FTC Holder in Due Course Rule Request for Comment

The Federal Trade Commission (FTC) is seeking input in review of its Holder in Due Course Rule (16 CFR 433) as part of its systematic review of all current FTC rules and guides. The Holder in Due Course Rule, formally titled “Trade Regulation Rule Concerning Preservation of Consumers’ Claims and Defenses”, preserves consumers’ right to assert the same legal claims … Read More

Update to OFAC FAQs Regarding Cuba Travel-Related Transactions

The U.S. Treasury’s Office of Foreign Assets Control (OFAC) has updated its Frequently Asked Questions regarding Cuba travel-related transactions by U.S. financial institutions.  Question #52 has been added: Is a financial institution required to independently verify that an individual’s travel is authorized when processing Cuba travel-related transactions? No. A financial institution may rely on U.S. travelers to provide their certifications … Read More

No Adjustments for HPML or TILA Exemption Thresholds

No Adjustment for Appraisals for Higher-Priced Mortgage Loans Exemption Threshold Section 129H of TILA establishes special appraisal requirements for “higher-risk mortgages,” termed “higher-priced mortgage loans” or “HPMLs” in the agencies’ regulations. The Agencies (the OCC, the Board, the Bureau, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA) and the Federal Housing Finance Agency (FHFA)) issued joint … Read More

Requirements for Consumer Authorizations for Preauthorized Electronic Fund Transfers

The CFPB has posted an article and announced its issuance of Bulletin 2015-06 on automatic debits. The article explains to consumers the way an auto debit to a financial institution account works and the protections for the account owner, and provides links to action letter templates consumers can use to invoke those protections. The Bulletin alerts companies that they must … Read More

FDIC Cybersecurity Resources

The FDIC provides cybersecurity awareness resources for financial institutions that credit unions can use to assess their risks and responses to threats. Within these, is a Community Bank Cyber Exercise that includes videos depicting unique security scenarios. The videos provide discussion topics on operational risk issues and the potential impact of information technology disruptions on common banking functions. The series … Read More

CFPB Fall Rulemaking Agenda

The CFPB published its Fall Rulemaking Agenda that outlines actions in pre-rule, proposed rule, long-term, and completed stages.  The Agenda provides an insight as to where the CFPB is headed. Current Initiatives: Arbitration – The CFPB is beginning a rulemaking process to address concerns related to the use of arbitration agreements in connection with credit cards, deposit accounts, payday loans … Read More

Oregon – Semi-Annual Escrow Rate Adjustment

ORS 86.245 requires that Oregon State lenders who require security protection in connection with a real estate loan to pay interest on funds in an escrow account of at least the discount rate.  The rate is adjusted semiannually, and calculated on May 15 and November 15, and covers the following six-month period.  The discount rate is calculated by the most recent … Read More

Reserve Requirement Adjustment for Depository Institutions – Regulation D

>The Federal Reserve amended Regulation D to reflect the annual indexing of reserve requirements for 2016. Reserve Liability Reserve Requirement Net Transaction Accounts:   $0 to $15.2 million (from $14.5 million) 0% of amount   $15.2 million to $110.2 million (from $103.6 million) 3% of amount   Over $110.2 million $2,850,000 + 10% of the amount over $110.2 million Nonpersonal … Read More

ACH Unauthorized Entry Fee

The Rule is intended to improve ACH Network quality by reducing the incidence of ACH debits that are returned as unauthorized. Under this Rule, an ODFI will pay a fee to the RDFI for each ACH debit that is returned as unauthorized (return reason codes R05 reserved, R07 authorization revoked by customer, R10 customer advises not authorized; ineligible, notice not … Read More

New NCUA Consumer Assistance Center Portal Open to Credit Unions

Portal will Streamline Complaint Process; Use is Voluntary; Registration Required Credit unions can now resolve consumer complaints more efficiently through the National Credit Union Administration’s Consumer Assistance Center online portal, the agency announced today. Credit unions can now use the portal, located on NCUA’s MyCreditUnion.gov site, to receive correspondence from the Consumer Assistance Center about complaints concerning them, to send … Read More