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Recently Finalized Rules
Effective Dates in 2013
- Reg E remittances rules published
The Bureau's final rule [TXT; PDF] amending its Regulation E to implement the consumer foreign remittances protections mandated in the Dodd-Frank Act have been published in the Federal Register. The rule will be effective in one year, on February 7, 2013. 2/7/12.
Effective Dates in 2012
- Bureau tweaks Regulation C (HMDA)
A technical amendment [TXT; PDF] to Regulation C (12 CFR Part 1003) has been published in the Federal Register by the Consumer Financial Protection Bureau. The amendment changes in the asset-size exemption threshold for depository institutions based on the CPI-W index. Depository institutions with assets of $41 million or less as of December 31, 2011, are exempt from collecting data in 2012. The amendment, which has been posted in BOL's Alphabet Soup, is effective February 15, 2012. 2/15/12
- FDIC Publishes "Living Will" Rule
The FDIC has published a Final Rule [TXT; PDF] on Resolution Plans Required for Insured Depository Institutions with $50 Billion or More in Total Assets. This "living will" requirement will replace a January 1, 2012 Interim Final Rule on April 1, 2012. 1/23/12
- FinCEN Prepaid Access Rule Published
FinCEN has published its previously announced final rule [TXT; PDF] amending its Title 31 Chapter X regulations to add definitions and other regulations relating to prepaid access. The final rule is effective September 27, 2011, with compliance required by January 28, 2012. 7/29/11
- Fed Publishes 3 Minor Reg Changes
The Federal Reserve Board published in today’s Federal Register three Final Rules amending dollar amounts in Regulations M and Z, all effective 1/1/2012. Each regulation is amended to increase the threshold dollar amount above which certain transactiions are exempt from coverage, and Regulation Z is amended to adjust the dollar fee trigger for coverage under HOEPA. [Reg M Threshold TXT; PDF — Reg Z Threshold TXT; PDF — Reg Z HOEPA Fee TXT; PDF] 6/20/11
- CRA Technical Amendments Published
The OCC, FRB and FDIC have published a joint final rule [TXT; PDF]making technical amendments to their respective CRA regulations to adjust the asset-size thresholds used to define “small bank” or “small savings association” and “intermediate small bank” or “intermediate small savings association.” The amendments are effective January 1, 2012. 12/22/11
- Joint Agencies Publish Final Rule in FR for Final Model Privacy Form under Gramm–Leach–Bliley Act
The OCC, Board, FDIC, OTS, NCUA, FTC, CFTC, and SEC (the "Agencies") are publishing final amendments to their rules that implement the privacy provisions of Subtitle A of Title V of the Gramm-Leach-Bliley Act ("GLB Act"). These rules require financial institutions to provide initial and annual privacy notices to their customers. Pursuant to Section 728 of the Financial Services Regulatory Relief Act of 2006 ("Regulatory Relief Act"), the Agencies are adopting a model privacy form that financial institutions may rely on as a safe harbor to provide disclosures under the privacy rules. In addition, the Agencies other than the SEC are eliminating the safe harbor permitted for notices based on the Sample Clauses currently contained in the privacy rules if the notice is provided after December 31, 2010. Similarly, the SEC is eliminating the guidance associated with the use of notices based on the Sample Clauses in its privacy rule if the notice is provided after December 31, 2010. TXT; Effective: 12/31/09 except for the following amendments, which are effective January 1, 2012: Instructions 3B, 10B, 17B, 24B, 31B, 38B, 45B, and 52B removing paragraphs (g) to 12 CFR 40.6, 216.6, 332.6, 573.6, and 716.6, 16 CFR 313.6, and 17 CFR 160.6 and 248.6, respectively; and Instructions 7B, 14B, 21B, 28B, 35B, 42B, 49B, and 55B removing
Appendixes B to 12 CFR parts 40, 216, 332, 573, and 716, 16 CFR part 313, and 17 CFR parts 160 and 248, respectively.
Effective Dates in 2011
- Reg Z Republished (with a Tweak or Two)
The Consumer Financial Protection Bureau (Bureau) added Regulation Z to the lengthening list of regulations it has republished in Chapter X of Title 12, CFR. Once again, the Bureau has published the regulation as an interim final rule [TXT; PDF] with an effective date of December 30, 2011. Comments on the rule will be accepted by February 21, 2012. No substantive changes were made, although two sections of the Fed's Reg Z -- 226.5a and 226.5b -- have been redesignated as §§ 1026.60 and 1026.40, respectively, to move them to more relevant sections of the regulation and provide numbering consistent with current requirements for the CFR. 12/22/11
- Bureau Adds to Alphabetic Collection
The Consumer Financial Protection Bureau (Bureau) continues its republication of regulations for which it is assuming rule-writing responsibility from other federal agencies under the provisions of the Dodd-Frank Act. In the Federal Register for today (December 21, 2011), the Bureau has republished the following interim final rules, to be effective December 30, 2011, with comments due by February 21, 2012, indicating that no substantive changes have been made in the regulations’ requirements—
- Regulation B (12 CFR Part 1002)—Equal Credit Opportunity [TXT; PDF]
- Regulation V (12 CFR Part 1022)—Fair Credit Reporting [TXT; PDF]
- Regulations J, K and L (12 CFR Parts 1010, 1011 & 1012)—Interstate Land Sales Registration Program [TXT; PDF]
- Regulation P (12 CFR Part 1016)—Privacy of Consumer Financial Information [TXT; PDF]
- Regulation DD (12 CFR Part 1030)—Truth in Savings [TXT; PDF]
12/21/11
- Bureau Posts Four New Interim Final Regs
The Bureau of Consumer Financial Protection has added four new regulations to its own series of alphabetically-designated rules. It has published in the December 16, 2011 Federal Register these interim final rules, each of which will be effective December 30, 2011, with a comment period ending February 14, 2012—- Regulation I (12 CFR Part 1009): Disclosure Requirements for Depositary Institutions Lacking Federal Deposit Insurance [TXT; PDF]
- Regulation F (12 CFR Part 1006): Fair Debt Collection Practices Act [TXT; PDF]
- Regulations N (12 CFR Part 2014): Mortgage Acts and Practices Advertising and O (12 CFR Part 2015): Mortgage Assistance Relief Services [TXT; PDF]
All four regulations have been added to BOL's Alphabet Soup page. 12/16/11
- Bureau Issues More Transferred Regs
The Consumer Financial Protection Bureau (Bureau) has published three more interim final rules, each effective December 30, 2011 with comments due by February 17, 2012. The rules, which will implement the transfer of rulemaking authority to the Bureau from other agencies pursuant to the Dodd-Frank Act, include four new Bureau regulations—
- Regulation M (Consumer Leasing) [TXT; PDF]
- Regulation C (Home Mortgage Disclosure) [TXT; PDF]
- Regulations G & H (S.A.F.E. Mortgage Licensing Act) [TXT; PDF]
12/19/11
- CFPB Publishes its RESPA Reg X
Continuing its issuance of a series of interim final regulations as it assumes rulemaking authority over a collection of federal consumer protection laws, the Consumer Financial Protection Bureau (Bureau) has published its new Regulation X, 12 CFR Part 1024, implementing the Real Estate Settlement Protection Act (RESPA) [TXT; PDF]. The rule will be effective December 30, 2011, and comments will be accepted through February 21, 2012. 12/20/11
- Annual Reg D Adjustment Amendments Published
The Federal Reserve System has published a final rule [TEXT; PDF] to make its annual indexing adjustments to the reserve requirement exemption amount and the low reserve tranche for 2012. The Regulation D amendments set the amount of total reservable liabilities of each depository institution that is subject to a zero percent reserve requirement in 2012 at $11.5 million (up from $10.7 million in 2011). The amendments, which are effective December 5, 2011, also adjust the low reserve tranche cap and certain dollar amounts that are used to determine how frequently institutions must submit deposit reports. For compliance dates, see the “Dates” information near the beginning of the Federal Register document. 11/3/11
- Final Reg on Resolution Plans Published
The Federal Reserve System and Federal Deposit Insurance Corporation have published a final rule [Text; PDF] to implement the requirement in section 165(d) of the Dodd-Frank Act (“DFA”) regarding resolution plans. The DFA section requires each nonbank financial company designated by the Financial Stability Oversight Council (the “Council”) for enhanced supervision by the Board and each bank holding company with assets of $50 billion or more to report periodically to the Board, the Corporation, and the Council the plan of such company for rapid and orderly resolution in the event of material financial distress or failure. The rule is effective November 30, 2011. 11/1/11
- FinCEN Rule Published
FinCEN has published in the Federal Register its previously announced Final Rule [Text; PDF] on Comprehensive Iran Sanctions, Accountability, and Divestment Reporting Requirements, which is added to FinCEN's Chapter X regulations as 31 CFR Part 1060, effective today, October 11, 2011. The new rule was added to BOL’s Alphabet Soup pages earlier. 10/11/11
- Flood Guidance and Interagency Q&A Revisions
The federal regulators of financial institutions and the Farm Credit Administration have issued a Joint Press Release announcing their Federal Register publication of guidance [Text; PDF] that updates the Interagency Questions and Answers Regarding Flood Insurance that were most recently published in 2009. The Agencies are finalizing two new questions and answers, one relating to insurable value and one relating to force placement, and withdrawing one question and answer regarding insurable value. The two final questions and answers supplement the “Interagency Questions and Answers Regarding Flood Insurance”, which were published on July 21, 2009 (74 FR 35914). Based on comments received, the Agencies also have significantly revised two questions and answers regarding force placement of flood insurance that were initially proposed on July 21, 2009, and are proposing revision to a previously finalized question and answer. These three revised questions and answers are being proposed for comment, with the period for comments ending on December 1, 2011. 10/17/11
- Treasury Publishes Change to Direct Deposit Regs
Treasury's Fiscal Service has published a final rule [Text; PDF] to amend its regulations at 31 CFR Part 210 (“Federal Government Participation in the Automated Clearing House”) to adopt with some exceptions NACHA 2009 rule amendments relating to International ACH Transactions (IAT entries), change reporting requirements relating to reclamation of post-death benefit payments, and permit delivery of federal payments to pooled or master accounts under some circumstances. The rule will be effective October 24, 2011. 9/23/11
- Check Reclamation Rules Amendment
Treasury’s Financial Management Service (FMS) has published a final rule [Text; PDF] amending its regulations on Indorsement and Payment of Checks Drawn on the United States
Treasury (12 CFR Part 240) to authorize the FMS to direct Federal
Reserve Banks to debit a financial institution’s Master Account for all
check reclamations against the financial institution that the financial
institution has not protested. Financial institutions will continue to have the right to file a protest with FMS if they believe a proposed reclamation is in error. Cashier's check payments to FMS will no longer be accepted. This rule is effective October 19, 2011. 9/19/11
- OCC Publishes Transferred OTS Rules
As previously announced, the Office of the Comptroller of the Currency (OCC) has republished, with nomenclature and other technical changes, the OTS regulations currently found in Chapter V of Title 12 of the Code of Federal Regulations. The republished regulations will be recodified with the OCC's regulations in Chapter I at parts 100 through 197 (Republished Regulations), effective on July 21, 2011. The Republished Regulations will supersede the OTS regulations in Chapter V for purposes of OCC supervision and regulation of Federal savings associations, and certain of the Republished Rules will supersede the OTS regulations in Chapter V for purposes of the FDIC's supervision of state savings associations. The regulations were republished as an interim final rule [TXT; PDF], with comments accepted through October 11, 2011. 8/9/11
- FDIC's Final Rule to End Interest Ban
The FDIC has published a Final Rule [TXT;PDF] to implement § 627 of the Dodd-Frank Act (DFA), which repeals the prohibition in the FDI Act prohibiting the payment of interest on demand deposits, by removing and reserving 12 CFR Part 329. However, the portions of Part 329 that define “interest” and exceptions to that definition for “premiums” are being transferred into Part 330 for purposes of implementing the temporary, unlimited deposit insurance coverage mandated by § 343 of the DFA. The rule, which will affect insured non-member banks and state savings associations, will be effective on the DFA Transfer Date, July 21, 2011. Note: BOL's Alphabet Soup copy of Part 330 has been updated. 7/14/11
- OCC Publishes Final Rule for Retail ForEx Transactions
The OCC has published a Final Rule [TXT; PDF] authorizing national banks, Federal branches and agencies of foreign banks, and their operating subsidiaries to engage in off-exchange transactions in foreign currency with retail customers, and describing requirements imposed on such transactions. The Rule, which becomes effective tomorrow, July 15, 2011, is similar to one published by the FDIC on July 12. 7/14/11
- FDIC Publishes ForEx Regs
The FDIC has published in today’s Federal Register its previously-announced final rule [TXT; PDF] imposing requirements for foreign currency futures, options on futures, options and similar transactions that an insured depository institution supervised by the FDIC engages in with retail customers. The rule, which adds Part 349 to Title 12 of the CFR, becomes effective July 15, 2011. It will apply to state nonmember banks and, as of July 21, 2011, to state savings associations. 7/12/11
- HUD Updates RESPA Reg
Today’s Federal Register includes a HUD final rule [TXT; PDF] making technical changes to Regulation X (24 CFR Part 3500), which contains HUD’s RESPA rules. The amendments are being made to clarify certain aspects of the regulation that have previously been addressed in HUD’s RESPA FAQ and RESPA Roundup. The changes, which will be effective August 10, 2011, have been posted to BOL’s Alphabet Soup copy of the regulation. 7/11/11
- Subordinated Debt Treatment Rules Published
The Federal Reserve Board (Board) published an interim final rule announced on June 13 to allow small bank holding companies that are S-Corps or that are organized in mutual form to exclude subordinated debt issued to Treasury under the Small Business Lending Fund (SBLF) from treatment as "debt" for purposes of the debt-to-equity standard under the Board's Small Bank Holding Company Policy Statement. In the same Federal Register document, the Board published a final rule that allows those same bank holding companies to include in Tier 1 capital all subordinated debt issued to Treasury under the TARP, subject to certain limits. Both rules [TXT; PDF] are effective 6/21/11. Comments on the interim final rule are due 7/30/11. 6/21/11
- Reg. Z Card Rules Published
On March 18, 2011, the Federal Reserve Board announced a final rule amending Regulation Z to clarify two earlier rules implementing the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit CARD Act). That final rule [TXT; PDF (94 pages)] was published in today’s Federal Register, and deals with Regulation Z provisions that apply to open-end (not home-secured) credit plans. The Board believes that clarification is needed regarding compliance with certain aspects of the earlier final rules, which had been published on February 22 and June 29, 2010. Accordingly, to facilitate compliance, the Board is further amending specific portions of the regulations and official staff commentary. Today's final rule has an effective and mandatory compliance date of effective October 1, 2011. Creditors may, at their option, comply with the rule sooner. 4/25/2011
- Fiscal Services (Treasury) Publishes Interim Final Rule in FR for Federal Government Participation in the Automated Clearing House
The Department of the Treasury, Financial Management Service (FMS) is amending its regulation governing the use of the Automated Clearing House (ACH) system by Federal agencies to permit the delivery of Federal payments to prepaid debit cards that meet certain criteria. To be eligible to receive Federal payments, a card must provide the cardholder with pass-through deposit or share insurance and the card account must not have an attached line of credit or loan feature that triggers automatic repayment from the card account. In addition, the issuer of the card account must provide the cardholder with all of the consumer protections that apply to a payroll card under the Federal Reserve Board's Regulation E. TXT; PDF Effective: 6/21/11
- Regs on Reports of Foreign Financial Accounts Amended
FinCEN has published in the Federal Register a Final Rule [TXT; PDF] to amend the Bank Secrecy
Act (BSA) regulations regarding reports of foreign financial accounts.
