Communicating
with our staff is
simple! Don't
hesitate to
contact us with
your questions
and suggestions.

Many files on this site are available in Portable Document Format (PDF) and require Acrobat Reader to view them. Download the latest version for free from Adobe's site.

May - June 2009

  ||  Feature Story

Reg D Amendment Relaxes Transfer and Withdrawal Rule 
Read the entire article.

 Since 1982 institutions and consumers have struggled with the requirements of Reg D as they relate to transfers and withdrawals from savings accounts. With this new definition of “savings deposit,” the FRB is removing from the six allowable “convenient” transfers or withdrawals per month, the requirement that no more than three can be by check, debit card, or similar order made by the depositor and payable to third parties.

What's  New

NCUA and Others Issue Proposed Rule Changes to the S.A.F.E. Act
A proposed aw requires those employees of credit unions who work as mortgage originators to be licensed and registered with a nationwide registry. In addition, credit unions must adopt and follow written policies and procedures. This proposed rule would add a new Part 761 to the NCUA Rules.

Credit Card Rules Passed to Protect Consumers Impact Institutions 
Though many changes were already set to be made to the open-end credit rules of Reg Z, including credit cards, consumer groups pressured Congress for something  effective sooner than July of 2010. As a result, President Obama signed on May 22 the Credit Card Accountability Responsibility and Disclosure Act of 2009. Two provisions are effective within 90 days 
(August 20, 2009). Those pertain to delivery of statements and advance notice of interest rate increase.

Reg Z Amended to Accommodate MDIA 
The FRB has issued yet another final rule amending Regulation Z. This one is made to accommodate the changes required by the Congressional amendments to the Mortgage Disclosure Improvement Act of 2008 (MDIA). A new definition of “business day” is required for providing certain disclosures.

IRS Yearend Reporting Tools
The Chart of IRS Due Dates has been updated for the 2009 reporting year. It includes the 2010 due dates for the 1042-S, the 1098 and 1099 series, and the 5498 series. The forms and instructions for each can be found on the IRS site at  http://www.irs.ustreas.gov/formspubs/index.html.

Looking for a particular subject? Browse by subject using our article index. 

ConclusionsOnline is a subscription magazine providing information on regulatory changes, legislative updates, technology advances, and industry trends affecting financial institutions or financial services industry professionals.