Links in “Amendments/Repeals”
- CFPB Takes Down Two of the Nationâs Largest Banks
JPMorgan Chase and Wells Fargo will both be paying fines ($35.7 million total) for illegal mortgage kickbacks. This should ââ¦serve as a warning for those in the mortgage marketâ according to Cordray. [1/23/15]
- New Legislation Requires Community Bank Presence on Fed Board
Legislation reauthorizing the Terrorism Risk Insurance Act included an amendment requiring at least one member of the Federal Reserve Board to have experience in community banking. The measure was approved by the Senate. [7/18/14]
- Standard of Creditworthiness for Liquid Capital Rule
The Department of the Treasury released an amendment to the Government Securities Act of 1986, which substitutes the previous credit rating requirements with alternative requirements. Specifically, it provides a standard of creditworthiness other than credit ratings for use in the liquid capital rule, among other changes. [7/8/14]
- The Fed Repeals Reg P to Avoid Confusion
The Board of Governors of the Federal Reserve System (Board) is repealing its Regulation P, 12 CFR part 216, which was issued to implement the privacy provisions of the Gramm-Leach-Bliley Act (GLB Act). [5/29]
- New 2014 HOEPA Threshold and Fee Safeharbor Established
As required under TILA, new thresholds for coverage under HOEPA rise to $632 or 8% of total loan amount (whichever is greater) and penalty fee safe harbor of $26 for §1026.52(b)(1)(ii)(A) and $37 for §1026.52(b)(1)(ii)(B). [12/16]
- FR Final for CUSO Issued
Federal Register goes final on amendments for credit union service organization (CUSO). Focus on increased transparency and adherence to safety and soundness concerns including reporting and required audits. [12/3]
- Donât Let TCPA Catch You Unaware!
TCPA (the Telephone Consumer Protection Act) was enacted in 1991. So why is it a big deal now? Two reasons: lawyers have discovered it and are using it to win large settlements in class action suits and a recent amendment now requires that you obtain prior express written consent before you make telemarketing calls to your members. [11/25]
- NASCUS Fires Back
Where regulatory turf is at play, there is always a battle. NASCUS takes the charge against NCUA Preemption of State Derivatives issues. Expertise and experience issues raised. [7/29]
