february;5,;2010: Interagency (federal financial regulatory agencies and the conference
of state Bank supervisors) statement on prudent lending to creditworthy small business
Note: The statement builds upon principles in existing guidance, including the Interagency
Statement on Meeting the Needs of Creditworthy Borrowers2 issued in November 2008 and
the Policy Statement on Prudent Commercial Real Estate Loan Workouts3 issued in October
January;12,;2010:;rules to protect credit card users from a number of costly practices
including bans on several harmful practices.
Note: The final rule is the second stage of the rule writing for the Credit CARD Act. It finalizes
the interim rule that was effective August 20, 2009, as well as the provisions of the Credit
CARD Act effective on February 22, 2010.
*The Federal Reserve is withdrawing the January 2009 Reg. Z rule. However, to the extent
consistent with the Credit CARD Act, the board has retained the July 1, 2010, mandatory
compliance date for many of the provisions incorporated from the January 2009 Reg. Z rule.
In addition, the substantive requirements in the January 2009 Reg. AA rule, effective on July
1, 2010, have been superseded by provisions of the Credit CARD Act effective on February 22,
october;19,;2010:;amendments to reg. Z to clarify rules pertaining to credit cards.
august;16,;2010: rule to revise escrow account requirements for higher-priced, first-lien
“jumbo” mortgage loans. www.federalreserve.gov/newsevents/press/bcreg/20100816a.htm
august;16,;2010:;rules to enhance consumer protections and disclosures for home mortgage
transactions including reverse mortgages and to prohibit certain unfair practices in the sale of
financial products www.federalreserve.gov/newsevents/press/bcreg/20100816e.htm
June;17,;2010: proposed change to the community reinvestment act (cra) regulations
to support stabilization of communities affected by high foreclosure levels by encouraging
depository institutions to support the neighborhood stabilization program (nsp) administered
by the u.s. department of housing and urban development (hud).
november;24,;2010:;FdIc guidance to reaffirm existing supervisory expectations with respect
to overdraft payment programs generally, and to provide specific guidance with respect to
automated overdraft payment programs. www.fdic.gov/news/news/financial/2010/fil10081.html
May;28,;2010: clarifications to reg. e and reg. dd final rules pertaining to overdraft services
to address questions and provide further guidance regarding the prohibition in reg. e on
assessing overdraft fees without the consumer’s affirmative consent.
March;23,;2010: rules amending reg. e to restrict fees and expiration dates on gift cards to
protect consumers from certain unexpected costs and to require that terms and conditions be
clearly stated. www.federalreserve.gov/newsevents/press/bcreg/20100323a.htm
*Note: On October 19, 2010, the Federal Reserve Board issued a final rule that delays the
August 22, 2010, effective date of certain provisions that pertain to gift certificates, store gift
cards, and general-use prepaid cards issued prior to April 1, 2010, until January 31, 2011, if
disclosures are provided to consumers that inform consumers that there will be no dormancy,
inactivity, or service fees and that these cards, specifically the underlying funds, will not
expire, regardless of what is printed on the cards. www.federalreserve.gov/newsevents/press/
June;21,;2010:;Final guidance to ensure that incentive compensation arrangements at financial
organizations take into account risk and are consistent with safe and sound practices.
Note: The guidance was originally proposed by the Federal Reserve last year. The OCC, OTS,
and FDIC are joining in issuing the final version.
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March;5,;2010:;Bank secrecy act Interagency guidance on Beneficial ownership to, among
other things, clarify and consolidate existing regulatory expectations for obtaining beneficial
ownership information as part of the customer due diligence (cdd) and enhanced due diligence
(edd) processes related to certain accounts and customer relationships.
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Regulatory;developments;Cutoff;date:;december;1,;2010. please note the major regulatory developments list does not include routine announcements such as hmda
data availability, Federal reserve check processing consolidations impacting reg. cc hold schedules, reg. Z high cost trigger changes. please refer to www.federalreserve.gov/
newsevents/press/all/ 2010all.htm for these and other similar updates.