Dodd-Frank - Volker Rule Proposal
Four federal agencies on Friday extended until February 13, 2012, the comment period on a proposal to implement the so-called Volcker Rule of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The Dodd-Frank Act requires regulators to implement certain prohibitions and restrictions on the ability of a banking entity and nonbank financial company to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund. The comment period was extended as part of a coordinated interagency effort to allow interested persons more time to analyze the issues and prepare their comments. Originally, comments were due by January 13, 2012.
The proposal was issued by the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission.
Status: Proposed Regulation. Compliance Area: Consumer Lending. Lending. Mortgage.
Monday, February 13, 2012.
For more info visit www.federalreserve.gov. HMDA/Reg C Interim Rule
In light of the transfer to the Bureau of the FRB's rulemaking authority for HMDA, as amended, the Bureau is publishing for public comment an interim final rule establishing a new Reg C. This interim final rule does not impose any new substantive obligations on persons subject to the existing Reg C, previously published by the Board.
This interim final rule is effective on December 30, 2011. Comments must be received on or before February 17, 2012.
Status: Final Regulation. Compliance Area: Mortgage.
Friday, February 17, 2012.
For more info visit www.gpo.gov. Reg M Interim Rule
In light of the transfer of the FRB's rulemaking authority for the Consumer Leasing Act of 1976 (CLA) to the Bureau, the Bureau is publishing for public comment an interim final rule establishing a new Regulation M. This interim final rule does not impose any new substantive obligations on persons subject to the existing Reg M, previously published by the Board.
This interim final rule is effective December 30, 2011. Comments must be received on or before February 17, 2012.
Status: Final Regulation. Compliance Area: Auto. Consumer Lending. Indirect Lending.
Friday, February 17, 2012.
For more info visit www.gpo.gov. Reg P Interim Rule Issued
Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) transferred rulemaking authority for a number of consumer financial protection laws from seven Federal agencies to the Bureau of Consumer Financial Protection (Bureau) as of July 21, 2011, including most provisions of Subtitle A of Title V of the Gramm-Leach-Bliley Act (GLB Act), with respect to financial institutions described in section 504 of the GLB Act. The Bureau is in the process of republishing the regulations implementing those laws with technical and conforming changes to reflect the transfer of authority and certain other changes made by the Dodd-Frank Act. In light of the transfer of rulemaking authority for the privacy provisions of the GLB Act to the Bureau, the Bureau is publishing for public comment an interim final rule establishing a new Regulation P (Privacy of Consumer Financial Information). This interim final rule does not impose any new substantive obligations on regulated entities.
This interim…
Status: Final Regulation. Compliance Area: Financial Crime Control.
Tuesday, February 21, 2012.
For more info visit www.complianceheadquarters.com. Regs J, K and L Interim Rule
itle X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) transferred rulemaking authority for a number of consumer financial protection laws from seven Federal agencies to the Bureau of Consumer Financial Protection (Bureau) as of July 21, 2011. The Bureau is in the process of republishing the regulations implementing those laws with technical and conforming changes to reflect the transfer of authority and certain other changes made by the Dodd-Frank Act. In light of the transfer of the Department of Housing and Urban Development's (HUD's) rulemaking authority for the Interstate Land Sales Full Disclosure Act (ILSA) to the Bureau, the Bureau is publishing for public comment an interim final rule establishing a new Regulation J (Land Registration); a new Regulation K (Purchasers' Revocation Rights, Sales Practices and Standards); and a new Regulation L (Special Rules of Practice). This interim final rule
does not impose any new substantive obligations on persons subject to HUD'…
Status: Final Regulation. Compliance Area: Mortgage.
Tuesday, February 21, 2012.
For more info visit www.gpo.gov. Regulation B Interim Rule
Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) transferred rulemaking authority for a number of consumer financial protection laws from seven Federal agencies to the Bureau of Consumer Financial Protection (Bureau) as of July 21, 2011. The Bureau is in the process of republishing the regulations implementing those laws with technical and conforming changes to reflect the transfer of authority and certain other changes made by the Dodd-Frank Act. In light of the transfer of the Board of Governors of the Federal Reserve System's (Board's) rulemaking authority for the Equal Credit Opportunity Act (ECOA) to the Bureau, the Bureau is publishing for public comment an interim final rule establishing a new Regulation B (Equal Credit Opportunity). This interim final rule does not impose any new substantive obligations on persons subject to the existing Regulation B, previously published by
the Board.
This interim final rule is effective December 30, 2011. Comments must be…
Status: Final Regulation. Compliance Area: Consumer Lending. Financial Crime Control. Indirect Lending. Lending. Mortgage.
