The deadlines approaching compliance peeps are many. It can be very difficult to keep everything straight. With that in mind, here's some help.
Truth in Savings. NCUA has a proposed rule to amend Part 707 of its rules and regs. The changes would mirror the Fed's Reg DD. Currently, only credit unions that promote their overdraft protection programs need to provide monthly and year-to-date NSF and ODP fee totals. After this become effective, all credit unions will need to make those disclosures, whether or not they promote the programs. While NCUA's rule is a proposal, they are mandated to keep their Truth in Savings rule aligned with the Fed's. So this train is a'comin.
Compliance Deadline: If it mirrors Reg DD, January 1, 2010.
Here's a link to NCUA's proposal.
Here's a link to the Reg DD final rule.
On a related note, the Fed currently has another overdraft-protection-related proposal. They have issued a proposal to amend Regulation E that could conceivably require consumers to opt-in to a financial institution's overdraft protection program for ATM and one-time POS transactions. Access the proposal here. Comments were due back on March 30.
RESPA. Despite everyone and their brother asking HUD to derail their RESPA reform efforts, HUD is proceeding with the amendments to its RESPA regulation. The changes mostly amend the GFE and HUD-1 and HUD 1-A.
Compliance Deadline: January 1, 2010.
Here's a link to a HUD page that contains a link to the final rule, forms, and other information. Note that the "required use" provision has been yanked, and that some minor provisions of RESPA reform have already become final.
UDAP. NCUA, along with other financial regulators, issued a final rule to amend Part 706 of its rules and regulations. The rule creates 5 new "unfair acts and practices" related to credit cards that are a no-no. But the wind has been knocked out of this regulation by a credit card bill recently signed by President Obama.
Compliance Deadline: July 1, 2010
Here's a link to NCUA's final rule.
Credit CARD Act of 2009. President Obama recently signed this piece of legislation into law. In a word: ugh. The law codifies expands, and strengthens many of the consumer protections found within the UDAP and Regulation Z amendments.
Compliance Deadline: It depends:
- Generally, it becomes effective 9 months after President Obama signed the bill. That is February 22, 2010.
- But two provisions become effective earlier, and warrant some attention. The 45-day notice requirement for change-in-terms and 21-day timing requirement for billing statements both take affect 90 days after the signing, which is August 20, 2009. Yes. 2009.
Here's a link to the Credit CARD Act of 2009.
Regulation Z. Where to begin? Well, how about chronologically.
Mortgage Loan Disclosures. Thanks to the Mortgage Disclosures Improvement Act, credit unions must move up their compliance efforts concerning the disclosure requirements for certain mortgage loans.
Compliance Deadline: July 30, 2009.
Here's a link to the Fed's final rule for this requirement.
Here's a link to the FDIC's FIL on this requirement. English!
And the FDIC provided this supplement, which is a nice side-by-side chart. Side-by-side chart!
HOEPA Amendments. The Fed has amended Regulation Z to put in place a ton of mortgage-related protections for consumers. They did so under authority from the Home Ownership and Equity Protection Act of 1994. The goal was to eliminate deceptive acts and practices for mortgage products. Most of the provisions apply to higher-priced mortgage loans. But not all.
Compliance Deadline: It depends.
- October 1, 2009 for nearly all the provision.
- April 1, 2010 for the escrow provisions. Unless the mortgage covers manufactured housing. Then the deadline is October 1, 2010.
I always have a heard time finding this rule. So here's some help.
Here's a link to the final rule from the Fed.
Here's a link to a simply fantastic overview from the Philadelphia Fed.
Open-end Amendments. Remember when this was supposedly what we were supposed to worry about?! Ha! Well, this final rule that amends Regulation Z changes everything we know about open-end lending. And this final rule contains provisions mandated by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.
Compliance Deadline: July 1, 2010.
Here's a link to the Fed's announcement, which contains links to the final rule, forms, etc.
NACHA's IAT Rule. The IAT is a new Standard Entry Class code for ACH payments to identify international transactions. International transactions are those payments that have been funded internationally or are being sent to another country and a part of the transaction will be processed via the ACH Network.
Compliance Deadline:September 18, 2009.
With that in mind, try to have a great weekend, everyone!