Links in “Final Rules”
- Some Relief and Potential Opportunities in Overseas Money Transfers from Dodd-Frank 1073
Section 1073 affected overseas money transfers, with the CFPB's proposed standards making it impossible for many providers to meet, creating a potential gap in crucial services; fortunately the amended final rule, set to take effect on October 28, 2013, carries positive implications for institutions in or considering entering overseas remittance transfers. [8/7]
- Caveat Lender! CFPB Goes Final on ATR & Foreclosure Protection
CFPB 161-page Final Rule clarifies issues on Ability-to-Repay and Rights in Foreclosure aimed at "facilitating the mortgage industry's compliance." [7/11]
- TILA Lawsuits Down, But Not Out
16 lawsuits in federal courts over alleged Truth in Lending violations in May, less than half filed a year earlier; but new regulations and a heavier focus on consumer protection are inspiring fears that litigation could increase. [7/5]
- New Loan Participation Rule Approved
At yesterdayâs board meeting, the NCUA Board approved a final rule on loan participations making some changes to the proposed rule, specifically the concentration limit for loan participations with the same seller has been increased to $5 million or 100% of net worth, whichever is greater. [6/21]
- CU Industry Digesting Impact of Approval of Loan Participation Rule
At yesterday's board meeting, NCUA approves amendments to Parts 701 and 741 â the loan participation rule, eligible obligations rule and requirements for insurance rule. [6/21]
- Controversial Final Rule on Loan Participations Added to NCUA Board Agenda
NCUA adds a final rule on loan participations to its June 20 agenda; proposed rule is controversial and credit union trade associations had urged the agency to withdraw it, but the agency seems intent with moving forward with further restrictions to CUs' ability to participate in loan participations. [6/19]
- Final Rule on Garnishment Issued
Master and sub-accounts addressed; revision also brings state levies under scope of the rule. [6/4]
- Final Final (That’s Final Squared) Ability to Repay Rule
Among the list of "final final" rule modifications is the inclusion of loan originator compensation in the points and fees calculation. [5/31]
- Final Rule Addresses Garnishments of Accounts Containing Federal Benefit Payments
Under a new final rule issued today, financial institutions must take extra steps before complying with a garnishment on an account that contains federal benefit payments, including ensuring that the account holder has access to funds in the account equal to the sum of the federal benefit payments he or she received in the past two months. [5/29]
- Recapping CFPB’s Credit Card Rule Amendments for Stay-at-Home Spouses
The four key takeaways from the 86-page final rule. [5/29]
