so…what’s new? everything!!! from tidal wave to tsunami! reg c hmda-new definition of “high...

So…What’s new?EVERYTHING!!!

From Tidal Wave to Tsunami!

• Reg C HMDA-New definition of “high cost mortgages” to match Reg Z Comply By 10-01-09-Also new data transmission options

• New guide published 5-09 HMDA Getting it Right• http://www.ffiec.gov/hmda/pdf/2009guide.pdf

• Reg D-Int on reserves Fall 2008-Excess Balance Accounts allowed & elimination of 3-6 Sublimit rule… total “convenience” transfers will be total 6 ED 7-2-09

So…What’s new?EVERYTHING!!!

From Tidal Wave to Tsunami! • RESPA new GFE & Settlement Statements 01-01-2010 (Some parts effective 01-16-09- Including New Mtg Servicing

Disclosures. New ”Required Use” definition delayed & then withdrawn 5-09-lawsuit) 571 pages

6-09 House bill (HR 1728, the Mortgage Reform and Anti-Predatory Lending Act) could suspend RESPA changes announced by HUD in December 2008 for implementation on January 1, 2010

8-19-09 HUD issues Q & A on new RESPA 15 pages Ruleshttp://www.hud.gov/offices/hsg/ramh/res/faqfinalrev4.pdf


• Servicemember's Civil Relief Act-New mortgage loan protections will expire 12-2010 unless renewed.

• Family Medical Leave Act-new protections-ED 01-16-09 700 pages

• Mortgage Disclosure Improvement Act 7-30-2009 Mtg Loan Disclosure changes (“GFE“ for Reg Z disclosures etc) May 7th,

2009 Board amended Reg Z to implement MDIA as amended by Emergency Economic Stabilization Act (final 40 pages) http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20090508a1.pdf

From Tidal Wave to Tsunami! SAFE Mortgage Licensing Act-States have until Aug 09 (some 2010)

to develop system for mortgage loan employees to register or HUD will develop process for states not in compliance as a backup. Check here to track the act and state’s progress http://www.csbs.org/AM/Template.cfm?Section=SAFE_Act

• Agencies issue proposed implementation rules 6-09 out for comment 85 pages access here possible 180 days to complete registrations after system operational http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20090601a1.pdf

• Which states are on board? Also link to state deadlines and registration info from this site!

• http://www.stateregulatoryregistry.org/NMLS/AM/Template.cfm?Section=Participating_States1

• More info here http://www.hud.gov/offices/hsg/ramh/safe/smlicact.cfm

So…What’s new?


• Illegal Internet Gambling Act (UIGEA) Reg GG Comply by 12-01-09

Feds did not totally define what’s illegal-no list of entities or reporting “blocks” like OFAC)

• Reg Z New “closed end” high priced Z loans- mortgage disclosures & HOEPA & advertising rules 10-01-09 Escrow 04-01-2010 205 pages

• Access Average Prime Offer Rates Cool Calculator! Use Calculator IF LOAN APP DATE IS ON OR AFTER OCTOBER 1, 2009 OR THE LOAN CLOSED ON OR AFTER JANUARY 1, 2010.

• http://www.ffiec.gov/ratespread/newcalc.aspx (site also has link for for new HMDA calculations)

• New Reg Z “Open End” Regs 180 pages Comply 07-01-10 NOTE: Multi Featured Open End Plans live on? -few changes stay tuned!!!

Great competitive edge! Stay tuned Fed working on HELOC potion of open end now!

So…What’s new?

From Tidal Wave to Tsunami! • ADA changes amendments now called ADAA American with Disabilities

Amendments Act Effective 1-1-09 (700 pages) ADA home page http://www.ada.gov/ check link to latest

lawsuits and more-good read

• New FinCEN exemption rules-Phase 1 changes & Phase II-Added “discretionary exemption” too ( Eff date 01-05-09)

• Electronic Disclosure Rules for Regs B, E, M, Z & DD (Mandatory Compliance 10-01-08)

• FACTA- Section 312 Accuracy of Credit Information & Risk Based Pricing Notices-Now FINAL-Requires lots of polices/procedures (surprise!) allows consumers to dispute information we give to CRAs directly with us, the furnisher

• Integrity/Disputes with Furnishers of Data Effective 7-1-2010 Final rule here 44 pages

• http://edocket.access.gpo.gov/2009/pdf/E9-15323.pdf

So…What’s new?


