Compliance Blog

Posted by Anthony Demangone

Right of rescission.  Earlier, we noted that the Federal Reserve released the latest issue of the Consumer Compliance Outlook.  The publication is always well-written and useful.  This particular issue has a true gem - perhaps the best overview of Regulation Z's "right of rescission" ever written. (OK, I haven't read that many overviews of that topic. But it still is a fantastic overview.)  Access the ROR article here.   If you have colleagues that work with mortgages, I'd forward this to them. 

FDIC Supervisory Insights.  The "summer" issue of this publication contains an overview article on the changes to Regulation Z that affect open-end credit.  But what caught my eye is that the article instructs examiners how best to measure a bank's compliance.  For example, here's what the article says about the periodic statement 21-day requirement for credit cards:

To determine compliance with the timing requirement, examiners should compare the card issuer’s performance standards for mailing periodic statements to both the billing cycle close date and payment due date shown on periodic statements.

NAFCU Reg Z Final Regulation.  NAFCU members, you can now download 10-EF-08, NAFCU's overview of the August 22 Reg Z provisions.

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