The rule addresses the scope of the persons that are required to file
reports, specifies the types of accounts that are reportable, and provides filing relief in
the form of exemptions for certain persons with signature or other
authority over foreign financial accounts. Finally, the rule adopts
provisions intended to prevent persons subject to the rule from
avoiding their reporting requirement. The rule is effective 3/28/11 and first affects reports required to be filed by 6/30/11 on foreign accounts maintained in calendar year 2010. 2/24/11
- Garnishment Rules Published
The Office of Personnel Management, Railroad Retirement Board, Social Security Administration, U.S. Treasury Fiscal Service, and Department of Veterans Affairs (the Agencies) published an Interim Rule [TXT; PDF] and request for comment on Garnishment of Accounts Containing Federal Benefit Payments. The rule, which is effective May 1, 2011, establishes procedures that financial institutions must follow when they receive a garnishment order against an account holder who receives certain types of Federal benefit payments by direct deposit. The rule requires financial institutions that receive such a garnishment order to determine the sum of such Federal benefit payments deposited to the account during a two month period, and to ensure that the account holder has access to an amount equal to that sum or to the current balance of the account, whichever is lower. The rule adopts the Agencies' April 19, 2010 proposal, with a number of changes. Comments are due by May 24, 2011. 2/23/11
- FDIC Publishes Final Rule to Cover IOLTAs
The FDIC has published in today's Federal Register its final rule (see the January 19, 2011 entry below) [TXT; PDF] to place Interest On Lawyers Trust Accounts (IOLTAs) under the temporary unlimited coverage rules of § 330.16 of 12 CFR Part 330, in accordance with legislation enacted on December 29, 2010. The rule is effective 1/27/2011, with a requirement that lobby and website notices be updated by 2/28/2011. 1/27/11
- FDIC Publishes Orderly Liquidation Regulation
The FDIC has published in the Federal Register an interim final rule [TXT; PDF] implementing certain provisions of its
authority to resolve covered financial companies under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). The Rule is published to provide
greater clarity and certainty about how key components of this authority will be implemented and to ensure that the liquidation process under Title II reflects the Dodd-Frank Act’s mandate of transparency in the liquidation of failing systemic financial companies. Adds new 12 CFR Part 380, effective 1/25/2011.
- FRB Publishes Interim Final Rule for Truth in Lending
The Board is publishing for comment an interim rule amending Regulation Z, which implements the Truth in Lending Act (TILA). This interim rule revises the Board's interim rule published on September 24, 2010, which implemented certain requirements of the Mortgage Disclosure Improvement Act of 2008. The September 2010 interim rule requires creditors who extend consumer credit secured by real property or a dwelling to disclose summary information about interest rates and payment changes in a tabular format. This rule clarifies the requirements for adjustable-rate transactions that are "5/1 ARM" loans. It corrects the requirements
for interest-only loans to clarify that the disclosures should reflect the date of the interest rate change rather than the date the first payment is due under the new rate.TXT; PDF Effective: 1/30/11
- NCUA Publishes Final Rule in FR for Fiduciary Duties at Federal Credit Unions: Mergers and Conversions of Insured Credit Unions
NCUA is issuing final amendments to its regulations covering several related subjects. The final rule documents and clarifies the fiduciary duties and responsibilities of Federal credit union (FCU) directors, amends NCUA's indemnification regulation limiting indemnification of FCU officials and employees for liability arising from improper decisions that affect the fundamental rights of credit union members, and makes conforming changes to the standard FCU and corporate credit union bylaws, and adds new provisions establishing the procedures for insured credit unions merging into banks. TXT; PDF Effective: 1/27/11
- Joint Agencies Publish Final Rule in FR for Community Reinvestment Act Regulations
The OCC, the Board, the FDIC, and the OTS are adopting revisions to our rules implementing the Community Reinvestment Act (CRA). The agencies are revising the term "community development" to include loans, investments, and services by financial institutions that support, enable, or facilitate projects or activities that meet the "eligible uses" criteria described in Section 2301(c) of the Housing and Economic Recovery Act of 2008 (HERA), as amended, and are conducted in designated target areas identified in plans approved by the United States Department of Housing and Urban Development (HUD) under the Neighborhood Stabilization Program (NSP). TXT;
PDF Effective: 1/19/11
- NCUA Publsihes Final Rule in FR for Corporate Credit Unions
NCUA is issuing final amendments to its rule governing corporate credit unions. The major revisions involve corporate credit union capital, investments, asset-liability management, governance, and credit union service organization (CUSO) activities. The amendments
establish a new capital scheme, including risk-based capital requirements; impose new prompt corrective action requirements; place various new limits on corporate investments; impose new asset-liability management controls; amend some corporate governance provisions; and
limit a corporate CUSO to categories of services preapproved by NCUA. TXT; PDF Effective: January 18, 2011, except that the amendments to 12 CFR 702.105(a), 703.14(b), 704.2, 704.3, 704.4, and subpart M of 12 CFR part 747, are effective October 20, 2011.
- NCUA Publishes Technical Corrections for Interim Final Rule for Corporate Credit Unions
NCUA is issuing technical corrections to its corporate credit union rule, published in the Federal Register of October 20, 2010. The amendments: Correct the definition of collateralized debt obligation (CDO) in Sec. 704.2; correct the list of investments exempt from the single obligor limits and credit rating requirements in Sec. 704.6; and correct a date contained in Model Form H of Appendix A to part 704. TXT; PDF Effective: 1/18/11
- FinCEN Publishes Final Fule in FR Amendment to the Bank Secrecy Act Regulations; Defining Mutual Funds as Financial Institutions; Extension of Compliance Date
FinCEN is issuing this final rule extending the compliance date for those provisions in 31 CFR 103.33 that apply to mutual funds. On April 14, 2010, FinCEN issued a final rule that included mutual funds within the general definition of financial institution in regulations implementing the Bank Secrecy Act. The final rule subjects mutual funds to 31 CFR 103.33, which requires the creation, retention, and transmittal of records or information for transmittals of funds. FinCEN is extending, from January 10, 2011 to April 10, 2011,
the date on which mutual funds must begin to comply with 31 CFR 103.33. TXT; PDF Effective: This final rule is effective on October 15, 2010. The compliance
date for 31 CFR 103.33 is extended from January 10, 2011 to April 10,
2011.
- Truth in Lending - The Board is publishing final rules amending Regulation Z, which implements the Truth in Lending Act and Home Ownership and Equity Protection Act. The purpose of the final rule is to protect consumers in the mortgage market from unfair or abusive lending practices that can arise from certain loan originator compensation practices, while preserving responsible lending and sustainable homeownership. The final
rule prohibits payments to loan originators, which includes mortgage brokers and loan officers, based on the terms or conditions of the transaction other than the amount of credit extended. The final rule further prohibits any person other than the consumer from paying compensation to a loan originator in a transaction where the consumer pays the loan originator directly. The Board is also finalizing the rule that prohibits loan originators from steering consumers to consummate a loan not in their interest based on the fact that the loan originator will receive greater compensation for such loan. The final rules apply to closed-end transactions secured by a dwelling where the creditor receives a loan application on or after April 1, 2011. TXT; PDF Effective: 4/01/11
- FinCEN Publishes Final Rule in FR for Transfer and Reorganization of Bank Secrecy Act Regulations
FinCEN is issuing this final rule to move the Bank Secrecy Act (BSA) regulations to a new chapter in the Code of Federal Regulations (CFR). The new chapter contains the BSA regulations, which are generally reorganized by financial industry. Moving the BSA regulations to a new chapter and organizing the chapter by financial industry creates a user-friendly way to find regulations applicable to a particular financial industry. This new organization within the new chapter also allows for the renumbering of the BSA regulations in a manner that makes it easier to find regulatory requirements than under
the numbering system currently used in the existing regulations. FinCEN also makes minor technical changes to the BSA regulations such as updating mailing addresses and points of contact. TXT; PDF Effective: 3/01/11
- Reg Z - Truth in Lending - The Board is publishing final rules amending Regulation Z (Truth in Lending). The final rule implements Section 131(g) of the Truth in Lending Act (TILA), which was enacted on May 20, 2009, as Section 404(a) of the Helping Families Save Their Homes Act. TILA Section 131(g) became effective immediately upon enactment and
established a new requirement for notifying consumers of the sale or transfer of their mortgage loans. Consistent with the statute, the final rule requires a purchaser or
assignee that acquires a loan to provide the disclosures in writing no later than 30 days after the date on which the loan was sold, transferred or assigned. Certain exceptions may apply if the covered person transfers or assigns the loan to another party on or before the
30th day. TXT; PDF Effective: Effective Date. This final rule is effective on January 1, 2011. Mandatory Compliance Date. The mandatory compliance date is January 1, 2011. Covered persons may immediately comply with this amendment or continue to comply with 12 CFR 226.39 until the mandatory compliance
date.