Tuesday, February 21, 2012.
For more info visit www.gpo.gov. Regulation V Interim Rule
Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) transferred rulemaking authority for a number of consumer financial protection laws from seven Federal agencies to the Bureau of Consumer Financial Protection (Bureau) as of July 21, 2011. The Bureau is in the process of republishing the
regulations implementing those laws with technical and conforming changes to reflect the transfer of authority and certain other changes made by the Dodd-Frank Act. In light of the transfer of certain rulemaking authority for the Fair Credit Reporting Act (FCRA) from the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Federal Trade Commission, National Credit Union Administration, Office of the Comptroller of the Currency, and Office of Thrift Supervision to the Bureau, the Bureau is publishing for public comment an interim final rule establishing a new Regulation V (Fair Credit Reporting). This interim final rule does not impose any new substant…
Status: Final Regulation. Compliance Area: Consumer Lending. Deposit/Operations. Lending. Mortgage.
Tuesday, February 21, 2012.
For more info visit www.complianceheadquarters.com. Regulation Z interim rule
Title X of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (Dodd-Frank Act) transferred rulemaking authority for a
number of consumer financial protection laws from seven Federal
agencies to the Bureau of Consumer Financial Protection (Bureau) as of
July 21, 2011. The Bureau is in the process of republishing the
regulations implementing those laws with technical and conforming
changes to reflect the transfer of authority and certain other changes
made by the Dodd-Frank Act. In light of the transfer of the Board of
Governors of the Federal Reserve System's (Board's) rulemaking
authority for the Truth in Lending Act (TILA) to the Bureau, the Bureau
is publishing for public comment an interim final rule establishing a
new Regulation Z (Truth in Lending). This interim final rule does not
impose any new substantive obligations on persons subject to the
existing Regulation Z, previously published by the Board.
DATES: This interim final rule is effective December 30, 2011.…
Status: Final Regulation. Compliance Area: Consumer Lending. Indirect Lending. Mortgage.
Tuesday, February 21, 2012.
For more info visit www.gpo.gov. RESPA/Reg X Interim Rule
In light of the transfer of the Department of Housing and Urban Development's (HUD's) rulemaking authority for the Real Estate Settlement Procedures Act (RESPA) to the Bureau, the Bureau is publishing for public comment an interim final rule establishing a new Regulation X (Real Estate Settlement Procedures Act). This interim final rule does not impose any new substantive obligations on persons subject to the existing Regulation X, previously published by HUD.
This interim final rule is effective December 30, 2011. Comments must be received on or before February 21, 2012.
Status: Final Regulation. Compliance Area: Mortgage.
Tuesday, February 21, 2012.
For more info visit www.gpo.gov. Regulation E Interim Rule
Title X of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (Dodd-Frank Act) transferred rulemaking authority for a
number of consumer financial protection laws from seven Federal
agencies to the Bureau of Consumer Financial Protection (Bureau) as of
July 21, 2011. The Bureau is in the process of republishing the
regulations implementing those laws with technical and conforming
changes to reflect the transfer of authority and certain other changes
made by the Dodd-Frank Act. In light of the transfer of the Board of
Governors of the Federal Reserve System's (Board's) rulemaking
authority for the Electronic Fund Transfer Act (EFTA) to the Bureau,
the Bureau is publishing for public comment an interim final rule
establishing a new Regulation E (Electronic Fund Transfers). This
interim final rule does not impose any new substantive obligations on
persons subject to the existing Regulation E, previously published by
the Board.
DATES: This interim final rule is effective…
Status: Final Regulation. Compliance Area: Deposit/Operations.
Monday, February 27, 2012.
For more info visit www.gpo.gov. Streamlining Inherited Regulations
The Bureau of Consumer Financial Protection (the Bureau) is
requesting specific suggestions from the public for streamlining
regulations it recently inherited from other Federal agencies. This
document asks the public to identify provisions of the inherited
regulations that the Bureau should make the highest priority for
updating, modifying, or eliminating because they are outdated, unduly
burdensome, or unnecessary. This document discusses several specific
requirements that may warrant review. It also seeks suggestions for
practical measures to make complying with the regulations easier.
DATES: Comments must be submitted by March 5, 2012. Commenters will have 30 additional days, until April 3, 2012, to respond to other
comments.
Status: Proposed Regulation. Compliance Area: Consumer Lending. Deposit/Operations. Financial Crime Control. Indirect Lending. IRA/HSA. Lending. Mortgage.
Monday, March 5, 2012.
