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June 27, 2008

  ||  Feature Story

Agencies Propose Rule on Unfair and Deceptive Practices
Read the entire article.

A proposed rule on unfair or deceptive acts or practices has been issued for comment by the NCUA, FRB, and OTS. The proposal would prohibit seven specific practices associated with credit cards. With regard to overdraft protection services on deposit accounts, the proposal would require institutions to make an opt out, and partial opt out, available to consumers. It also addresses overdrafts caused by use of a debit card.

What's  New

Proposed Reg DD Amendment Issued 
Regulators have made no secret of the fact they are not in favor of widespread use of bounce protection programs. Since institutions weren’t stopped by this concern, the regulators are now proposing amendments to several regulations to require additional disclosures to consumers about these services. Those who offer such programs, whether they “promote” them or not, should read this proposed amendment carefully.

FRB and FTC Propose Risk Based Pricing Notices 
As the FRB and FTC continue to implement the FACT Act, Section 311 has been addressed with a proposed rule requesting comments by August 18. This requires a risk-based pricing notice to be provided to consumers under certain circumstances. The requirement is designed to improve the accuracy of consumer reports by alerting consumers to the existence of negative information on their credit report so the consumers can, if they choose, check their reports for accuracy and correct any inaccurate information.

FinCEN Releases Report on Money Laundering in the Residential R/E Industry
FinCEN has performed a study of randomly selected SARs containing words related to the residential real estate industry. The report revealed that fraud and money laundering definitely occur in the residential real-estate business. The SARs revealed that in addition to real-estate based money laundering and fraud other illicit crimes, such as tax evasion and identity theft, also occurred and were reported on residential real-estate based SARs. The report provides examples of SAR narratives actually filed by depository institutions.

IRS Yearend Reporting Tools
The Regulatory Reference Guide Section G, Yearend Reporting Guidelines – Forms and General Instructions, has been updated for 2008 tax year filing requirements. The Chart of IRS Due Dates has the 2008 dates as well.

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