- FDIC Publishes Final Rule in FR for Designated Reserve Ratio
To implement a comprehensive, long-range management plan for the Deposit Insurance Fund (DIF or fund), the FDIC is amending its regulations to set the designated reserve ratio (DRR) at 2 percent. TXT;
PDF Effective: 1/01/11
- FR Publishes Final Rule in FR for Truth in Lending
The Board is publishing a final rule amending the staff commentary that interprets the requirements of Regulation Z (Truth in Lending). The Board is required to adjust annually the dollar amount that triggers requirements for certain home mortgage loans bearing fees
above a certain amount. The Home Ownership and Equity Protection Act of 1994 (HOEPA) sets forth rules for home-secured loans in which the total points and fees payable by the consumer at or before loan consummation exceed the greater of $400 or 8 percent of the total loan amount. In keeping with the statute, the Board has annually adjusted the $400
amount based on the annual percentage change reflected in the Consumer Price Index as reported on June 1. The adjusted dollar amount for 2011 is $592. TXT; PDF Effective: 1/01/11
- FRB Publishes Final Rule in FR for Fair Credit Reporting Risk-Based Pricing Regulations
The Board and the Commission are jointly issuing final rules
to implement the risk-based pricing provisions in section 311 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act), which amends the Fair Credit Reporting Act (FCRA). The final rules generally require a creditor to provide a risk-based pricing notice to a consumer when the creditor uses a consumer report to grant or extend credit to
the consumer on material terms that are materially less favorable than the most favorable terms available to a substantial proportion of consumers from or through that creditor. the
Privacy Act. TXT; PDF Effective: 1/01/11
Effective Dates in 2010
- Treasury Publishes Final Rule in FR for Privacy Act Implementation
In accordance with the requirements of the Privacy Act of 1974, as amended, the Department of the Treasury is amending its regulations due to the consolidation of the existing Office of Foreign Assets Control (OFAC)-related systems of records by revising the number
and title of the Privacy Act system of records for which an exemption has been claimed. TXT; PDF Effective: 11/08/10
- Fiscal Services (Treasury) Publishes Final Rule in Fr for Management of Federal Agency Disbursements
The Department of the Treasury (Treasury), Financial Management Service (FMS), is amending its regulation to require recipients of Federal nontax payments to receive payment by electronic funds transfer (EFT), effective May 1, 2011. Individuals who do not choose direct deposit of their payments to an account at a financial institution would be enrolled in
the Direct Express[supreg] Debit MasterCard[supreg] card program, a prepaid card program established pursuant to terms and conditions approved by FMS. In addition, this rule establishes the criteria under which a payment recipient may request a waiver if the EFT requirement creates a hardship due to his or her mental impairment or remote geographic location. TXT; PDF Effective: 2/22/10
- Joint Agencies Publish Final Rule in FR for Community Reinvestment Act Regulations
The OCC, FRB, FDIC, and OTS are issuing this joint final rule, which revises our rules implementing the Community Reinvestment Act (CRA). The rule implements the statutory
requirement that the Agencies consider low-cost education loans provided by the financial institution to low-income borrowers as a factor when assessing an institution's record of meeting community credit needs. The final rule also incorporates the statutory provision
that allows the Agencies to consider capital investment, loan participation, and other ventures undertaken by nonminority-owned and nonwomen-owned financial institutions in cooperation with minority- and women-owned financial institutions and low-income credit unions as a factor when assessing an institution's CRA record. TXT; PDF Effective: 11/03/10
- NCUA Publishes Final Rule in FR for Short-Term, Small Amount Loans
NCUA is amending its general lending rule to enable Federal
credit unions (FCUs) to offer short-term, small amount loans (STS loans) as a viable alternative to predatory payday loans. The amendment permits FCUs to charge a higher interest rate for an STS loan than is permitted under the general lending rule, but imposes limitations on the permissible term, amount, and fees associated with an STS loan. This final rule also requires an FCU to set a cap on the total dollar amount of STS loans it will make and to set a length of membership requirement of at least one month. Also, any loan under this rule must be fully amortized. The STS loan alternative will assist FCUs in
meeting their mission to promote thrift and meet their members' credit needs, particularly the provident needs of members of modest means. Permitting a higher interest rate for STS loans will allow FCUs to make loans cost effective while the limitations will appropriately constrain the product to meeting its purpose as an alternative to predatory credit products. This final rule also includes guidance in the form of "best practices" FCUs should consider incorporating into their individual STS programs. TXT; PDF Effective: 10/25/10
- FRB Publishes Final Rule in FR for 1974 Privacy Act Regulations
The Board of Governors of the Federal Reserve System is issuing a final rule to amend its regulation implementing the Privacy Act of 1974 (Privacy Act). The primary changes concern the waiver of copying fees charged to current and former Board employees, and applicants for Board employment, for access to their records under the Privacy Act; the amendment of special procedures for the release of medical records to permit the Board's Chief Privacy Officer to consult with the Board's Employee Assistance Program counselor to determine
whether the disclosure of medical records directly to the requester could have an adverse effect on the requester; changes to the time limits for responding to requests for access to information and amendment of records; and updates to the exemptions claimed for certain
systems of records. TXT; PDF Effective: 10/18/10
- FDIC Publishes Final Rule in Fr for Treatment by the Federal Deposit Insurance Corporation as Conservator or Receiver of Financial Assets
The Federal Deposit Insurance Corporation has adopted an amended regulation regarding the treatment by the FDIC, as receiver or conservator of an insured depository institution, of financial assets transferred by the institution in connection with a securitization or a participation. The Rule continues the safe harbor for financial assets transferred in connection with securitizations and participations in which the financial assets were
transferred in compliance with the existing regulation. The Rule also imposes further conditions for a safe harbor for securitizations or participations issued after a transition period. TXT; PDF Effective: 9/25/10
- Reg Z - Truth in Lending - The Board is publishing for comment an interim rule amending Regulation Z, which implements the Truth in Lending Act (TILA). The interim rule implements certain requirements of the Mortgage Disclosure Improvement Act of 2008, which amended TILA. The amendments and this interim rule require creditors extending consumer credit secured by real property or a dwelling to disclose certain summary information
about interest rates and payment changes, in a tabular format, as well as a statement that consumers are not guaranteed to be able to refinance their transactions in the future. The interest rate and payment summary tables replace the payment schedule previously required
as part of the TILA disclosure for mortgage transactions. Disclosures for non-mortgage, closed-end consumer credit will continue to include the current payment schedule. TXT; PDF Effective: This interim rule is effective October 25, 2010. Compliance with its requirements is optional, however, until January 30, 2011; its requirements are mandatory for transactions for which an application for credit is received by the creditor on or after that date. Comments on this interim rule must be received on or before November 23, 2010.
- NCUA Publishes Final Rule in FR for Secondary Capital Accounts
On February 19, 2010, NCUA published an interim final rule amending its regulation governing secondary capital accounts to permit low-income designated credit unions to redeem all or part of secondary capital accepted from the United States Government or any of its subdivisions at any time after the secondary capital has been on deposit for two years. The amendments also allowed early redemption, under the same terms and conditions, of secondary capital accepted as a match to the government-funded secondary capital. Finally, the amendments changed the loss-distribution provision that applies to secondary capital accounts so that secondary capital accepted under the 2010 Community Development Capital Initiative is senior to any required matching secondary capital accepted from an alternative source. This rule confirms those amendments as final with some technical changes and clarifications. TXT; PDF Effective: 9/23/10
- NCUA Publishes Final Rule in FR for Display of Official Sign; Permanent Increase in Standard Maximum Share Insurance Amount
President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) on July 21, 2010. Section 335 of the Dodd-Frank Act amended the Federal Credit Union Act (FCU Act) to make permanent the standard maximum share insurance amount (SMSIA) of $250,000. NCUA is amending its share insurance and official sign regulations to conform to this statutory change. TXT; PDF Effective: 9/02/10
- FRB Publishes Interim Final Rule in FR for Electronic Fund Transfers
The Board is amending Regulation E, which implements the Electronic Fund Transfer Act, and the official staff commentary to the regulation, in order to implement legislation that modifies the effective date of certain disclosure requirements in the gift card provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009. TXT; PDF Effective: 8/22/10
- FDIC Publishes Final Rule in FR for Deposit Insurance Regulations
On July 21, 2010, the President signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act, Section 335 of the Dodd-Frank Act made permanent the standard maximum deposit insurance amount of $250,000. The FDIC is conforming its regulations to reflect this recent congressional action. TXT; PDF Effective: August 13, 2010. Mandatory Compliance Date for Revision to 12 CFR Part 328 (FDIC Official Sign): January 3, 2011.
- Interim Final Rule for Truth in Savings
On July 22, 2009, NCUA published a final rule amending part 707, which implements the Truth in Savings Act, and the official staff interpretations to the regulation. This interim
final rule amends part 707 and official staff interpretations to address the application of the July 2009 final rule to retail sweep programs and the terminology for overdraft fee disclosures and to make amendments that conform to the Federal Reserve Board's (Federal
Reserve) final Regulation E amendments addressing overdraft services, adopted in November 2009. TXT; PDF Effective: 7/07/10, with Comments due by 10/04/10
- Final Rule for Low-Income Definition
NCUA is amending the definition of "low-income members" to clarify that, in determining if a credit union qualifies for a low-income designation, the comparison of credit union data, whether individual or family income data, must be with statistical data for the same category. The amendment will clarify the intention of the original regulatory text so it is consistent with the geo-coding software the agency uses to make the low-income credit union (LICU) designation. TXT; PDF Effective: 10/04/10
- Joint Agencies Publish Final Rule in FR for Registration of Mortgage Loan Originators
The OCC, Board, FDIC, OTS, FCA, and NCUA are adopting final rules to implement the Secure and Fair Enforcement for Mortgage Licensing Act (the S.A.F.E. Act). The S.A.F.E. Act requires an employee of a bank, savings association, credit union or Farm Credit System (FCS) institution and certain of their subsidiaries that are regulated by a Federal banking agency or the FCA who acts as a residential mortgage loan originator to register with the Nationwide Mortgage Licensing System and Registry, obtain a unique identifier, and maintain
this registration. The final rule further provides that Agency-regulated institutions must: require their employees who act as residential mortgage loan originators to comply with the S.A.F.E. Act's requirements to register and obtain a unique identifier, and adopt and
follow written policies and procedures designed to assure compliance
with these requirements. TXT; PDF Effective: 10/01/10
- FDIC Publishes Final Rule in FR for Deposit Insurance Regulations
The FDIC is adopting a final rule amending its deposit insurance regulations to implement section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, providing for unlimited deposit insurance for "noninterest-bearing transaction accounts" for two years starting December 31, 2010. TXT; PDF Effective: 12/31/10
- OTS Publishes Final Rule in FR for Prohibited Service at Savings and Loan Holding Companies: Reinstitution of Expiration Date of Temporary Exemption
The OTS is revising its rules implementing section 19(e) of the Federal Deposit Insurance Act (FDIA), which prohibits any person who has been convicted of any criminal offense involving dishonesty, breach of trust, or money laundering (or who has agreed to enter into a pretrial diversion or similar program in connection with a prosecution for such an offense) from holding certain positions with respect to a savings and loan holding company (SLHC). Specifically, OTS is reinstituting and extending the expiration date of a temporary
exemption granted to persons who held positions with respect to a SLHC as of the date of the enactment of section 19(e). The reinstituted and revised expiration date for the temporary exemption is December 31, 2012. TXT; PDF Effective: 12/28/10
- FDIC Publishes Interim Final Rule in FR for Securities of Nonmember Insured Banks
The FDIC is revising its securities disclosure regulations applicable to state nonmember banks with securities required to be registered under section 12 of the Securities Exchange Act of 1934 (Exchange Act). The final rule cross references changes in regulations
adopted by the Securities and Exchange Commission (SEC) into the provisions of the FDIC's securities regulations. TXT; PDF Effective: 11/30/10
- FRB Publishes Final Rule in FR for Electronic Fund Transfers
The Board is amending Regulation E, which implements the Electronic Fund Transfer Act, and the official staff commentary to the regulation, in order to implement legislation that modifies the effective date of certain disclosure requirements in the gift card provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009. TXT; PDF Effective: 11/29/10
- NCUA Publsihes Final Rule in FR for Fixed Assets, Member Business Loans, and Regulatory Flexibility Program
NCUA is revising certain provisions of its Regulatory Flexibility Program (RegFlex) to enhance safety and soundness for credit unions. Those provisions pertain to fixed assets, member business loans (MBL), stress testing of investments, and discretionary control of investments. Some of these revisions will require conforming amendments to NCUA's fixed assets and MBL rules. TXT; PDF Effective: 11/29/10
- FRB Publishes Interim Final Rule in Fr for Truth in Lending
The Board is publishing an interim final rule for public comment amending Regulation Z (Truth in Lending). The interim rule implements Section 129E of the Truth in Lending Act (TILA), which was enacted on July 21, 2010, as Section 1472 of the Dodd-Frank Wall Street
Reform and Consumer Protection Act. TILA Section 129E establishes new requirements for appraisal independence for consumer credit transactions secured by the consumer's principal dwelling. The amendments are designed to ensure that real estate appraisals used to
support creditors' underwriting decisions are based on the appraiser's independent professional judgment, free of any influence or pressure that may be exerted by parties that have an interest in the transaction. TXT; PDF Effective: 12/27/10
- FRB Publishes Final Rule in FR for Reserve Requirements of Depository Institutions
The Board is amending Regulation D, Reserve Requirements of Depository Institutions, to reflect the annual indexing of the reserve requirement exemption amount and the low reserve tranche for 2011. The Regulation D amendments set the amount of total reservable liabilities of each depository institution that is subject to a zero percent reserve requirement in 2011 at $10.7 million, unchanged from its level in 2010. This amount is known as the reserve requirement exemption amount. The Regulation D amendments also set the amount of net transaction accounts at each depository institution that is subject to
