SAFE Act
This law directs the states to adopt licensing and registration requirements for loan originators that meet certain minimum requirements that are specified in the SAFE Act.
Status: Enacted Legislation. Compliance Area: Mortgage.
Saturday, July 31, 2010.
For more info visit www.fdic.gov. FRB ACH Service
The Federal Reserve Board has announced its posting of rules for a new same-day automated clearing house (ACH) service.
The Federal Reserve Banks will be offering an opt-in, same-day settlement service for certain ACH debit payments through the FedACH service effective August 2, 2010.
Status: Final Regulation. Compliance Area: Deposit/Operations.
Monday, August 2, 2010.
For more info visit www.federalreserve.gov. Final Gift Card Rules
The FRB has announced final rules to restrict the fees and expiration dates that may apply to gift cards. The rules require that gift card terms and conditions be clearly stated.
The final rules are issued under Reg E to implement the gift card provisions in the Credit Card Accountability Responsibility and Disclosure Act of 2009.
Visit our Reg E Resource Center for the latest compliance information and solutions.
Status: Final Regulation. Compliance Area: Deposit/Operations.
Sunday, August 22, 2010.
For more info visit www.federalreserve.gov. Reg Z Credit Card Rule
In a press release, the Federal Reserve Board announced it has approved a final rule to protect credit card users from unreasonable late payment and other penalty fees and to require credit card issuers to reconsider interest rate increases imposed since the beginning of last year.
Status: Final Regulation. Compliance Area: Consumer Lending.
Sunday, August 22, 2010.
For more info visit www.federalreserve.gov. Reg Z (HPML Escrow)
Higher-priced mortgages - escrow requirements for residential real estate (except manufactured homes, boats, trailers, etc.),
Check out our Understanding Escrow and Changes recorded webinar on ExpertHeadquarters.com.
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For more information, visit our Reg Z Resource Center.
Status: Final Regulation. Compliance Area: Mortgage.
Friday, October 1, 2010.