ABA Bank Compliance - January/February 2010

Regulatory Development Table

GReetinGs. thanks for your feedback in the ABA Bank Compliance magazine reader survey. We listened to you! effective with this issue we will include a table of regulatory developments in every issue to assist you in keeping track of new and changed regulations and guidance. the table lists the regulatory changes, includes links for details and indicates applicable key dates. in addition, we have added “to Do” column to help you note your action items. We will continue the commentary in the Regulatory insider column in every other issue. —Bonita G. jones

Comment Due Date

Final

Regulatory Developments
2009: Credit-Related
November 16, 2009 Interim final rule amends Regulation Z and requires notice be given to
consumers when their mortgage loan is sold or transferred http://www.federalreserve.gov/
newsevents/press/bcreg/bcreg20091116b1.pdf Note: The Federal Reserve is also soliciting
comment on the interim rule for 60 days before considering the adoption of a permanent rule.

Effective Date

Mandatory Compliance Date

To Do

X Federal Register Optional publication, for 60 days which is after the expected effective shortly. date.

November 16, 2009 Interim final rule amending Regulation Z requires notice be given to consumers
when their mortgage loan is sold or transferred. http://www.federalreserve.gov/newsevents/press/
bcreg/bcreg20091116b1.pdf Note: Although interim rule is effective immediately, compliance
is optional for 60 days. *During the 60-day period: parties that acquire a mortgage loan continue
to be subject to the statute's requirements. Also the Federal Reserve is soliciting comment before
considering the adoption of a permanent rule.
July 30, 2009 Amendments to Regulation Z that revise disclosure requirements for private
education loans. Rule includes model forms and sample disclosures. http://edocket.access.gpo.
gov/2009/pdf/e9-18548.pdf
July 21, 2009 Revisions to interagency questions and answers and proposed new questions
regarding Flood Insurance. http://www.federalreserve.gov/newsevents/press/bcreg/
bcreg20090721a1.pdf Note: The new interagency Q&As also included five proposed Questions and
Answers for comment by September 21, 2009.
July 15, 2009 Interim final rule amending credit card provisions of Regulation Z. http://edocket.
access.gpo.gov/2009/pdf/e9-17195.pdf *Note: Comment period on interim final rule ended
September 21, 2009.
July 2, 2009 Rules and guidelines to promote accurate reports about consumers required by
FACTA. http://edocket.access.gpo.gov/2009/pdf/e9-15323.pdf
May 8, 2009 Rules revising disclosure and advertising requirements for mortgage loans under
Regulation Z to implement the provisions of the Mortgage Disclosure Improvement Act (MDIA).
http://edocket.access.gpo.gov/2009/pdf/e9-11567.pdf
January 6, 2009 Interagency questions and answers on Community Reinvestment http://edocket.
access.gpo.gov/2009/pdf/e8-31116.pdf Note: Final rule also included proposals for comment
regarding one new and two revised questions and answer by March 9, 2009.
November 16, 2009 Rules to restrict fees and expiration dates on gift cards amend Regulation E to
implement the gift card provisions of the Credit Card Accountability Responsibility and Disclosure
Act of 2009. http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20091116a1.pdf
September 29, 2009 Credit card provisions amending Regulation Z. http://edocket.access.gpo. 11-20-09
gov/2009/pdf/e9-23733.pdf Note: The proposed rule represents the second stage of the Federal
Reserve's implementation of the Credit Card Act. It would implement the provisions that go into
effect on February 22, 2010.
July 23, 2009 Changes to Regulation Z to improve the disclosures consumers receive in connection 12-24-09
with closed-end mortgages and home-equity lines of credit http://www.federalreserve.gov/
newsevents/press/bcreg/bcreg20090723a1.pdf http://edocket.access.gpo.gov/2009/pdf/e9-
18121.pdf http://edocket.access.gpo.gov/2009/pdf/e9-18119.pdf Note: Rules include model
forms and sample disclosures. Also, the Federal Reserve Board will work with HUD to make the
TILA disclosures and HUD’s RESPA disclosures, complementary.
June 24, 2009 Interagency revisions to regulations implementing the Community Reinvestment Act 7-30-09
to consider low-cost education loans provided to low-income borrowers in CRA assessments http://
www.federalreserve.gov/newsevents/press/bcreg/20090624a.htm
June 1, 2009 Interagency rule to implement S.A.F.E. Act mortgage loan originator registration 7-9-09
requirements http://www.federalreserve.gov/newsevents/press/bcreg/20090601a.htm
April 21, 2009 Interagency clarifications to Credit Card Rules to improve the disclosures consumers 6-4-09
receive in connection with credit card accounts and other revolving credit plans. http://edocket.
access.gpo.gov/2009/pdf/e9-9861.pdf http://edocket.access.gpo.gov/2009/pdf/e9-10081.pdf