a three percent reserve requirement in 2011 at $58.8 million, up from $55.2 million in 2010. TXT; PDF Effective: 11/26/10
- FRB Publishes Final Rule in FR for Truth in Lending
The Board is amending Regulation Z, which implements the Truth in Lending Act, and the staff commentary to the regulation in order to implement provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 that go into effect on August 22, 2010. In particular, the final rule requires that penalty fees imposed by card issuers be reasonable and proportional to the violation of the account terms. The final rule also requires credit card issuers to reevaluate at least every six months annual percentage rates increased on or after January 1, 2009, and requires that notices of rate
increases for credit card accounts disclose the principal reasons for the increase. TXT Effective: 8/22/10
- FDIC Publishes Final Rules in FR for Amendment of the Temporary Liquidity
Guarantee Program To Extend the Transaction Account Guarantee Program
The FDIC is issuing a Final Rule extending the Transaction Account Guarantee (TAG) component of the Temporary Liquidity Guarantee Program (TLGP) through December 31, 2010, for insured depository institutions (IDIs) currently participating in the TAG program, with
the possibility of an additional extension of up to 12 months without additional rulemaking, upon a determination by the FDIC's Board of Directors (Board) that continuing economic difficulties warrant further extension. TXT; PDF Effective: 6/28/10
- Treasury Publishes Final Rule in FR for Office of the Special Inspector General for the Troubled Asset Relief Program; Privacy Act of 1974; Implementation
In accordance with the requirements of the Privacy Act of 1974, 5 U.S.C. 552a, the Department of the Treasury amends this part to exempt several systems of records maintained by the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) from certain provisions of the Privacy Act. TXT; PDF Effective: 6/28/10
- NCUA Publishes Final Rule in FR for Chartering and Field of Membership for Federal Credit Unions
NCUA is amending its chartering and field of membership manual to update its community chartering policies. These amendments include using objective and quantifiable criteria to determine the existence of a local community and defining the term "rural district". The
amendments clarify NCUA's marketing plan requirements for credit unions converting to or expanding their community charters and define the term "in danger of insolvency" for emergency merger purposes. TXT; PDF Effective: 7/26/10
- FRB Publishes Final Rule in FR for Electronic Fund Transfers
On November 17, 2009, the Board published a final rule amending Regulation E, which implements the Electronic Fund Transfer Act, and the official staff commentary to the regulation (Regulation E final rule). The Regulation E final rule limited the ability of
financial institutions to assess overdraft fees for paying automated teller machine (ATM) and one-time debit card transactions that overdraw a consumer's account, unless the consumer affirmatively consents, or opts in, to the institution's payment of overdrafts for those transactions. The Board is amending Regulation E and the official staff
commentary to clarify certain aspects of the Regulation E final rule.TXT; PDF Effective 7/06/10
- FRB Also Publishes Final Rule in FR for Truth in Savings
On January 29, 2009, the Board published final rules amending Regulation DD, which implements the Truth in Savings Act, and the official staff commentary to the regulation. The final rule addressed depository institutions' disclosure practices related to overdraft
services, including balances disclosed to consumers through automated systems. The Board is amending Regulation DD and the official staff commentary to address the application of the rule to retail sweep programs and the terminology for overdraft fee disclosures, and to make amendments that conform to the Board's final Regulation E amendments addressing overdraft services, adopted in November 2009.TXT; PDF Effective: July 6, 2010, except for Sec. 230.11(a)(1)(i), which is effective October 1, 2010
- FRB Publishes Final Rule in FR for Electronic Fund Transfers
The Board is amending Regulation E, which implements the Electronic Fund Transfer Act, and the official staff commentary to the regulation, which interprets the requirements of Regulation E. The final rule restricts a person's ability to impose dormancy, inactivity,
or service fees for certain prepaid products, primarily gift cards. The final rule also generally prohibits the sale or issuance of such products if they have an expiration date of less than five years. The amendments implement statutory requirements set forth
in the Credit Card Accountability Responsibility and Disclosure Act of 2009.TXT; PDF Effective: 8/22/10
- OTS Publishes Amendment to Final Rule in FR
The OTS is amending its regulations at 12 CFR part 535 titled "Prohibited Consumer Credit Practices", to avoid duplication and inconsistency with the Credit Card Accountability Responsibility and Disclosure Act of 2009 and the rules of the Board of Governors of the
Federal Reserve implementing that statute. TXT; PDF Effective: 7/01/10
- FRB Publishes Final Rule Withdrawal in FR for Unfair or Deceptive Acts or Practices
On January 29, 2009, the Board published a final rule amending Regulation AA and the staff commentary to the regulation. The substantive requirements in the January 2009 Regulation AA Rule, which were scheduled to go into effect on July 1, 2010, have been superseded by provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit Card Act) that go into effect on February 22, 2010. The Board is implementing these Credit Card Act provisions in a new final rule amending Regulation Z. TXT; PDF Effective: 7/1/10
- NCUA Publishes Final Rule Withdrawal in FR for Unfair or Deceptive Acts or Practices
On January 29, 2009, jointly with the Federal Reserve System Board of Governors (FRB) and the Office of Thrift Supervision (OTS), the NCUA Board (Board) published a final rule and staff commentary amending its credit practices regulations (UDAP Rule). The UDAP Rule also included technical clarifications and was scheduled to become effective on July 1, 2010. The Board is now revising the UDAP Rule because its stipulations became unnecessary due to the enactment of the Credit Card Accountability, Responsibility, and Disclosure Act of 2009 (Credit CARD Act) on May 22, 2009, and amendments to Regulation Z implementing the Credit CARD Act that will become effective on February 22, 2010. For procedural reasons, the substantive requirements of the
UDAP Rule will be removed effective July 1, 2010, but it is the Board's intent that only the technical clarifications become effective and that the substantive requirements will not take effect. This final rule applies only to the NCUA Board's regulations and does not affect the rules issued by the OTS and FRB. TXT; PDF Effective: 7/01/10
- Joint Agencies Publish Final Rule in FR for Procedures to Enhance the Accuracy and Integrity of Information Furnished to Consumer Reporting Agencies
The OCC, Board, FDIC, OTS, NCUA, and FTC (Agencies) are publishing these final rules to implement the accuracy and integrity and direct dispute provisions in section 312 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act) that amended section 623 of
the Fair Credit Reporting Act (FCRA). The final rules implement the requirement that the Agencies issue guidelines for use by furnishers regarding the accuracy and integrity of the information about consumers that they furnish to consumer reporting agencies (CRAs) and prescribe regulations requiring furnishers to establish reasonable policies and
procedures for implementing the guidelines. These final rules also implement the requirement that the Agencies issue regulations identifying the circumstances under which a furnisher must reinvestigate disputes about the accuracy of information contained in a
consumer report based on a direct request from a consumer. TXT; PDF Effective: 7/01/10
- Joint Agencies Publish Final Rule in FR for Unfair or Deceptive Acts or Practices
The Board, OTS, and NCUA (collectively, the Agencies) are exercising their authority under section 5(a) of the Federal Trade Commission Act to prohibit unfair or deceptive acts or practices. The final rule prohibits institutions from engaging in certain acts or
practices in connection with consumer credit card accounts. The final rule relates to other Board rules under the Truth in Lending Act. TXT; PDF Effective: 7/1/10
- FRB Publishes Final Rule in FR for Truth in Lending
The Board is amending Regulation Z, which implements the Truth in Lending Act (TILA), and the staff commentary to the regulation, following a comprehensive review of TILA's rules for open-end (revolving) credit that is not home-secured. Consumer testing was
conducted as a part of the review. TXT; PDF Effective: 7/1/10 [withdrawn 2/22/10]
- OTS Publishes Final Rule in FR for Definitions for Regulations Affecting All Savings Associations: Money Market Deposit Accounts
The Office of Thrift Supervision is amending its regulations to eliminate restrictions on certain kinds of transfers from money market deposit accounts for savings associations. The Board of Governors of the Federal Reserve System (the FRB) has already amended
its regulations ("Regulation D") to eliminate these restrictions for member banks. Because this change is ministerial, the OTS has determined for good cause that public notice and comment is unnecessary under the Administrative Procedure Act (APA) and is implementing this change by means of a final rule without notice and comment. TXT; PDF Effective: 6/14/10
- FRB Publishes Final Rule in FR for Reserve Requirements of Depository Institutions Policy on Payment System Risk
The Board is amending Regulation D to authorize Reserve Banks to offer term deposits to facilitate the conduct of monetary policy by providing a tool for managing the aggregate quantity of reserve balances. Institutions eligible to receive earnings on their balances in accounts at Federal Reserve Banks may hold term deposits and receive earnings at a rate that does not exceed the general level of short-term interest rates. The Board is also making minor amendments to the posting rules for intraday debits and credits to master accounts as set forth in the Board's
Policy on Payment System Risk to address transactions associated with term deposits.TXT; PDF Effective: 6/04/10
- FRB Publishes Final Rule in FR for Prohibition on Funding of Unlawful Internet Gambling: Extension of Compliance Date
This document is published jointly by the Board of Governors of the Federal Reserve System ("Board") and Departmental Offices, Department of the Treasury ("Treasury") (collectively, the "Agencies") to extend the compliance date for the final regulation implementing applicable provisions of the Unlawful Internet Gambling Enforcement Act of 2006 (the "Act").\1\ The final regulation requires non-exempt participants in designated payment systems to establish and implement written policies and procedures that are reasonably designed to identify and block or otherwise prevent or prohibit unlawful Internet gambling transactions restricted by the Act. In extending the compliance date, the Agencies have consulted with the Department of Justice, as required by the Act. TXT; Effective: The compliance date of the final regulation is extended from December 1, 2009 to June 1, 2010.
- FinCEN Publishes Final Rule in FR for Amendment to the Bank Secrecy Act Regulations; Defining Mutual Funds as Financial Institutions
FinCEN is issuing this final rule to include mutual funds within the general definition of "financial institution" in regulations implementing the Bank Secrecy Act ("BSA"). The final rule subjects mutual funds to rules under the BSA on the filing of Currency Transaction Reports ("CTRs") and on the creation, retention, and transmittal of records or information for transmittals of funds. Additionally, the final rule amends the definition of mutual fund in the rule requiring mutual funds to establish anti-money laundering ("AML") programs. The amendment harmonizes the definition of mutual fund in the AML program rule with the definitions found in the other BSA rules to which mutual funds are subject. Finally, the final rule amends the rule that delegates authority to examine institutions for compliance with the BSA. The amendment makes it clear that FinCEN has not delegated to the Internal Revenue Service the authority to examine mutual funds for compliance with the BSA, but rather to the U.S. Securities and Exchange Commission ("SEC") as the federal functional regulator of mutual funds. TXT; PDF Effective: May 14, 2010. Compliance Date: Mutual funds must comply with 31 CFR 103.33 by
January 10, 2011. The compliance date for all other aspects of this rulemaking is the same as the effective date.
- HUD Publishes Final Rule in FR for Section 108 Community Development Loan Guarantee Program
This final rule follows publication of a July 22, 2009, interim rule that implemented section 222 in Division I of the Omnibus Appropriations Act, 2009. Section 222 authorizes HUD, to the extent of its Fiscal Year (FY) 2009 loan guarantee authority, to provide
community development loan guarantees, under section 108 of the Housing and Community Development Act of 1974, to States borrowing on behalf of local governments in nonentitlement areas (governments that do not receive annual Community Development Block Grants (CDBGs) from HUD). Section 108 authorizes HUD to guarantee notes issued by such
nonentitlement local governments or their designated public agencies supported by the respective State's pledge of its CDBG funds. Prior to the enactment of section 222, HUD lacked authority to guarantee notes issued by States on behalf of local governments in nonentitlement areas. HUD received a single public comment on the July 22, 2009,
interim rule, which expressed support for the interim regulatory amendments. HUD is adopting the interim rule without change. TXT; PDF Effective: 5/06/10
- FDIC Publishes Interim Rule in FR for Amendment of Temporary Liquidity Guarantee Program: Extend Transaction Account Guarantee Program with Opportunity to Opt-Out
The FDIC is issuing this Interim Rule to amend the Transaction Account Guarantee (TAG) component of the Temporary Liquidity Guarantee Program (TLGP) by providing an 6-month extension of the TAG program for insured depository institutions (IDIs) currently participating in the TAG program, with the possibility of an additional 12-month extension
of the program without further rulemaking, upon a determination by the FDIC's Board of Directors (Board) that continuing economic difficulties warrant a continued extension. By virtue of this Interim Rule, the TAG program will be extended through December 31, 2010, with the possibility of an additional 12-month extension through December 31, 2011. TXT; PDF Effective: 4/19/10 with Comments due: 5/19/10
- Joint Agencies Publish Final Rule in FR for Risk-Based Capital Guidelines; Capital Adequacy Guidelines; Capital Maintenance: Regulatory Capital; Impact of Modifications to
Generally Accepted Accounting Principles; Consolidation of Asset-Backed Commercial Paper Programs
The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), and the Office of Thrift Supervision (OTS) (collectively, the agencies) are amending their general risk-
based and advanced risk-based capital adequacy frameworks by adopting a final rule that eliminates the exclusion of certain consolidated asset-backed commercial paper programs from risk-weighted assets; provides for an optional two-quarter implementation delay followed by an optional two-quarter partial implementation of the effect on risk-weighted assets that will result from changes to U.S. generally accepted accounting principles; provides for an optional two-quarter delay, followed by an optional two-quarter phase-in, of the application of the agencies' regulatory limit on the inclusion of the allowance for
loan and lease losses (ALLL) in tier 2 capital for the portion of the ALLL associated with the assets a banking organization consolidates as a result of changes to U.S. generally accepted accounting principles; and provides a reservation of authority to permit the agencies to require a banking organization to treat entities that are not consolidated under accounting standards as if they were consolidated for risk-based capital purposes, commensurate with the risk relationship of the banking organization to the structure. TXT; PDF Effective: March 29, 2010. Banking organizations may elect to comply with this final rule as of the beginning of their first annual reporting period that begins after November 15, 2009.