• NCUA Official Advertising Statement (Change 10-31-08) Plus various changes to NCUA insurance coverage and disclosures-shared branch issues

• May 2009 NCUA extends 250K insurance coverage to 12-31-2013

• Reg AA (NCUA 706) 5 Unfair & Deceptive Acts or Practices credit cards 7-1-2010 144 pages

• http://ncua.gov/RegulationsOpinionsLaws/RecentFinalRegs/FR-706%20web.doc

• Parts amended by Credit Card Accountability, Responsibility and Disclosure Act 2009-45 Day change in term notice & 21 day B4 due date statement rule now effective 8-20-09

So…What’s new?


• New bills pending which may produce more regs…including more even more credit card rules in addition to those already implemented with Open End Z & UDAP & Credit Card Accountability, Responsibility and Disclosure Act

• Flood-New determination form 6-09-nothing changed on old form…..new one still required! Good grief! (Job Security!)

• July 21, 2009 NCUA and other regulators issue new Q & A regarding Flood & issue 5 new questions for comment

• http://www.ncua.gov/news/press_releases/2009/pressreleaseQA(6-10-09).pdf

So…What’s new?

From Tidal Wave to Tsunami! • Reg DD (NCUA 707) Truth in Savings Courtesy Pay Disclosure

Changes 1-1-2010. NCUA final rule to amend its Truth in Savings regulation. CUs that offer overdraft protection program must include year-to-date & monthly totals for OD & NSF fees within periodic statements.

• Changes also affect how we disclose account balances via automated systems. Proposed changes to Reg E to go along with 707 changes for opt in opt out rules to Courtesy Pay. See Final rule here 21 pages! Whew! Not bad! Effective Date 1-1-2010

• http://www.ncua.gov/Resources/RegulationsOpinionsLaws/RecentFinalRegs/74fr36102.pdf

Great movie/articles how consumers feel about OD protection/banks with Ralph Nader

http://www.overdrawnmovie.net/index.php?http://www.overdrawnmovie.net/index.php?option=com_frontpage&Itemid=1option=com_frontpage&Itemid=1

So…What’s new?


• Making Homes Affordable Program 7-9 million Americans may qualify

• Comprehensive website & great video to understand the program and help members-Info on mortgage rescue scams

• http://makinghomeaffordable.gov/

• OFAC-(IAT) Internal ACH Transactions 9-18-09 http://www.nacha.org/IAT_Industry_Information/

• CAN SPAM Act Changed 7-7-08 (Not the same ole’ SPAM we knew and loved as a kid!) Marketing Issues

• Bailing out Corporates Any issues to discuss? Unfortunately has driven some CUs close to extinction

•

So…What’s new?


New Model privacy form GLB- FTC just advised Fed Register notice-consumer testing of model privacy form for Gramm-Leach-Bliley Act (GLB) interagency notice project. Financial institutions may use GLB model form, (proposed in 2007), to provide GLB-required disclosures to consumers about institutions’ information collection & sharing practices. 30 days to file comments on the test information. (Comments due 5-20-09) The Federal Register notice is available at http://www.sec.gov/rules/proposed/2009/34-59769.pdf.

Quantitative test information available at www.ftc.gov/privacy/privacyinitiatives/financial_rule_inrp.html.

So…What’s new?


• Reg Z-We had hopes we would get reprieve but alas 7-15-09 Fed issues interim final regs with a 60 day comment period making Aug 20, 2009 the effective date to comply with some of the changes brought on by The Credit Card Accountability Responsibility & Disclosure Act of 2009. Includes 45 days notice of APR increases/significant changes in terms for CC accounts & notice of right to cancel CC account if mbr chooses & requirement to mail periodic statements for Credit Cards & other open-end accounts (including HELOCS) 21 days before payment is due.

(Interim Regs 107 pages worth available at http://www.federalreserve.gov/newsevents/press/bcreg/

bcreg20090715a1.pdf

So…What’s new?


Original “Card Act” Act here: http://en.wikisource.org/wiki/Credit_Card_Accountability_Responsibility_and_Disclosure_Act_of_2009#SECTION_1._SHORT_TITLE.3B_TABLE_OF_CONTENTS

FTC-State Charters-Red Flags Section 314 FACTA-New compliance date is 11-01-09

So…What’s new?

From Tidal Wave to Tsunami! • HVCC-Home Valuation Code of Conduct Code

• Interagency Appraisal and Evaluation Guidelines (HVCC) Fall 08 Proposed applies to Fannie Mae/Freddie Mac loans originated on or after May 1, 2009 http://www.freddiemac.com/singlefamily/docs/030308_valuationcodeofconduct.pdf

• http://appraisalnewsonline.typepad.com/appraisal_news_for_real_e/home_valuation_code_of_conduct

• July 22, 2009-New Q & A issued http://www.fhfa.gov/webfiles/14611/hvcc%20NOTICE%207%2022%2009F.pdf

• An 18-month moratorium? Proposed by H.R. 3044, introduced in June by Rep. Travis Childers, D-Miss. Code requires separation of employee duties & imposes significant cost burden on small CUs forced to hire additional staff, or utilize costly outside appraisal management companies. Status??

