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November
- December 2009
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Feature Story
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Final
Rule on Reg E Requires
Opt In
Read the
entire article.
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The FRB has issued the final rule to
Regulation E, along with the changed staff commentary. It
requires an opt-in by a consumer to participate in an
institution’s overdraft services before any charges may be
made for paying overdrafts on ATM and one-time debit card
transactions. There are no exceptions to the opt-in as there
were in the proposed rule. The changes will likely require
system changes and a lot of training of staff members to
ensure the institutions are ready by the mandatory compliance
date of July 1, 2010.
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What's
New |
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New
Privacy Rule Notice Final
Eight regulatory agencies have agreed on the final rule
for a new model privacy disclosure for use in complying with
GLBA requirements. The disclosure is basically the same as the
proposed notice with a few changes based on consumer testing.
The effective date is December 31, 2009; however, compliance for
those who choose to use the form is effective January 1, 2012 on
specified sections.
No
More "Non-local" Checks Under Reg CC
The FRB has published the final amendments to Reg CC to complete
the ongoing restructure of its check processing infrastructure.
The routing number changes were effective December 12. Early in
2010, at a date to be announced, the Cleveland FRB will become
the single processing office for paper checks. This change has
significant impact for all financial institutions in the U.S.
Reg
E Proposed Rule to Regulate Gift Cards
The FRB is proposing to amend Reg E and the staff commentary to
implement protections for consumers who purchase gift cards.
This is a result of consumers being surprised to learn their
card has expired or that dormancy or service fees have reduced
or eliminated the value of the card.
Final
Reg Z Rule on Mortgage Loans Closely Followed Proposal
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.
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