- FDIC Publishes Final Rule in FR for Transitional Safe Harbor Protection for Treatment by the Federal Deposit Insurance Corporation as Conservator or Receiver of Financial Assets
This amendment adds a new provision in order to continue for a limited time the safe harbor
provision for securitizations that would be affected by recent changes to generally accepted accounting principles. This Final Rule permanently "grandfathers" all securitizations for which financial assets were transferred or, for revolving trusts, for which securities were issued prior to September 30, 2010 so long as those securitizations complied with the preexisting requirements under generally accepted accounting principles in effect prior to November 15, 2009. The transitional safe harbor will apply irrespective of whether or not the securitization satisfies all of the conditions for sale accounting treatment under generally accepted accounting principles as effective for reporting periods after November 15, 2009. TXT; PDF Effective: 3/18/10
- FDIC Publishes Final Rule Correction in FR for Transitional Safe Harbor Protection
The FDIC is correcting a final rule that appeared in the Federal Register of March 18, 2010
(75 FR 12962). This rule added a new provision in order to continue for a limited time the safe harbor provision for securitizations that would be affected by recent changes to generally accepted accounting principles. It permanently "grandfathered all securitizations for which financial assets were transferred or, for revolving trusts, for which securities were issued prior to September 30, 2010 so long as those securitizations complied
with the preexisting requirements under generally accepted accounting principles
in effect prior to November 15, 2009. TXT; PDF Effective: 3/18/10
- FRB Publishes Final Rule for Extensions of Credit by Federal Reserve Banks
The Board of Governors of the Federal Reserve System has adopted final amendments to its Regulation A to reflect the Board's approval of an increase in the primary credit rate at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically increased by formula as a result of the Board's primary credit rate action. TXT; PDF Effective: 3/01/10
- Federal Reserve Publishes Final Rule in FR for Availability of Funds and Collection of Checks
The Board of Governors is amending the routing number guide to next-day availability checks and local checks in Regulation CC to delete the reference to the head office of the Federal Reserve Bank of Atlanta and to reassign the Federal Reserve routing symbols
currently listed under that office to the head office of the Federal Reserve Bank of Cleveland. These amendments reflect the restructuring of check-processing operations within the Federal Reserve System. Subsequent to these amendments, there will only be a single check-processing region for purposes of Regulation CC and there will no
longer be any checks that are nonlocal. TXT; PDF Effective: 2/27/10
- Federal Reserve Publishes Final Rule in FR for Truth in Lending; Unfair or Deceptive Acts or Practices
The Board is amending Regulation Z, which implements the Truth in Lending Act, and the staff commentary to the regulation in order to implement provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 that are effective on February 22, 2010. The rule establishes a number of new substantive and disclosure requirements to establish fair and transparent practices pertaining to open-end consumer credit plans, including credit card accounts. TXT; PDF Effective: 2/22/10, with mandatory compliance 7/1/10
- FinCEN publishes Final Rule in FR for Expansion of Special Information Sharing Procedures to Deter Money Laundering and Terrorist Activity
FinCEN is issuing this final rule to amend the relevant Bank Secrecy Act information sharing rules to allow certain foreign law enforcement agencies, and State and local law enforcement agencies, to submit requests for information to financial institutions
concerning significant money laundering or terrorist finance investigations to U.S. financial institutions through FinCEN and also grants U.S. Federal law enforcement agencies reciprocal rights to obtain information about suspect accounts in EU member states. TXT; PDF Effective: 2/10/10
- FRB Publishes Final Rule in FR for Electronic Fund Transfers
The Board is amending Regulation E, which implements the Electronic Fund Transfer Act, and the official staff commentary to the regulation, which interprets the requirements of Regulation E. The final rule limits the ability of a financial institution to assess an overdraft fee for paying automated teller machine (ATM) and one-time debit card transactions that overdraw a consumer's account, unless the consumer affirmatively consents, or opts in, to the institution's payment of overdrafts for these transactions. TXT; PDF Effective: 1/19/10 with mandatory compliance 7/01/10
- FRB Publishes Final Rule in FR for Extensions of Credit by Federal Reserve Banks
This final rule amends Regulation A to provide a process by which the Federal Reserve Bank of New York may determine the eligibility of credit rating agencies in the Term Asset-backed Securities Loan Facility. The final rule does not apply to discount
window lending or other extensions of credit provided by the Federal Reserve System. In addition, the final rule only applies to asset-backed securities that are not backed by commercial real estate. The amendment does not represent a change in the stance of monetary policy. TXT; PDF Effective: 1/08/10.
- Joint Agencies Publish Technical Amendment to Final Rule in FR for Community Investment Act Regulations
The OCC, the Board, the FDIC, and the OTS are amending their Community Reinvestment Act (CRA) regulations to adjust the asset-size thresholds used to define "small bank" or "small savings association" and "intermediate small bank" or "intermediate small savings association." As required by the CRA regulations, the adjustment to the threshold amount is based on the annual percentage change in the Consumer Price Index. TXT; PDF Effective: 1/01/10
- FRB Publishes Final Rule in FR for Home Mortgage Disclosure
The Board is publishing a final rule amending the staff commentary that interprets the requirements of Regulation C (Home Mortgage Disclosure) to reflect no change in the asset-size exemption threshold for depository institutions based on the annual percentage
change in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPIW). The exemption threshold remains $39 million. The CPIW decreased by 0.98 percent during the twelve-month period ending in November 2009, but this change is too small to warrant any reduction in the exemption threshold pursuant to Regulation C; therefore, depository
institutions with assets of $39 million or less as of December 31, 2009, are exempt from collecting data in 2010. TXT; PDF Effective: 1/01/10
- NCUA Publishes Final Rule in FR for National Credit Union Share Insurance Fund Premium and One Percent Deposit
Section 741.4 of NCUA's rules describes the procedures for the capitalization and maintenance of the National Credit Union Share Insurance Fund (NCUSIF). The final rule
also adds Appendix A to Part 741, which repeats various examples of the application of Sec. 741.4, as discussed in the preamble to the proposed rule. TXT; PDF Effective: 1/01/10
- FRB Publishes Final Rule in FR for Reimbursement for Providing Financial Records; Recordkeeping Requirements for Certain Financial Records
The Board of Governors of the Federal Reserve System (Board) has approved amendments to Subpart A of Regulation S, which implements the requirement under the Right to Financial Privacy Act (RFPA) that the Board establish the rates and conditions under which payment shall be made by a government authority to a financial institution for assembling or providing financial records pursuant to RFPA. These proposed amendments update the fees to be charged and takes account of recent advances in electronic document productions. TXT; PDF Effective: 1/01/10
- FRB Publishes Final Rule in FR for Truth in Lending
The Board is publishing a final rule amending the staff commentary that interprets the requirements of Regulation Z (Truth in Lending). The Board is required to adjust annually the dollar amount that triggers requirements for certain home mortgage loans bearing fees
above a certain amount. The Home Ownership and Equity Protection Act of 1994 (HOEPA) sets forth rules for home-secured loans in which the total points and fees payable by the consumer at or before loan consummation exceed the greater of $400 or 8 percent of the total loan amount. In keeping with the statute, the Board has annually adjusted the $400
amount based on the annual percentage change reflected in the Consumer Price Index as reported on June 1st. The adjusted dollar amount for 2010 is $579.TXT; PDF Effective: 1/01/10
- NCUA Publishes Final Rule in FR for Truth in Savings
NCUA is amending its Truth in Savings rule and official staff interpretation to remove the provisions regarding the electronic delivery of disclosures. The official staff interpretations are amended to include guidance on electronic disclosures. Additionally, NCUA is amending the rule to require all credit unions to disclose aggregate overdraft fees on periodic statements regardless of whether they
promote the payment of overdrafts. The final rule also addresses account balance disclosures provided to members through automated systems.TXT; PDF Effective: 1/01/10
- FRB Publishes Final Rule in FR for Truth in Savings
The Federal Reserve Board (Board) is amending Regulation DD, which implements the Truth in Savings Act, and the official staff commentary to the regulation to require all depository institutions to disclose aggregate overdraft fees on periodic statements, and not solely institutions that promote the payment of overdrafts. The final rule also addresses balance disclosures provided to consumers through automated systems. TXT; PDF Effective: 1/1/10
- FRB Publishes Technical Correction to Final Rule for Truth in Savings
On January 29, 2009, the Board published final rules amending Regulation DD, which implements the Truth in Savings Act, and the official staff commentary to the regulation. The final rule, among other things, requires all depository institutions to disclose
aggregate overdraft fees on periodic statements, and not solely institutions that promote the payment of overdrafts. However, the document published in the Federal Register on January 29, 2009 contains a technical error in the formatting of the sample form illustrating how institutions may comply with this requirement. To correct this error,
this document republishes the appropriate sample form.TXT; PDF Effective: 1/10/10
- NCUA Publishes Final Rule in FR for Operating Fees
NCUA is amending its rule on the assessment of the Federal credit union (FCU) operating fee by permitting FCUs to subtract investments made under the Credit Union System Investment Program (CU SIP) and the Credit Union Homeowners Affordability Relief Program (CU HARP) from their total assets; total assets is the basis on which the operating
fee is currently calculated. The Board believes this amendment will remove a disincentive for some FCUs from participating in the CU SIP or the CU HARP. TXT; PDF Effective: 1/10/10
Effective Dates in 2009
- Joint Agencies Publish Final Rule in FR for Final Model Privacy Form under Gramm–Leach–Bliley Act
The OCC, Board, FDIC, OTS, NCUA, FTC, CFTC, and SEC (the "Agencies") are publishing final amendments to their rules that implement the privacy provisions of Subtitle A of Title V of the Gramm-Leach-Bliley Act ("GLB Act"). These rules require financial institutions to provide initial and annual privacy notices to their customers. Pursuant to Section 728 of the Financial Services Regulatory Relief Act of 2006 ("Regulatory Relief Act"), the Agencies are adopting a model privacy form that financial institutions may rely on as a safe harbor to provide disclosures under the privacy rules. In addition, the Agencies other than the SEC are eliminating the safe harbor permitted for notices based on the Sample Clauses currently contained in the privacy rules if the notice is provided after December
31, 2010. Similarly, the SEC is eliminating the guidance associated with the use of notices based on the Sample Clauses in its privacy rule if the notice is provided after December 31, 2010. TXT; PDF Effective: 12/31/09 except for the following amendments, which are effective January 1, 2012: Instructions 3B, 10B, 17B, 24B, 31B, 38B, 45B, and 52B removing paragraphs (g) to 12 CFR 40.6, 216.6, 332.6, 573.6, and 716.6, 16 CFR 313.6, and 17 CFR 160.6 and 248.6, respectively; and Instructions 7B, 14B, 21B, 28B, 35B, 42B, 49B, and 55B removing
Appendixes B to 12 CFR parts 40, 216, 332, 573, and 716, 16 CFR part 313, and 17 CFR parts 160 and 248, respectively.
