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January
- February 2010
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Feature Story
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Final
Credit CARD Act
Rules Issued
Read the
entire article.
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The
Final Rule implementing provisions of the Credit
CARD Act that are effective February 22, 2010, was issued
by the FRB on January 12. This Rule also includes the
finalization of the July 2009 interim rule which pertained to
requirements effective August 20, 2009. The provisions,
effective February 22, have been described as the most
sweeping changes ever made in rules governing credit cards. |
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What's
New |
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Stop Payments
and Reg E
In
the past few months, NACHA has passed several new regulations.
One of those aligns more closely the ACH system and Reg E. The
Stop Payment process is impacted by these changes which become
effective March 19, 2010.
Guidance
Proposed on Reverse Mortgages
This
article is a brief summary of the final rule regarding
disclosure requirements for mortgage loans under the MDIA. It
pertains to the early disclosures and restrictions on closing
date. It also expands the use of “business day” to the more
precise one in Reg Z.
Two
States Pass Strict PCI Compliance Laws
Two
states have recently passed laws that deal strictly with PCI
compliance. These new laws demonstrate the fact that protecting
personal information of consumers remains high on the list of
legislators. The Nevada law is considered groundbreaking in its
approach.
Fair
Lending Among Regulators' Top Concerns
Fair
lending is an issue that never goes away. Not only is it the
right thing to do from a moral standpoint, it is required by the
law. Not so much has been heard about this topic in the last
year or so due to the other priorities of regulators. The
concern about fair lending is back among the top issues for
regulators due to loan-denial rate disparities, new findings of
redlining and reverse redlining, and HMDA data that reveals
disturbing trends.
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