022. The request is a chance for the public to share […]
Tag: Consumer Financial Protection Bureau
FINAL 2022 LENDING THRESHOLDS PUBLISHED
On December 23, 2022, the Consumer Financial Protection Bureau (CFPB) published the final 2022 lending thresholds. The CFPB published a final rule amending Regulation C to reflect the asset-size exemption threshold for banks, savings associations, and credit unions based on the annual percentage change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Based on the 4.7 percent increase in the average of the CPI-W for the 12-month […]
REVISED HMDA EXAMINATION PROCEDURES
On December 17, 2021, the Office of the Comptroller of the Currency (OCC) issued OCC Bulletin 2021-63, which contains interagency Home Mortgage Disclosure Act, (HMDA) examination procedures. The revised procedures address changes to: The effective dates for banks that meet or exceed either the closed-end mortgage loans or the open-end lines of credit loan-volume threshold in each of the two preceding calendar years: Effective July 1, 2020, a bank, savings association, or credit union that […]
INTERAGENCY STATEMENT ON STORM DAMAGE
On December 15, 2021, the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the currency, the National Credit Union Administration, and the Conference of State Bank Supervisors (the Agencies) issued an interagency statement that states that the agencies recognize the serious impact of tornadoes on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision. The agencies encourage […]
FINAL REGULATION Z RULES FOR LIBOR
On December 8, 2021 the Consumer Financial Protection Bureau (CFPB) amended Regulation Z, which implements the Truth in Lending Act (TILA), generally to address the anticipated sunset of LIBOR, which is expected to be discontinued for most U.S. Dollar (USD) tenors in June 2023. Some creditors currently use USD LIBOR as an index for calculating rates for open-end and closed-end products. The CFPB is amending: The open-end and closed-end provisions to provide examples of replacement […]