- FDIC Publishes Correction to Final Rule in FR for Annual Independent Audits and Reporting Requirements
The FDIC previously published this final rule in the Federal Register on July 7, 2009, however the document is being republished in its entirety in order to correct an error in the DATES section which caused the applicability date to be incorrect and to correct language relating to holding company depository institution subsidiaries. TXT; PDF Effective: 12/31/09
- Joint Agencies Publish Final Rule in FR for Risk-Based Capital Guidelines; Capital Adequacy Guidelines; Capital Maintenance; Capital--Residential Mortgage Loans Modified
Pursuant to the Home Affordable Mortgage Program
The agencies (Office of the Comptroller of the Currency, Department of the Treasury; Board of Governors of the Federal Reserve System; Federal Deposit Insurance Corporation; and Office of Thrift Supervision, Department of the Treasur) have adopted a final rule to allow banks, savings associations, and bank holding companies (collectively, banking organizations) to risk weight for purposes of the agencies' capital guidelines mortgage loans modified pursuant to the Home Affordable Mortgage Program (Program) implemented by the U.S. Department of the Treasury (Treasury) with the same risk weight assigned to the loan prior to the modification so long as the loan continues to meet other applicable prudential criteria. TXT; PDF Effective: 12/21/09
- FinCEN Publishes Final Rule in FR for Amendment to Bank Secrecy Act Regulations, Administrative Ruling System
FinCEN is issuing this final rule to amend the procedures for publicly issuing an administrative ruling relating to the Bank Secrecy Act ("BSA"). Reliance on these administrative rulings is limited to persons who are similarly situated to the original recipient of an applicable administrative ruling. TXT; PDF Effective: 12/17/09
- FRB Publishes Technical Amendment to Final Rule in FR for Availability of Funds and Collection of Checks
The Board of Governors (Board) is amending the routing number guide to next-day availability checks and local checks in Regulation CC to delete the reference to the head office of the Federal Reserve Bank of Philadelphia and to reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal
Reserve Bank of Cleveland. These amendments reflect the restructuring of check-processing operations within the Federal Reserve System.TXT; PDF Effective: 12/12/09
- Treasury Publishes Corection to Interim Final Rule in FR
One correction is to the preamble of an interim final rule that was published in the Federal Register on Monday, June 15, 2009 (74 FR 28394), relating to certain standards for compensation and corporate governance applicable to financial institutions receiving funds under the Troubled Assets Relief Program (TARP). The rule relates to certain standards for compensation and corporate governance applicable to financial institutions receiving funds under the Troubled Asset Relief Program (TARP). Preamble (TXT); Preamble (PDF); Rule (TXT); Rule (PDF) Effective: 12/07/09
- NCUA Publishes Final Rule in FR for Display of Official Sign; Temporary Increase in Standard Maximum Share Insurance Amount; Coverage for Mortgage Servicing Accounts; Share
Insurance for Revocable Trust Accounts
NCUA is amending its share insurance rules to: reflect Congress's extension, until December 31, 2013, of the temporary increase in the standard maximum share insurance amount ("SMSIA") from $100,000 to $250,000; and finalize the interim final rules on revocable trust accounts, mortgage servicing accounts, and NCUA's official sign issued in October 2008. TXT; PDF Effective: 11/30/09
- FRB Publishes Interim Final Rule in FR for Truth in Lending
The Board is publishing for public comment an interim final rule amending Regulation Z (Truth in Lending). The interim rule implements Section 131(g) of the Truth in Lending Act (TILA), which was enacted on May 20, 2009, as Section 404(a) of the Helping Families Save
Their Homes Act. TILA Section 131(g) became effective immediately upon enactment and established a new requirement for notifying consumers of the sale or transfer of their mortgage loans. TXT; PDF Effective: 11/20/09, with mandatory compliance 1/19/10
- FDIC Publishes Interim Final Rule in FR for Defining Safe Harbor Protection for Treatment as Conservator or Receiver of Financial Assets
The Federal Deposit Insurance Corporation is amending its regulations defining safe harbor protection for treatment by the Federal Deposit Insurance Corporation as conservator or receiver of financial assets transferred in connection with a securitization or participation. The amendment continues for a limited time the safe harbor provision for participations or securitizations that would be affected by recent changes to generally accepted accounting principles. TXT; PDF; Press Release Effective: 11/17/09
- FDIC Publishes Final Rule in FR for Prepaid Assessments
The FDIC is amending its regulations requiring insured institutions to prepay their estimated quarterly risk-based assessments for the fourth quarter of 2009, and for all of 2010, 2011, and 2012.
The prepaid assessment for these periods will be collected on December 30, 2009, along with each institution's regular quarterly risk-based deposit insurance assessment for the third quarter of 2009. TXT; PDF Effective: 11/17/09
- FRB Publishes Final Rule in FR for Reserve Requirements of Depository Institutions
The Board is amending Regulation D, Reserve Requirements of Depository Institutions, to reflect the annual indexing of the reserve requirement exemption amount and the low reserve tranche for 2010. The Regulation D amendments also set the amount of net transaction
accounts at each depository institution that is subject to a three percent reserve requirement in 2010 at $55.2 million, up from $44.4 million in 2009. The Board is also
announcing changes in two other amounts, the nonexempt deposit cutoff level and the reduced reporting limit, that are used to determine the frequency at which depository institutions must submit deposit reports. TXT; PDF Effective: 11/16/09
- FDIC Publishes Fuinal Rule in FR for Deposit Insurance Regulations; Temporary Increase in Standard Coverage Amount; Mortgage Servicing Accounts; Revocable Trust Accounts;
International Banking; Foreign Banks
The FDIC is adopting a final rule amending its deposit insurance regulations to: Reflect Congress's extension, until December 31, 2013, of the temporary increase in the standard maximum deposit insurance amount ("SMDIA") from $100,000 to $250,000; finalize the interim rule, with minor modifications, on revocable trust accounts; and finalize the interim rule on mortgage servicing accounts.TXT; PDF Effective: The amendments to appendix A to part 229 in amendatory instruction 2 are effective October 17, 2009. The amendments to appendix A to part 229 in amendatory instruction 3 are effective November 14, 2009.
- FRB Publishes Technical Amendment to Final Rule in FR for Availability of Funds and Collection of Checks
The Board of Governors (Board) is amending the routing number guide to next-day availability checks and local checks in Regulation CC to delete the reference to the head office of the Federal Reserve Bank of Dallas and to reassign the Federal Reserve routing symbols currently
listed under that office to the head office of the Federal Reserve Bank of Cleveland. The Board is also amending the routing number guide to delete the reference to the Los Angeles branch office of the Federal Reserve Bank of San Francisco and to reassign the routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Cleveland. These amendments reflect the restructuring of check-processing operations within the Federal Reserve System. TXT; PDF Effective: 10/15/09
- Tresury Publishes Final Rule in FR for Privacy Act Implementaion
In accordance with the requirements of the Privacy Act of 1974, as amended, the Department of the Treasury exempts a new Internal Revenue Service (IRS) system of records entitled "Treasury/IRS 50.222--Tax Exempt/Government Entities (TE/GE) Case Management
Records" from certain provisions of the Privacy Act.TXT; PDF Effective: 10/08/09
- FDIC Publishes Final Rule in FR for Temporary Liquidity Guarantee Program to Extend the Transaction Account Guarantee Program with Modified Fee Structure
To assure an orderly phase out of the Transaction Account Guarantee (TAG) component of the Temporary Liquidity Guarantee Program (TLGP), the FDIC is extending the TAG program for six months until June 30, 2010. Each insured depository institution (IDI) that participates
in the extended TAG program will be subject to increased fees during the extension period for the FDIC's guarantee of qualifying noninterest-bearing transaction accounts. However, each IDI that is currently participating in the TAG program will have an opportunity to
opt out of the extended TAG program, and must review and update its disclosure postings and notices to accurately reflect whether it is participating in the extended TAG program. TXT; PDF Effective: 10/01/09
- OTS Publishes Final Rule in FR for Prohibited Service at Savings and Loan Holding Companies; Extension of Expiration Date of Temporary Exemption
The OTS is revising its rules implementing section 19(e) of the Federal Deposit Insurance Act (FDIA), which prohibits any person who has been convicted of any criminal offense involving dishonesty, breach of trust, or money laundering (or who has agreed to enter into a pretrial diversion or similar program in connection with a prosecution for such an offense) from holding certain positions with respect to a savings and loan holding company (SLHC). Specifically, the OTS is extending the expiration date of a temporary exemption granted to persons who held positions with respect to a SLHC as of the date of the enactment of section 19(e). The revised expiration date for the temporary
exemption is September 30, 2010. TXT; PDF Effective: 9/29/09
- FDIC Publishes Final Rule in FR for Interest on Deposits
The Federal Deposit Insurance Corporation (FDIC) is amending its regulations to eliminate restrictions on certain kinds of transfers from savings deposits for state chartered banks that are not members of the Federal Reserve System and insured branches of foreign banks. TXT; PDF Effective: 9/15/09
- FRB Publishes Final Rule in FR for Truth in Lending
The Board is publishing final rules amending Regulation Z, which implements the Truth in Lending Act (TILA) following the passage of the Higher Education Opportunity Act (HEOA). Title X of the HEOA amends TILA by adding disclosure and timing requirements that apply to creditors making private education loans, which are defined as loans made for postsecondary educational expenses. The HEOA also amends TILA by adding limitations on certain practices by creditors, including limitations on "co-branding" their products with educational institutions in the marketing of private education loans. The HEOA
requires that creditors obtain a self-certification form signed by the consumer before consummating the loan. It also requires creditors with preferred lender arrangements with educational institutions to provide certain information to those institutions.TXT; PDF Effective: 9/14/09; Compliance optional until February 14, 2010.
- FRB Publishes Interim Final Rule in FR for Truth in Lending
The Board is amending Regulation Z, which implements the Truth in Lending Act, and the staff commentary to the regulation in order to implement provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 that are effective on August 20, 2009. TXT; PDF Effective: 8/20/09
- FRB Publishes Technical Amendment to Final Rule in FR for Availability of Funds and Collection of Checks
The Board of Governors (Board) is amending the routing number guide to next-day availability checks and local checks in Regulation CC to delete the reference to the head office of the Federal Reserve Bank of Chicago and to reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Cleveland. These amendments reflect the restructuring of check-processing operations within the Federal Reserve System. TXT; PDFEffective: 9/12/09
- NCUA Publishes Final Rule in FR for Credit Union Reporting
NCUA is amending its reporting procedures and record retention requirements to conform regulatory provisions to its new, Web-based reporting system. The rule incorporates into the regulation a statutory requirement on reporting changes in senior officials resulting from election or appointments and clarifies requirements on when a credit
union files reports with NCUA online. The rule also provides alternative reporting methods for credit unions unable to submit online reports. TXT; PDF Effective: 9/01/09
- FDIC Publishes Correction to Final Rule in FR
On July 20, 2009, the FDIC published in the Federal Register a final rule amending part 363 of its regulations concerning annual independent audits and reporting requirements for certain insured depository institutions, which implements section 36 of the Federal
Deposit Insurance Act (FDI Act), largely as proposed, but with certain modifications made in response to the comments received and making a technical amendment to its rules and procedures (part 308, subpart U) for the removal, suspension, or debarment of accountants and accounting firms. The publication of the final rule corrected certain errors in
the original publication of the final rule, which had been published in the Federal Register on July 7, 2009. It has come to the attention of the FDIC that the July 20 re-publication included one additional error. This correction will rectify that oversight.TXT; PDF Effective: 8/06/09
- FDIC Publishes Final Rule in FR for Annual Independent Audits and Reporting Requirements
The FDIC is amending part 363 of its regulations concerning annual independent audits and reporting requirements for certain insured depository institutions, which implements section 36 of the Federal Deposit Insurance Act (FDI Act), largely as proposed, but with
certain modifications made in response to the comments received. The amendments are designed to further the objectives of section 36 by incorporating certain sound audit, reporting, and audit committee practices from the Sarbanes-Oxley Act of 2002 (SOX) into part 363 and they also reflect the FDIC's experience in administering part 363. TXT; PDF Effective: 8/06/09
- OCC Publishes Correcting Amendment to Final Rule in FR for Risk-Based Capital Guidelines; Capital Adequacy Guidelines; Capital Maintenance; Capital--Residential Mortgage Loans Modified Pursuant to the Making Home Affordable Program
This final rule reinstates regulatory text that was inadvertently removed during the issuance of an interim final rule.TXT; PDF Effective: 7/16/09
- Joint Agencies Publish Interim Final Rule in FR for Risk-Based Capital Guidelines; Capital Adequacy Guidelines: Residential Mortgage Loans Modified Pursuant to the Making Home Affordable Program
To support and facilitate the timely implementation and acceptance of the Making Home Affordable Program (Program) announced by the U.S. Department of the Treasury (Treasury) and to promote the stability of banks, savings associations, bank holding companies
(collectively, banking organizations) and the financial system, the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), and the Office of Thrift Supervision (OTS) (collectively, the agencies) have adopted this interim final rule
(interim final rule or rule). The rule provides that mortgage loans modified under the Program will retain the risk weight assigned to the loan prior to the modification, so long as the loan continues to meet other applicable prudential criteria. TXT; PDF Effective: 6/30/09
- NCUA Publishes Interim Final Fule in FR for Exception to the Maturity Limit on Second Mortgages
NCUA is amending its lending rules to create a limited exception to the 20-year maturity limit on second mortgage loans. The amendment will permit federal credit unions participating in the Department of the Treasury's Making Home Affordable Program to modify a second mortgage loan, beyond 20 years, to match the term of a modified first mortgage loan. TXT; PDF Effective: 6/24/09
- The Treasury Publishes Interim Final Rule in FR for TARP Standards for Compensation and Corporate Governance
This interim final rule, provides guidance on the executive compensation and corporate governance provisions of EESA that apply to entities that receive financial assistance under the Troubled Asset Relief Program (TARP). Section 111 of EESA requires entities receiving financial assistance (TARP recipients) from the Department of the Treasury (Treasury) to meet appropriate standards for executive compensation and corporate governance. This interim final rule includes standards for TARP recipients that implement the provisions of section 111 of EESA, as well as certain additional standards adopted pursuant to the authority granted the Treasury under section 111(b)(2) to
promulgate such additional standards. TXT; PDF Effective: 6/15/09
- FDIC Publishes Final Rules in FR for Interest Rate Restrictions on Insured Depository Institutions that are not Well Capitalized and Withdraws Incorrect Publishing of Draft Rule
The FDIC is amending its regulations relating to the interest rate restrictions that apply to insured depository institutions that are not well capitalized. In the
Federal Register of June 3, 2009, a final rule concerning Interest Rate Restrictions on Insured Depository Institutions that are Not Well Capitalized. Inadvertently a draft version of the document was published instead of the version adopted by the FDIC Board of Directors. The FDIC withdraws that rule. The correct version of the final rule is published elsewhere in this Federal Register. TXT for Final Rule; TXT for Withdrawal Effective date for Correction: 1/10/09; effective dates for withdrawal: Effective on June 11, 2009, the final rule amending 12 CFR part 337 published June 3, 2009 (74 FR 26516) is withdrawn.