So…What’s new?


• July 30, 2009 – Revised disclosure requirements for non-federally guaranteed student loans released by Fed take effect Feb, 2010.

• Final rule applies to loans made expressly for postsecondary educational expenses. Revisions require CUs/others extending private education loans to provide disclosures about loan terms and features on or with loan application.

• Final rule also addresses disclosures of rates, terms & fees & updated disclosures at loan approval & consummation, plus notice of a three-day right to cancel.

• Bars co-branding by lenders/educational institutions to prevent idea theses institutions endorse certain lenders.

• Rule proposed in March to implement provisions of the 2008 Higher Education Opportunity Act.

So…What’s new?


• Will we have a new “Consumer Protection Agency?” What will that mean for NCUA and regulations? Banks like it…….more equal compliance enforcement for CUS!

• Flood Insurance NCUA today (7-21-09) released revised interagency questions and answers regarding flood insurance & requested public comment on several new ones.

• http://www.ncua.gov/news/press_releases/2009/pressreleaseQA(6-10-09).pdf

• 8-4-09 FFIEC releases new Fair Lending Exam Procedures….YES! It’s still an issue!

• http://www.federalreserve.gov/boarddocs/caletters/2009/0906/09-06_attachment.pdf

So…What’s new?


• (7/24/09)– Reg Z: Fed Reserve Board proposed several

major changes to Regulation Z (Truth in Lending)• Will modify disclosures required of lenders for closed-end mortgage loans and

home equity lines of credit (HELOCs). Fed accepting comments for 120 days• http://www.federalreserve.gov/newsevents/press/bcreg/20090723a.htm

• 8-20-09 New Exam Procedures Reg Z (70 pages) issued by Fed http://www.federalreserve.gov/boarddocs/caletters/2009/0907/09-07_attachment.pdf

8-26-09 Proposed final rules Reg Z closed end secured by real property or consumer dwelling (195 pages) Comments due by 12-24-09 Merry Christmas!!!

http://edocket.access.gpo.gov/2009/pdf/E9-18119.pdf

8-26-09 Proposed final rules HELOCS Comments due by 12-24-09 More Merry Christmas!! 187 pages

http://edocket.access.gpo.gov/2009/pdf/E9-18121.pdf

So…What’s new?

From Tidal Wave to Tsunami! • 9-9-09 Sen. Schumer (D-N.Y.) announced he wants to see more

consumer protections for OD protection plans. He will back legislation that:

• Requires consumers either must opt in, or have chance to opt out, of OD protection programs;

• Increase disclosure fees & APR charges on OD loans to help consumers factor in that info when choosing a debit card provider;

• Require warning to consumers that electronic trans may trigger an overdraft loan fee. Warning should include notice allowing consumer to cancel trans after receiving warning;

• Prohibit FIs from manipulating order in which checks & other debits are posted if it causes more ODs & maximizes fees; and

• Require FIs to gradate fees proportionally so that fee for nickel overdraft is lower than fee for a $100 overdraft.

So…What’s new?


• CRA-Will CUs finally be included? Some senators think we should! Remember-enacted to stop banks form “redlining” and investing local deposits in areas most profitable-not serving local communities-that’s what we do best but stay tuned. This continues to be brought up from time to time

• House Financial Services Committee investigates expansion of CRA 9.16 09 hearing

• Pandemic Preparedness. how ya doing? NCUA has issued several Letters to CUs

• http://www.ncua.gov/Resources/CorporateCU/Files/CULetters/09-CU-13.pdf

• See also 08-CU-01 at http://www.ncua.gov/Resources/LettersCreditUnion2008.aspx

Quote from long time compliance friend

So many new regs and changes to old ones that:

My head is already below water

I am just trying to keep my nose above and paddle like crazy with my feet!

Boss…Didn't they make water boarding illegal???

Great sites RE lawsuit abuse• http://facesoflawsuitabuse.org/

• http://www.mlaw.org/

•Great Attorney Boot Camps Toohttp://www.maxbankruptcybootcamp.com/http://www.pli.edu/

Boss….I need a vacation…Hawaii is nice this time of year!!

so…what’s new? everything!!! from tidal wave to tsunami! reg c hmda-new definition of “high...

Documents

new respa

pages http

sowhats new

pages rules http

new hmda calculationshttp

right http

new reg z open end regs

reg z disclosures