Final Regulation Summaries

The CFPB issued a final rule which suspended card issuers’ obligations to submit credit card agreements to the Bureau for a period of one year. The final rule mandates that card issuers shall resume submitting credit card agreements to the Bureau on a quarterly basis starting the first business day on or after April 30, 2016.

The Consumer Financial Protection Bureau issued a Final Policy Statement regarding the Consumer Complaint Database, a database that launched in 2012. Specifically, the Final Policy Statement announces that consumers will now have the ability to include narratives when filing a complaint on the CFPB website.

The Consumer Financial Protection Bureau issued a final rule which makes several changes to its Truth in Lending (TILA)/Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure Rule.

The National Credit Union Administration (NCUA) has issued final amendments on its appraisals regulations.

The Board of Governors of the Federal Reserve System, Federal Housing Finance Agency, Department of Housing and Urban Development, Federal Deposit Insurance Corporation, U.S. Securities and Exchange Commission, and Office of the Comptroller of the Currency (the Agencies) issued a joint final rule to implement credit risk retention requirements for securitizers of asset-backed securities.

The Board of Governors of the Federal Reserve System (The Board or Fed) finalized two concurrent amendments to Regulation J and Payment System Risk Policy (PSR Policy). Together they are designed to better align the Federal Reserve Banks (Reserve Banks) posting rules for check processing with actual deposit and presentment times, reflecting the industry’s almost complete shift from paper to electronic check-processing.

The Consumer Financial Protection Bureau (CFPB or the Bureau) issued a final rule which makes several changes to the 2013 mortgage rules under the Truth in Lending Act (Regulation Z).

NACHA finalized two amendments to its operating rules designed to improve network quality by reducing the incidence of exceptions.

 

The Consumer Financial Protection Bureau (CFPB) has finalized amendments to Regulation P that allow credit unions, under certain conditions, to post their annual privacy notices online rather than delivering them individually.

The Consumer Financial Protection Bureau (CFPB) has extended an exception for international remittance transfers disclosures provided to federally insured credit unions and banks on certain international remittance transfers for another five years, to July 21, 2020.

The Consumer Financial Protection Bureau (CFPB of Bureau) has issued a final rule interpreting the Ability-to-Repay Rule (ATR Rule) regarding situations involving successors-in-interest (successor).

The National Credit Union Administration (NCUA) released a final rule amending its voluntary liquidation regulation.

The National Credit Union Administration (NCUA) released a final rule requiring annual stress testing for federally insured credit unions with $10 billion or more in assets.

The National Institute of Standards and Technology released a voluntary framework for entities to utilize in identifying, assessing, and mitigating threats to their cybersecurity infrastructure.

The Private Company Council of the Financial Accounting Standards Board finalized an Accounting Standards Update which allows for the use of an accounting alternative for the subsequent measurement of goodwill.

The final rule allows certain credit unions to engage in a limited set of derivative transactions for the purposes of reducing interest rate risk and managing balance sheets.

The National Credit Union Administration, Board of Governors of the Federal Reserve System, Bureau of Consumer Financial Protection, Federal Deposit Insurance Corporation, Federal Housing Finance Agency, and Office of the Comptroller of the Currency (the Agencies) released a supplemental final rule to the 2013 Interagency Appraisals Final Rule issued on January 18, 2013 (January 2013 Final Rule).

The final rule does not apply to depository institutions or credit unions of any size, but may affect credit union service organizations (CUSOs) if they service more than one million accounts in a given year. At this point, no CUSOs are close to triggering the one million account threshold established by this rule.

The final rule amends NCUA regulations to clarify that federal credit unions (FCUs) are authorized to create and fund a charitable donation account (CDA), a hybrid charitable and investment vehicle, as an activity incidental to the business for which the credit union is chartered, provided the account is primarily charitable in nature and meets other regulatory conditions to ensure safety and soundness.

This final rule makes technical changes to NCUA regulations regarding the rating system for corporate credit unions. The changes update the regulations to reflect a recent policy change that replaced the Corporate Risk Information System (CRIS) with the CAMEL rating system.

CFPB has issued a final rule that combines the mortgage disclosures that credit unions currently provide under the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act of 1974 (RESPA).