- FDIC Publishes Final Rule in FR for Modification of Temporary Liquidity Guarantee Program
The FDIC is issuing this Final Rule to make permanent a minor modification to the Temporary Liquidity Guarantee Program (TLGP) to include certain issuances of mandatory convertible debt (MCD) under the TLGP debt guarantee program (DGP). TXT; PDF Effective: 6/05/09
- FDIC Publishes Final Rule in FR for Amendment of the Temporary Liquidity Guarantee Program To Extend the Debt Guarantee Program and to Impose Surcharges on Assessments for Certain Debt Issued on or after April 1, 2009
The FDIC is issuing this final rule to amend the Temporary Liquidity Guarantee Program (TLGP) by providing a limited extension of the Debt Guarantee Program (DGP) for insured depository institutions (IDIs) participating in the DGP. The final rule imposes surcharges on certain debt issued on or after April 1, 2009. The final rule also establishes an application process whereby entities participating in the extended DGP may apply to issue non-FDIC-guaranteed debt during the extension period. The final rule restates without change the interim rule published in the Federal Register by
the FDIC on March 23, 2009.TXT; PDF Effective: 6/03/09
- FDIC Publishes Final Rule in FR for Interest Rate Restrictions on Insured Depository Institutions That Are Not Well Capitalized
The FDIC is amending its regulations relating to the interest rate restrictions that apply to insured depository institutions that are not well capitalized. Under the amended regulations, such insured depository institutions generally will be permitted to offer the "national rate" plus 75 basis points. The purpose of this final rule is to clarify the interest rate restrictions for certain insured depository institutions and examiners.TXT; PDF Effective: 12/03/09
- FRB Publishes Technical Amendment to Final Rule in FR for Availability of Funds and Collection of Checks
The Board of Governors (Board) is amending the routing number guide to next-day availability checks and local checks in Regulation CC to delete the reference to the head office of the Federal Reserve Bank of Minneapolis and to reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Cleveland. These amendments reflect the restructuring
of check-processing operations within the Federal Reserve System.TXT; PDF Effective: 7/25/09
Small Bank Holding Company Policy Statement: Treatment of Subordinated Securities Issued to the United States Treasury
The Board has adopted, and is seeking public comment on an interim final rule to support in a timely manner, the full implementation and acceptance of the capital purchase program of the U.S. Department of Treasury and promote the stability of banking organizations and the financial system. This rule permits bank holding companies that have made a valid election to be taxed under Subchapter S of Chapter 1 of the U.S. Internal Revenue Code
(S-Corp BHCs) and bank holding companies organized in mutual form (Mutual BHCs) to include the full amount of any new subordinated debt securities issued to the Treasury under the capital purchase program announced by the Secretary of the Treasury on October 14, 2008
(Subordinated Securities) in tier 1 capital for purposes of the Board's risk-based and leverage capital guidelines for bank holding companies, provided that the Subordinated Securities will count toward the limit on the amount of other restricted core capital elements includable in tier 1 capital; and allows bank holding companies that are subject to the Board's Small Bank Holding Company Policy Statement and that are S-Corps or Mutual BHCs to exclude the Subordinated Securities from treatment as debt for purposes of the debt-to-equity standard under the Small Bank Holding Company Policy Statement.TXT; PDF Effective: 6/1/09
- FRB Publishes Interim Final Rule in FR for Capital Adequacy Guidelines: Treatment of Perpetual Preferred Stock Issued to the United States Treasury under the Emergency Economic Stabilization Act (2008)
The Board is adopting a final rule to allow bank holding companies that have issued senior perpetual preferred stock to the U.S. Department of the Treasury under the capital purchase and other programs established by the Secretary of the Treasury under the
Emergency Economic Stabilization Act of 2008, to include such capital instruments
in tier 1 capital for purposes of the Board's risk-based and leverage capital guidelines for bank holding companies.TXT; PDF Effective: 7/1/09
- FRB Publishes Final Rule in FR for Reserve Requirements for Depository Institutions
The Board is adopting, with certain revisions, its interim final rule that amended Regulation D (Reserve Requirements of Depository Institutions) to direct Federal Reserve Banks to pay interest on certain balances held at Federal Reserve Banks by or on
behalf of certain depository institutions. The Board is also amending Regulation D to authorize the establishment of limited-purpose accounts, called "excess balance accounts," at Federal Reserve Banks for the maintenance of excess balances of eligible institutions. TXT; PDF Effective: 7/02/09
- FRB Publishes Final Rule in FR for Reserve Requirements of Depository Institutions; Issue and Cancellation of Federal Reserve Bank Capital Stock
The Board is amending Regulation D (Reserve Requirements of Depository Institutions) and Regulation I (Issue and Cancellation of Federal Reserve Bank Capital Stock) to make two substantive changes and other clarifying amendments. The first substantive amendment conforms Regulation D to Section 603 of the Financial Services Regulatory Relief
Act of 2006 (Pub. L. 109-351, Oct. 13, 2006) by authorizing member banks of the Federal Reserve System to enter into pass-through arrangements. Previously, member banks were statutorily prohibited from passing required reserve balances through a correspondent institution. The second substantive amendment eliminates the provision in Regulation
D's definition of "savings deposit" that limits certain kinds of transfers from savings deposits to not more than three per month. As a result, all transfers and withdrawals from a savings deposit that are subject to a monthly limit will be subject to the same limit of not more than six per month. TXT; PDF Effective: 7/02/09
- FDIC Publishes Final Rule in FR for Special Assessments
The FDIC is adopting a final rule to impose a 5 basis point special assessment on each insured depository institution's assets minus Tier 1 capital as of June 30, 2009. TXT; PDF Effective: 6/30/09
- FRB Publishes Final Rule in FR for Truth in Lending (Reg Z)
On July 30, 2008, the Board published a final rule amending Regulation Z, which implements the Truth in Lending Act (TILA) and the Home Ownership and Equity Protection Act (HOEPA). This is the Official Staff Commentary to that rule. TXT; PDF Effective: The amendments to Sec. Sec. 226.2(a)(6), 226.17(b) and (f), and 226.19(a)(1); and amendments 13, 14, 16, and 17 to Supplement I to part 226, published on July 30, 2008 (73 FR 44522), previously to become effective on October 1, 2009, are now effective on July 30, 2009. Additionally, this final rule is also effective on July 30, 2009 and includes further amendments to Regulation Z.
- Joint Agencies Publish Technical Corrections to Final Rule for Fair Credit Reporting Affiliate Marketing Regulations: Indentity Theft Red Flags and Address Descrepancies under the Fair and Accurate Credit Transactions Act (2003)
The OCC, Board, FDIC, OTS and NCUA published in the Federal Register final rules to implement the affiliate marketing provisions of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act) on November 7, 2007. The Commission published its final affiliate
marketing rule on October 30, 2007. The OCC, Board, FDIC, OTS, NCUA and the Commission (Agencies) published in the Federal Register final rules and guidelines to implement the identity theft red flags and address discrepancy provisions of the FACT Act on November 9, 2007. The technical corrections included in this Federal Register document revise one of the affiliate marketing model forms and the instructions to the model forms to correct inadvertent omissions and conform the model forms and the instructions to the affiliate marketing rules, and correct minor errors in the identity theft red flags and address
discrepancy rules and guidelines. The substantive requirements of the affiliate marketing and the identity theft red flags and address discrepancy rules are unchanged.TXT; PDF Effective: These final rules are effective May 14, 2009, except for the amendments in instructions 4, 10, 15, 20, 26, and 34 relating to appendices C to 12 CFR parts 41, 222, 334, 571, 717 and 16 CFR part 698, respectively, which are effective January 1, 2010.
Effective Dates in 2009
- Regulation CC Amendments Published
The Fed published amendments to Appendix A to Regulation CC reflecting further restructuring of the Federal Reserve Banks' check-processing operations in the Tenth, Eleventh, and Twelfth Districts. The amendments, first reported in Top Stories on 5/5/09, affect the definition of "local check" in the regulation, and are required by the transfer of check processing operations from the Fed's Seattle Branch to Los Angeles, and from Denver to Los Angeles and Dallas. TXT; PDF Effective: 6/20/09 and 6/27/09
- NCUA Publishes Final Rule in FR for Regulatory Flexibility Regarding Ownership of Fixed Assets
NCUA is amending its Regulatory Flexibility (RegFlex) Program to provide additional flexibility to qualifying federal credit unions (FCUs) when acquiring unimproved land for future expansion. This amendment increases the three years to six years for RegFlex FCUs without a waiver. NCUA is also making conforming amendments to its fixed asset rule to be consistent with the RegFlex changes. TXT; PDF Effective: 4/27/09
- OTS Publishes Final Rule in FR for Prohibited Service at Savings and Loan Holding Companies Extension of Expiration Date of Temporary Exemption
The OTS is revising its rules implementing section 19(e) of the Federal Deposit Insurance Act (FDIA), which prohibits any person who has been convicted of any criminal offense involving dishonesty, breach of trust, or money laundering (or who has agreed to enter into a pretrial diversion or similar program in connection with a prosecution for such an offense) from holding certain positions with respect to a savings and loan holding company (SLHC). TXT; PDF Effective: 3/31/09
- OCC Publishes Final Rule in FR for Risk-Based Capital Guidelines--Money Market Mutual Funds
On September 19, 2008, the Board of Governors of the Federal Reserve System adopted the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility, which enables depository institutions and bank holding companies to borrow from the Federal Reserve Bank of Boston on a non-recourse basis if they use the proceeds of the loan to purchase certain asset-backed commercial paper (ABCP) from money market mutual funds.
The purpose of this action was to reduce strains being experienced by money market mutual funds. To facilitate national bank participation in the program, the Office of the Comptroller of the Currency (OCC) adopted on September 19, 2008, on an interim final basis, an exemption from its risk-based capital guidelines for ABCP held by a national bank as a result of its participation in this program. This rule finalizes the risk-based capital exemption and extends the risk-based capital exemption to ABCP purchased beyond the original January 30, 2009, date. It applies the risk-based capital exemption to any ABCP purchased as a result of a national bank's participation in the facility. The risk-based capital exemption will continue to apply if the AMLF is extended beyond October 30, 2009.TXT; PDF Effective: 3/27/09
- FDIC Publishes Interim Rule in FR for Amendment of the Temporary Liquidity Guarantee Program to Extend the Debt Guarantee Program
The FDIC is issuing this Interim Rule to amend the Temporary Liquidity Guarantee Program (TLGP) by providing a limited extension of the Debt Guarantee Program (DGP) for insured depository institutions (IDIs) participating in the DGP. This rule imposes surcharges on certain debt issued on or after April 1, 2009. Any surcharge
collected will be deposited into the Deposit Insurance Fund (DIF or Fund). It also establishes an application process whereby entities participating in the extended DGP may apply to issue non-FDIC-guaranteed debt during the extension period. TXT; PDF Effective: 3/23/09
- FRB Publishes Final Rule in FR for Capital Adequacy Guidelines
This final rule delays the March 31, 2009, implementation date for certain amendments to the Board's capital adequacy guidelines for bank holding companies on trust preferred securities and the definition of capital published by the Board in the Federal Register on March 10, 2005. Due to the continuing stressed conditions in the financial markets and in order to promote stability in the financial markets and
the banking industry as a whole, the Board has decided to delay until March 31, 2011, the implementation date of new requirements that: limit the aggregate amount of cumulative perpetual preferred stock, trust preferred securities, and minority interests in the equity accounts of most consolidated subsidiaries (collectively, restricted core capital elements) included in the tier 1 capital of all bank holding companies; require bank holding companies to deduct goodwill, less any associated
deferred tax liability, from the sum of core capital elements in calculating the amount of restricted core capital elements that may be included in tier 1 capital; and impose further limits on the amount of restricted core capital elements that internationally active bank holding companies may include in tier 1 capital. TXT; PDF Effective: 3/23/09
- HUD Publishes Interim Rule in FR for the Real Estate Settlement Procedures Act
This rule simplifies and improves the process of obtaining mortgages and reduces consumer settlement costs; it also further defers the applicability date for the revied definition of "required use" and solicitation of public comment on the withdrawal of the Required Use Provision.
