Regulatory News

Consumer Issues & Information

 
 
Date Title Category
August 22, 2014 Regulation AA

The Federal Reserve Board has proposed the repeal of Regulation AA, the rules addressing unfair or deceptive acts or practices. Regulation AA is based on the Federal Trade Commission Act, and the Dodd-Frank Act repealed that part of the FTC Act. The Board and other federal financial agencies have also published guidance explaining the federal supervisory and enforcement authority over unfair or deceptive acts or practices that persists despite the repeal. The deadline for public comment is in 60 days.

Consumer
July 1, 2014 HELOCs

New final guidance, published today, encourages financial institutions to communicate with HELOC borrowers about end-of-draw periods and provides broad principles for managing related risk.

Consumer
May 29, 2014 Identity Theft

An amendment to Regulation V, effective 30 days from today, clarifies that the regulation’s provisions requiring identity theft prevention programs apply only to creditors that regularly extend credit or obtain consumer reports in the ordinary course of their business.

Consumer
May 29, 2014 Gramm-Leach-Bliley

Effective 30 days from today, the Board of Governors is repealing its Regulation P. The Consumer Financial Protection Bureau, which now has rulemaking authority for the privacy-related provisions in the Gramm-Leach-Bliley Act, has published its own interim final version of Regulation P.

Consumer
May 29, 2014 Truth in Savings

Effective 30 days from today, the Board of Governors is repealing its Regulation DD. The Consumer Financial Protection Bureau, which now has rulemaking authority for the Truth in Savings Act, has published its own interim final version of Regulation DD.

Consumer
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