For more info visit www.gpo.gov. Dodd-Frank/FDIC Annual Stress Tests
The proposal requires state nonmember banks and state savings associations that are supervised by the FDIC and have more than $10 billion in total consolidated assets to conduct annual stress tests, report the results to the FDIC and the Board of Governors of the Federal Reserve System, and publish a summary of the test results. The stress tests are expected to improve the quality of covered banks' internal assessments of capital adequacy and overall capital planning.
Status: Proposed Regulation. Compliance Area: Consumer Lending. Lending. Mortgage.
Friday, March 23, 2012.
For more info visit www.gpo.gov. Dodd-Frank/OCC Stress Tests
This proposed rule would implement section 165(i) of the Dodd-
Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank
Act'') which requires certain companies to conduct annual stress tests
pursuant to regulations prescribed by their respective primary
financial regulatory agencies. Specifically, this proposed rule would
require national banks and Federal savings associations with total
consolidated assets of more than $10 billion to conduct an annual
stress test as prescribed by this proposed rule. In addition to the
annual stress test requirement, such institutions would be subject to
certain reporting and disclosure requirements.
Status: Proposed Regulation. Compliance Area: Consumer Lending. Lending. Mortgage.
Monday, March 26, 2012.
For more info visit www.gpo.gov. Dodd-Frank - Proposal to Strengthen regulation/supervision of large bank holding companies
The Federal Reserve Board proposed steps to strengthen regulation and supervision of large bank holding companies and systemically important nonbank financial firms. The proposal, which includes a wide range of measures addressing issues such as capital, liquidity, credit exposure, stress testing, risk management, and early remediation requirements, is mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Status: Proposed Regulation. Compliance Area: Commercial Lending. Consumer Lending. Lending. Mortgage.
Saturday, March 31, 2012.
For more info visit www.federalreserve.gov. Dodd-Frank - Reg YY Prudential Standards
The Board is requesting comment on proposed rules that would
implement the enhanced Prudential standards required to be established under section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act or Act) and the early remediation requirements established under section 166 of the Act. The enhanced standards include risk-based capital and leverage requirements, liquidity standards, requirements for overall risk management (including establishing a risk committee), single-counterparty credit limits, stress test requirements, and a debt-to-equity limit for companies that the Financial Stability Oversight Council has determined pose a grave threat to financial stability.
Status: Proposed Regulation. Compliance Area: Consumer Lending. Lending. Mortgage.
Saturday, March 31, 2012.
For more info visit www.gpo.gov. Resolution Plans for Institutions Over $50 Billion
The FDIC approved a final rule requiring an insured institution with $50 billion or more in total assets to submit to the FDIC periodic contingency plans for resolution in the event of the institution's failure.
The final rule for insured depository institutions was preceded by an interim final rule adopted in September 2011. The interim final rule became effective on Jan. 1, 2012, and will remain in effect until it is superseded by this final rule effective April 1, 2012. The final rule includes several modifications that were made in response to comments received, including modifications to more closely align the final rule with the Section 165(d) rule.
Status: Final Regulation. Compliance Area: Consumer Lending. Lending. Mortgage.
Sunday, April 1, 2012.
For more info visit www.fdic.gov. Streamlining Inherited Regulations
The Bureau of Consumer Financial Protection (the Bureau) is
requesting specific suggestions from the public for streamlining
regulations it recently inherited from other Federal agencies. This
document asks the public to identify provisions of the inherited
regulations that the Bureau should make the highest priority for
updating, modifying, or eliminating because they are outdated, unduly
burdensome, or unnecessary. This document discusses several specific
requirements that may warrant review. It also seeks suggestions for
practical measures to make complying with the regulations easier.
DATES: Comments must be submitted by March 5, 2012. Commenters will have 30 additional days, until April 3, 2012, to respond to other
comments.
Status: Proposed Regulation. Compliance Area: BSA/Fraud/Security. Consumer Lending. Deposit/Operations. Financial Crime Control. Indirect Lending. IRA/HSA. Lending. Mortgage.
Tuesday, April 3, 2012.
For more info visit www.gpo.gov. 2011 IRA and HSA Contribution Deadline
Individual retirement account (IRA) and Health Savings Account (HSA) contributions are due by an individual’s federal income tax-filing due date excluding extensions. Because April 15, 2012 falls on a Sunday and Monday April 16, 2012 is Emancipation day (a recognized holiday in the District of Columbia) an individual’s federal tax-filing due date for 2011 is Tuesday, April 17, 2012. For this reason the IRA and HSA contribution deadline for 2012 is also Tuesday, April 17, 2012.
Status: Final Regulation. Compliance Area: IRA/HSA.
Tuesday, April 17, 2012.
For more info visit www.irs.gov.