TXT; PDF Effective: The amendment to Sec. 3500.1 is effective March 10, 2009. The effective date of the definition of "required use" in Sec. 3500.2, as revised by HUD's final rule published on November 17, 2008, at 73 FR 68204, and further delayed by final rule published on January 15, 2009, at 74 FR 2369, is further delayed to July 16, 2009.
- NCUA Publishes Final Rule in FR for Civil Monetary Penalty Inflation Adjustment
The National Credit Union Administration (NCUA) is amending its rules of practice and procedure to adjust the maximum amount of each civil money penalty (CMP) within its jurisdiction to account for inflation. This action, including the amount of the adjustment, is required under the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Debt Collection Improvement Act of 1996. TXT; PDF Effective: 4/04/09
- NCUA Publishes Final Rule in FR for Accuracy of Advertising and Notice of Insured Status
Section 740.4 of NCUA's rules requires that a federally insured credit union continuously display the official NCUA sign at every teller station or window where insured funds or deposits are normally received. Section 740.4(c) requires that tellers accepting
share deposits for both federally insured credit unions and nonfederally insured credit unions also post a second sign adjacent to the official NCUA sign. NCUA is revising a rule to replace the required listing of credit unions with a statement that not all of the credit unions served by the teller are federally insured and that members should contact their credit union if they need more information. TXT; PDF Effective: 4/03/09
- FDIC Publishes Final Rule in FR for Assessments
The FDIC is amending our regulation to alter the way in which it differentiates for risk in the risk-based assessment system; revise deposit insurance assessment rates, including base assessment rates; and make technical and other changes to the rules governing the risk-
based assessment system. TXT; PDF Effective: 4/01/09
- FDIC Publishes Interim Rule in FR for Assessments
The FDIC is adopting an interim rule to impose a 20 basis point emergency special assessment under 12 U.S.C. 1817(b)(5) on June 30, 2009. The assessment will be collected on September 30, 2009. The interim rule also provides that, after June 30, 2009, if the reserve ratio of the Deposit Insurance Fund is estimated to fall to a level that the Board believes would adversely affect public confidence or to a level which shall be close to zero or negative at the end of a calendar quarter, an emergency special assessment of up to 10 basis points may be imposed by a vote of the Board on all insured depository institutions based on each institution's assessment base calculated pursuant to 12 CFR 327.5 for the corresponding assessment period. TXT; PDF Effective: 4/01/09
- FRB Publishes TEchnical Amendment to Final Rule in FR for Collection of Checks and Funds Availability
The Board of Governors (Board) is amending the routing number guide to next-day availability checks and local checks in Regulation CC to delete the reference to the Baltimore branch office of the Federal Reserve Bank of Richmond and to reassign the Federal Reserve routing symbols currently listed under that office to the head office of the
Federal Reserve Bank of Philadelphia. These amendments reflect the restructuring of check-processing operations within the Federal Reserve System. TXT; PDF Effective: 4/18/09
- FRB Publishes Technical Amendment to Final Rule in FR
The Board of Governors (Board) is amending the routing number guide to next-day availability checks and local checks in Regulation CC to delete the reference to the Charlotte branch office of the Federal Reserve Bank of Richmond and to reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Atlanta. These amendments reflect the restructuring of check-processing operations within the Federal Reserve System. TXT; PDF Effective: 3/21/09
- FDIC Publishes Final Rule in FR for Processing of Deposit Accounts in the Event of an Insured Depository Institution Failure
The FDIC is adopting a final rule establishing the FDIC's practices for determining deposit and other liability account balances at a failed insured depository institution. Except as noted, the FDIC practices defined in the final rule represent a continuation of long-standing FDIC procedures in processing such balances at a failed depository institution. The final rule also imposes certain disclosure requirements in connection with sweep accounts. TXT; PDFEffective: 3/14/09
- FDIC Publishes Interim/Final Rule in FR for Amended Restoration Plan;
Assessments; Modification of Temporary Liquidity Guarantee Program
The FDIC is issuing this Interim Rule to make a minor modification to the Temporary Liquidity Guarantee Program (TLGP) to include certain issuances of mandatory convertible debt (MCD) under the TLGP debt guarantee program. TXT; PDF Effective: 2/27/09
- FRB Publishes Technical Amendment to Final Rule for Availability of Funds and Collection of Checks
The Board of Governors (Board) is amending the routing number guide to next-day availability checks and local checks in Regulation CC to delete the reference to the head office of the Federal Reserve Bank of St. Louis and to reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal
Reserve Bank of Atlanta. These amendments reflect the restructuring of check-processing operations within the Federal Reserve System. TXT; PDFEffective: 2/21/09
- FRB Publishes Final Rule in FR for Reg CC; Availability of Funds and Collection of Checks
The Board of Governors (Board) is amending the routing number guide to next-day availability checks and local checks in Regulation CC to delete the reference to the Des Moines office of the Federal Reserve Bank of Chicago and to reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Chicago. TXT; PDF Effective: 1/31/09
- FRB Publishes Final Rules in FR for:
- Risk-Based and Leverage Capital Guidelines
To reduce liquidity and other strains being experienced by money market mutual funds, the Federal Reserve System adopted on September 19, 2008, the Asset-Backed Commercial Paper Money Market Mutual Fund Lending Facility (AMLF) that enables depository institutions and bank holding companies to borrow from the Federal Reserve Bank of Boston on a nonrecourse basis if they use the proceeds of the loan to purchase certain types of asset-backed commercial paper (ABCP) from money market mutual funds. To facilitate this Federal
Reserve lending program, the Board of Governors of the Federal Reserve System (Board) also adopted an exemption from its leverage and risk-based capital rules for ABCP held by a state member bank or bank holding company as a result of its participation in this program.TXT; PDF Effective: 1/30/09
- Transactions Between Member Banks and Their Affiliates: Exemption for Certain Purchases of Asset-Backed Commercial Paper by a Member Bank From an Affiliate (Reg W)
To reduce liquidity and other strains being experienced by money market mutual funds, the Federal Reserve System adopted on September 19, 2008, the Asset-Backed Commercial Paper Money Market Mutual Fund Lending Facility (AMLF) that enables depository institutions and bank holding companies to borrow from the Federal Reserve Bank of Boston on a nonrecourse basis if they use the proceeds of the loan to purchase certain types of asset-backed commercial paper (ABCP) from money market mutual funds. To facilitate this Federal
Reserve lending program, the Board of Governors of the Federal Reserve System (Board) also adopted an exemption from its leverage and risk-based capital rules for ABCP held by a state member bank or bank holding company as a result of its participation in this program.TXT; PDF Effective: 1/30/09
- Transactions Between Member Banks and Their Affiliates: Exemption
for Certain Securities Financing Transactions Between a Member Bank and
an Affiliate (Reg W)
In light of the continuing unusual and exigent circumstances in the financial markets, the Board has adopted a regulatory exemption for member banks from certain provisions of section 23A of the Federal Reserve Act and the Board's Regulation W. The exemption increases the capacity of member banks, subject to certain conditions designed to help ensure the safety and soundness of the banks, to enter into securities financing transactions with affiliates. TXT; PDF Effective: 1/30/09
- The Treasury Publishes Interim Rule in FR for TARP Conflicts of Interest
This interim rule provides guidance on conflicts of interest pursuant to section 108 of the Emergency Economic Stabilization Act of 2008 (EESA), which was enacted on October 3, 2008. TXT PDF Effective: 1/21/09
- The FRB and Treasury Publish a Final Rule in FR for Prohibition on Funding of Unlawful Internet Gambling
The final rule sets out definitions for terms used in the regulation; designates payment systems that could be used by participants in connection with, or to facilitate, a restricted transaction; exempts certain participants in certain designated payment systems from the requirement of the regulation; requires the
participants performing non-exempt functions in a designated payment system to establish and implement policies and procedures reasonably designed to prevent or prohibit restricted transactions, such as by identifying and blocking such transactions; provides non-exclusive examples of policies and procedures for non-exempt participants in each designated payment system; and sets out the regulatory enforcement framework. TXT; PDF Effective: 1/19/09
- HUD Publishes Correction to Final Rule in FR for Simplifying and Improving the Process of Obtaining Mortgages (RESPA)
This final rule delays the effective date of the definition of "required use" as revised by HUD's November 17, 2008, final rule amending its RESPA regulations. The November 17, 2008, final rule provides that the revised definition is applicable commencing January
16, 2009, the effective date of the final rule. As a result of recently initiated litigation, HUD has determined to delay the effective date of the revised definition of "Required use" until April 16, 2009. TXT PDF Effective: This correction is effective January 16, 2009, The definition of "Required use" in Sec. 3500.2, as revised by HUD's final rule published on November 17, 2008, at 73 FR 68204, is delayed until April 16, 2009.
- The HUD Publishes Final Rule in FR for the Real Estate Settlement Procedures Act (RESPA
This final rule amends HUD's regulations to further RESPA's purposes by requiring more timely and effective disclosures related to mortgage settlement costs for federally related mortgage loans to consumers. The changes made by this final rule are designed to protect consumers from unnecessarily high settlement costs by taking steps to: improve and standardize the Good Faith Estimate (GFE) form to make it easier to use for shopping among settlement service providers; ensure that page 1 of the GFE provides a clear summary of the loan terms and total settlement charges so that borrowers will be able to use the GFE to identify a particular loan product and comparison shop among loan originators; provide more accurate estimates of costs of settlement services shown on the GFE; improve disclosure of yield spread premiums (YSPs) to help borrowers understand how YSPs can affect borrowers'
settlement charges; facilitate comparison of the GFE and the HUD-1/HUD-1A Settlement Statements; ensure that at settlement borrowers are aware of final costs as they relate to their particular mortgage loan and settlement transaction; clarify HUD-1 instructions; expressly state that RESPA permits the listing of an average charge on the HUD-1; and strengthen the prohibition against requiring the use of affiliated businesses.TXT; PDF Effective: 1/16/09
- The FRB Publishes Technical Amendment to Final Rule
The Board of Governors (Board) is amending appendix A of Regulation CC to delete the reference to the Cincinnati branch office of the Federal Reserve Bank of Cleveland and to reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Cleveland. These amendments reflect the restructuring of check-processing operations within the Federal Reserve System. Text;
PDF Effective: 1/09/09
- CTR Exemptions Final Rule
The FinCEN has announced the Final Rule regarding currency transaction report (CTR) exemptions which simplifies the current requirements for depository institutions to exempt their eligible customers. Summary; Final Rule; TXT; PDF Effective: 1/05/09
- NCUA Publishes Final Rule in FR for the Organization and Operations of Federal Credit Unions
The NCUA is adopting a final rule implementing four modifications
to its Chartering and Field of Membership Manual to update and clarify the process of approving credit union service to "underserved areas." First, the rule clarifies the procedure for establishing that an "underserved area"' qualifies as a local community. Second, it makes explicit the process for applying the economic distress criteria that
determine whether an area combining multiple geographic units is sufficiently "distressed" to qualify as "underserved." Third, it updates the documentation and clarifies the scope requirements for demonstrating that a proposed area has "significant unmet needs" for loans and financial services. Finally, the rule utilizes data provided
by NCUA on the location of depository institution facilities to determine whether an area is "underserved by other depository institutions" according to the presence of their facilities within the area. TXT; PDFEffective: 1/02/09
- FDIC Publishes Final Rule in FR for Assessment Dividends
The FDIC is adopting a final rule to implement the assessment dividend requirements in the Federal Deposit Insurance Reform Act of 2005 (the Reform Act) and the Federal Deposit Insurance Reform Conforming Amendments Act of 2005 (the Amendments Act). TXT; PDF Effective: 1/01/09
- NCUA Publishes Final Rule in FR for Low Income Definition
The NCUA is amending the definition of "low-income members" to use median family income (MFI) to determine if a credit union qualifies for a low-income designation and eligible for assistance from the Community Development Revolving Loan Fund (CDRLF). The amendment will eliminate the confusion associated with adjusting median household income in metropolitan areas with higher costs of living. Additionally, it will better align NCUA criteria for a low-income credit union (LICU) designation with the criteria for the addition of an underserved area to a federal credit union (FCU) field of membership and certification as a Community Development Financial Institution (CDFI).TXT; PDF Effective: 1/01/09
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