Regulatory News

Consumer Issues & Information

 
 
Date Title Category
July 25, 2013 Student Loans

Financial institutions that offer programs for student borrowers struggling with repayment should provide those borrowers with clear, practical information explaining the basic options available, general eligibility criteria, the processes, and how to contact lenders or servicers.

Consumer
July 10, 2013 Mortgage Appraisals

A new proposed joint rule would exempt certain higher-priced mortgage loans from recently finalized federal appraisal requirements. Comments from the public on all but the proposal’s Paperwork Reduction Act analysis are due September 9.

Consumer
Date Title Category
August 15, 2012 Truth in Lending

A new proposed interagency rule would amend the Truth in Lending Act and set new standards for appraisals related to “higher-risk loans,” those residential mortgage loans with APRs exceeding the average prime offer rate for comparable transactions. Comments on the proposal are due October 15, except for comments on the proposal’s Paperwork Reduction Act analysis, which are due 60 days from its forthcoming publication in the Federal Register.

Consumer
August 2, 2012 Foreclosure Review

The Federal Reserve and OCC have extended the deadline by which borrowers can seek review of their mortgage foreclosures to December 31.

Consumer
June 21, 2012 Foreclosure Review

New guidance, released today, will help determine the compensation or other remedy borrowers will receive for financial injury identified during the Independent Foreclosure Review. Eligible borrowers may request a free review of their mortgage foreclosures through September 30.

Consumer
June 21, 2012 Mortgage Servicing

The federal financial regulatory agencies have released new guidance to help ensure that mortgage servicers meet their obligations to military servicemembers who’ve received Permanent Change of Station orders.

Consumer
April 5, 2012 Other Real Estate Owned

As part of an orderly OREO disposition strategy, banking organizations may rent residential properties acquired in foreclosure and, to the extent those OREO properties meet the Community Reinvestment Act’s definition of “community development,” receive favorable CRA consideration for them.

Consumer
Date Title Category
August 31, 2011 Capital One Public Meetings

The Federal Reserve will hold three public meetings to collect information to help it weigh the expected public benefits of Capital One Financial Corporation’s proposed acquisition of ING Bank. The meetings will take place in Washington, DC on September 20, in Chicago on September 27, and in San Francisco on October 5. Requests to testify are due September 9 for the Washington meeting, September 15 for the Chicago meeting, and September 23 for the San Francisco meeting.

Consumer
June 13, 2011 Regulation Z

The fee dollar amount that triggers additional disclosures for certain home mortgage loans under the Truth in Lending Act and Home Ownership and Equity Protection Act of 1994 has been adjusted to $611 for 2012. This annual adjustment will take effect January 1.

Consumer
June 13, 2011 Regulations Z and M

The dollar threshold for consumer credit and lease transactions exempt from Regulations Z and M, respectively, has been increased to $50,000 for 2012. This annual adjustment will take effect January 1.

Consumer
May 23, 2011 Regulation E

Under a new proposed rule just published in the Federal Register, remittance transfer providers would have to make certain new disclosures to their customers, and those customers would have new rights to error resolution and cancellation. Public comments are due July 22.

Consumer
April 19, 2011 Regulation Z

Under proposed changes to the regulation, creditors would have to determine a prospective borrower's ability to repay before making a loan and establish minimum underwriting standards. These changes implement requirements imposed by the Dodd-Frank Act. Public comments on the proposal are due July 22.

Consumer
March 1, 2011 Regulations B and V

The Federal Reserve and Federal Trade Commission are proposing new model forms and notices to comply with new credit score disclosure requirements included in the Dodd-Frank Wall Street Reform and Consumer Protection Act. Public comments are due 30 days after publication in the Federal Register.

Consumer
February 1, 2011 Truth In Lending

In light of its July 2011 transfer of Truth In Lending authority to the new Bureau of Consumer Financial Protection, the Federal Reserve will not finalize three pending proposed amendments to Regulation Z. The proposed amendments addressed disclosures for closed-end loans and home equity lines of credit, reverse mortgages, and rescission rights.

Consumer
January 31, 2011 SAFE Act

Effective January 31, residential mortgage loan originators employed by banks, thrifts, credit unions, or the Farm Credit System must register with the Nationwide Mortgage Licensing System and Registry.

Consumer
Date Title Category
December 13, 2010 Consumer Leasing

New proposed amendments to Regulation Z and Regulation M would apply the Truth In Lending Act and the Consumer Leasing Act, respectively, to consumer credit transactions and leases of up to $50,000. The current limit is $25,000. The proposed amendments are intended to implement requirements in the Dodd-Frank Wall Street Reform and Consumer Protection Act. Public comments are due February 1.

Consumer
June 17, 2010 Community Reinvestment Act

A new proposed rule would encourage depository institutions to support HUD's Neighborhood Stabilization Program (NSP) by lending and investing to support NSP activities in certain areas.

Consumer
June 15, 2010 Credit Cards

The final rule implementing the Credit CARD Act of 2009 has been approved and will take effect August 22.

Consumer
March 23, 2010 Regulation E

A new final rule, part of the Credit CARD Act of 2009’s implementation, restricts, among other things, inactivity fees for gift cards and other kinds of prepaid products. The rule takes effect August 22.

 

Consumer
March 15, 2010 Regulation Z

A new proposed rule, part of the Credit CARD Act of 2009’s implementation, would protect credit card users from unreasonable late payment and other penalty fees and would require card issuers to reconsider interest rate increases. Public comments on the proposed rule are due by April 14.

