Final Regulation Summaries

The final rule implements several provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) regarding mortgage loan originator compensation.

The Consumer Financial Protection Bureau issued a final rule amending Regulation B, which implements the Equal Credit Opportunity Act, and its interpretations of Regulation B concerning appraisals and other valuations.

The final rule expands the definition of “troubled condition” to permit either the NCUA or a State Supervisory Authority (SSA) to declare a federally insured state chartered credit union (FISCU) to be in “troubled condition.”

The National Credit Union Administration, Consumer Financial Protection Bureau, Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and Federal Housing Financing Agency jointly issued a final rule on appraisals for higher-priced mortgage loans (HPMLs).

The CFPB has issued a final rule on mortgage servicing, amending Regulation Z (Truth in Lending Act, TILA) and Regulation X (Real Estate Settlement Procedures Act, RESPA) that would make a number of key changes to servicing requirements.

The CFPB has issued a final rule on mortgage servicing, amending Regulation Z (Truth in Lending Act, TILA) and Regulation X (Real Estate Settlement Procedures Act, RESPA) that would make a number of key changes to servicing requirements.

The final rule extends the time that credit unions have to accept a low-income designation from 30 days to 90 days.

The final rule expands the transactions covered under Home Ownership Equity Protection Act (HOEPA) and implementing regulations. Notably, purchase money mortgage loans (owner-financed) and home equity lines of credit (HELOCs) are now covered.

The final rule and Interpretive Ruling and Policy Statement (IRPS) increases the asset threshold in the definition of “small entity” for the purpose of providing regulatory relief under the Regulatory Flexibility Act (RFA) from $10 million to $50 million.

The rule amends existing regulations that require creditors to establish and maintain escrow accounts for at least one year after originating a “higher-priced mortgage loan” to require generally that the accounts be maintained for at least five years.

"The final rule requires lenders to determine a consumer's ability to repay a mortgage before

The final rule removes references to credit ratings in NCUA's regulations or replaces them with other appropriate standards of creditworthiness as required by the Dodd-Frank Act.

The final rule removed references in the fidelity bond rule to NCUA's former Regulatory Flexibility Program (RegFlex) and amended the standard used for granting authority to a FCU to choose an increased deductible amount.

This rule has no direct impact on credit unions; this Final Regulation is being provided for informational purposes.

The final rule provides a “safe harbor” for credit unions that made 100 or fewer remittance transfers in the previous calendar year, and have made 100 or fewer remittance transfers in the current calendar year. Such credit unions would not be subject to the remittances transfer rules established by the CFPB

The final rule permits a fraud adjustment of one cent per transaction for debit card transactions.

The final rule governs the Consumer Financial Protection Bureau (CFPB)'s authority and procedures to conduct investigations in non-adjudicative settings.

The Final Rule governs hearings and adjudicatory proceedings brought by the CFPB, enabling the Bureau to conduct administrative adjudications to ensure compliance with federal laws and regulations.

The rule eliminates the Regulatory Flexibility (RegFlex) program and provides some authorities previously permitted under RegFlex to all credit unions. Other authorities permitted under RegFlex would be permitted for all well-capitalized credit unions, as defined by the rule.

The NCUA has issued a final rule, along with an Interpretive Ruling and Policy Statement (IRPS) that requires federally-insured credit unions (FICUs) to maintain written policies on loan workouts and nonaccrual loans, and makes changes to the agency's regulatory reporting requirements of troubled debt restructured loans.

The Internal Revenue Service (IRS) has issued final regulations that will require credit unions to report interest payments to certain nonresident aliens if the credit union has made $10 or more in interest payments.