 

Consumer
February 26, 2010 Overdraft Fees

The Federal Reserve has clarified the overdraft rules it issued in late 2009 under Regulations E and DD. Public comment on the proposed clarifications are due in late March. A new online manual is designed to help consumers understand new protections against overdraft fees on debit-card and ATM transactions.

 

Consumer
February 26, 2010 Credit Cards

The Federal Reserve has launched a new interactive website, designed to help consumers understand the new credit card protections taking effect February 22

 

Consumer
Date Title Category
December 22, 2009 Credit Reporting

Under new Federal Reserve and Federal Trade Commission rules, creditors must provide risk-based pricing notices to those consumers whose credit reports caused them to receive credit on terms less favorable than those applied to other consumers. The rules take effect in 2011.

 

Consumer
November 27, 2009 Internet Gambling

The compliance date for the Department of the Treasury’s and the Federal Reserve’s joint final rule implementing certain provisions of the Unlawful Internet Gambling Enforcement Act has been extended to June 1, 2010.

Consumer
November 20, 2009 Electronic Fund Transfers

New proposed rules would restrict the fees and expiration dates that apply to many gift cards. Public comments on the proposed rules are due December 21.

Consumer
November 17, 2009 Financial Privacy

A new final model privacy notice, designed to enable compliance with the Financial Services Regulatory Relief Act of 2006, is now available.

Consumer
November 16, 2009 Truth in Lending

An approved interim rule under the Helping Families Save Their Homes Act requires notice to consumers whose mortgage loans have been sold or transferred. Compliance with the interim rule is optional until January 19, 2010. Public comments on the interim rule are also due at that time.

Consumer
November 12, 2009 Electronic Fund Transfers

Final rules requiring financial institutions to obtain consumer consent before charging fees for overdraft protection on ATM and one-time debit card transactions take effect January 19, 2010 with a mandatory compliance date of July 1, 2010.

Consumer
September 29, 2009 Regulation Z

New proposed credit card rules would restrict, among other things, interest rate increases, fees associated with subprime cards, and card issuances to consumers under the age of 21. The rules would ban double-cycle billing and payment allocations designed to maximize interest charges. Comments on the proposed rules, which would take effect next February, are due in early November.

Consumer
September 24, 2009 Financial Privacy

New revisions to Regulation S will take effect January 1. The revisions will increase the fees the government pays financial institutions to assemble and produce documents under the Right to Financial Privacy Act and encourage electronic document production.

Consumer
September 15, 2009 New Consumer Protection Program

The Federal Reserve will subject nonbank subsidiaries of bank holding companies and foreign banking organizations to the consumer protection laws and regulations it enforces.

Consumer
August 10, 2009 Truth in Lending

Effective January 1, 2010, the fee-based trigger for home mortgage loans will be $579.

Consumer
July 30, 2009 Truth in Lending

Under new final amendments to Regulation Z, private education lenders must make additional disclosures to prospective borrowers, including disclosures about potentially less costly federal student loan programs. The amendments will take effect in early 2010.

Consumer
July 23, 2009 Truth in Lending

Comments are due in late November on new proposed mortgage and HELOC disclosure rules.

Consumer
July 21, 2009 Flood Insurance

Federal agencies released revised questions and answers about flood insurance, superseding the questions and answers released in 1997, and requested comment on five new ones. Comments are due September 21, 2009.

Consumer
July 15, 2009 Truth in Lending

The Federal Reserve has approved an interim final rule amending Regulation Z and requiring creditors to give consumers more notice before making significant changes to credit card account terms. Public comments on the rule are due 60 days from the rule's publication in the Federal Register.

Consumer
July 2, 2009 Consumer Credit Reporting

New rules and guidelines to promote the accuracy and integrity of information furnished to credit bureaus and other consumer reporting agencies have become final and will take effect July 1, 2010.

Consumer
July 2, 2009 Consumer Credit Reporting

New rules and guidelines to promote the accuracy and integrity of information furnished to credit bureaus and other consumer reporting agencies have become final and will take effect July 1, 2010.

Consumer
June 22, 2009 Consumer Advisory Council

The Federal Reserve is seeking nominations for appointments to its Consumer Advisory Council.

Consumer
June 22, 2009 Consumer Advisory Council

The Federal Reserve is seeking nominations for appointments to its Consumer Advisory Council.

Consumer
June 11, 2009 Identity Theft FAQs

Federal agencies have published a set of frequently asked questions designed to help explain compliance with new identity theft rules.

Consumer
April 21, 2009 Clarifications to Credit Card Rules

The Federal Reserve has proposed clarifications to the final credit card rules it issued last December under the Federal Trade Commission and Truth in Lending Acts. Comments on the clarifications are due 30 days from the proposals' publication in the Federal Register.

Consumer
March 11, 2009 New Proposed Amendments to Reg. Z

The Board of Governors has proposed amendments to Regulation Z (Truth in Lending) that would apply to private student loans, including a three-day right of rescission for consumers and disclosure of a loan's total cost based on the maximum interest rate a creditor can charge. Public comments are due in May.

Consumer
January 30, 2009 Residential Mortgage Assets

The Federal Reserve will help avoid preventable foreclosures on some residential mortgage assets held by a Reserve Bank.

Consumer
January 16, 2009 Expedited Funds Availability

Federal Reserve check processing operations in Charlotte will move to Atlanta on March 21. This will cause some formerly nonlocal checks to become local under Regulation CC's expedited availability rules.

Consumer
January 6, 2009 Community Reinvestment

Federal agencies published revised questions and answers on CRA, adding 9 answers, revising 14, and requesting comment by Mar. 9 on three new or revised answers.

Consumer