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2009-2010 Regulatory and Legislative Review & Preview

2009-2010 Regulatory and Legislative Review & Preview. Presented to the CUCP October 8, 2009. What About…?. Risk-based pricing notices – NCUA and others (Comments were due by 8/18/08.)

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2009-2010 Regulatory and Legislative Review & Preview

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  1. 2009-2010 Regulatory and Legislative Review & Preview Presented to the CUCP October 8, 2009

  2. What About…? • Risk-based pricing notices – NCUA and others(Comments were due by 8/18/08.) • FACTA: Required when a credit report is used to grant credit to a consumer on terms “materially less favorable than the most favorable terms available to a substantial portion of consumers by that creditor.” • Revised Model Privacy Notices – NCUA and others (Comments were due 5/29/07. In April 2009 SEC reopened comments until 5/20/2009.)

  3. May 2009 • May 1st - Revised Home Valuation Code of Conduct • Applies to all loans originated after effective date that are purchased by Fannie or Freddie. • Q&A issued 7/22/2009. • May 26th – NCUA Share Insurance coverage of $250,000 continued until 12/31/2013. • Official signage choices?

  4. June 2009 • June 15th - CA Foreclosure Prevention Act (ABX2 7, SBX2 7) • Provides specified borrowers an additional 90 days in the foreclosure process, unless the mortgage loan servicer responsible for servicing the borrower’s loan establishes that it has implemented a “comprehensive loan modification program,” and the servicer obtains an exemption from the DOC, the DFI, or the DRE

  5. July 2009 • July 2nd – Reg D: Definition of savings deposit (Fed) • Amends definition of “savings deposit” to eliminate sub-limit of three transfers or withdrawals that can be made by check, debit card, etc. In other words, all “convenient” transfers limited to six per month.

  6. July 2009 • July 30th – Reg Z: MDIA(Fed) • Broadens and adds to requirements early mortgage disclosures (i.e., GFE) • Adds waiting period between disclosure and loan closing (7 business days) • July 31st – SAFE Act Compliance. See Spring/Summer 2010.

  7. August 2009 • August 20th – Reg Z: CARD Act provisions (Fed) • 45 day notice of APR increases, and • Sending periodic statements at least 21 days before the due date

  8. September 2009 • September 12th - Acknowledgements for SAR submissions (FinCEN) • SAR narratives? • September 18th - International ACH Transaction (IAT) Rules and Format (NACHA) • FIs must be able to identify IAT payments and perform due diligence as required by OFAC.

  9. October 2009 • October 1st - Reg Z: Unfair or Deceptive Mortgage Lending & Advertising (Fed) • Applies to “higher-priced mortgages” • Advertising provisions apply to HELOCs and closed-end mortgage loans • HMDA amended to match

  10. October 2009Changes to Reg Z Advertising • HELOCs • Balloon payments • Tax implications • Promotional rates and payments • TV and radio ads • Clear & conspicuous: promotional rate or payment • “Reasonably current” index and margin

  11. October 2009Changes to Reg Z Advertising • Closed-end RE • Clear and conspicuous standard • Adds new section on dwelling-secured • TV and radio/reasonably current margin and index/tax implications • Misleading comparisons/statements, or gov’t. endorsements • Using current lenders name in ad not sent by current lender

  12. November 2009 • November 1st – ID theft “red flag” guidelines: extension of enforcement for state-licensed CUs (FTC) • November 15th – Last date to file new Form 990 for Tax Year 2008 (IRS)

  13. December 2009 • December 1st - Reg GG: Unlawful Internet Gambling Enforcement (Fed) • Commercial/business accounts • Notify all that restricted transactions are prohibited • Identify, block, prohibit, or restrict prohibited transactions • One year delay? • ??? – Reg CC: Consolidation of check processing centers (Fed) • Down to 5 centers; last paper check processed by LA will be 11/13

  14. January 2010 • January 1st – RESPA: New GFE Form; modifications to HUD-1 & HUD-1A (HUD) • GFE: three-page standardized form. Various permissible tolerances (zero, 10 percent, and unlimited) regarding fees charged by a lender at settlement as compared to the fee amount stated on the GFE. Includes a “trade-off” table and a mortgage shopping chart. Must be given within 3 business days of completed application. No charge except credit report fee until after GFE given.

  15. January 2010 • January 1st – TIS/Part 707: Overdraft privilege (NCUA) • Disclosure of MTD and YTD O/D fees (paid and unpaid) and available balance info • Reg E: proposal regarding opt-in/out, plus debit hold provisions (Comments were due by 3/30/2009.)

  16. January 2010 • January 1st - Reg S: Reimbursements under RTFPA (Fed) • Personnel fees go up • No $0.25 per page permitted if doc electronically stored • January 1st - CA AB 1160: Translation of mortgage contracts negotiated in Spanish, Chinese, Tagalog, Vietnamese, or Korean • January 1st - CA AB 329: Reverse mortgages

  17. February 2010 • February 14th – Reg Z: Private education loans (i.e., non-federally guaranteed student loans) (Fed). • February 22nd – Reg Z: CARD Act provisions!!! (Fed) • What provisions? • All open-end or credit cards only? • Move up July 1st Reg Z open-end? • Expedited compliance (i.e., December ’09)?

  18. Spring/Summer 2010 (?) • SAFE Act: Registration of mortgage loan originators (NCUA Part 761) • Registration vs. licensing • Comment period ended August 10, 2009. Final rule expected by year-end. • 180 day delay in implementation after the Registry is up and running • CA AB 34 – likely vehicle for CA’s licensing compliance?

  19. July 2010 • July 1st – NCUA Part 717: Accuracy of credit information(NCUA and others) • Section 312 of FACTA • Must establish and implement policies and procedures regarding “accuracy & integrity” of info provided to credit bureaus • Ability of consumer to dispute directly with furnisher of info

  20. July 2010 • July 1st – Reg AA: Unfair or deceptive credit card practices (Fed) – status? • July 1st – Reg Z: Disclosures for open-end/credit cards (Fed) – status? • Interplay with CARD Act? • MFOEL (e.g., LoanLiner)?

  21. August 2010 • August 22nd – Reg Z: Remaining CARD Act provisions (Fed) • Assessment every six months after an APR is increased to determine if the rate should then be decreased (look-back is January 1, 2009) • Penalty fees must be “reasonable and proportional” • Gift card provisions

  22. Proposed Regs • Proposed Interagency Appraisal & Eval. Guidelines (Comments due 1/20/09.) • NCUA: Corporate restructuring (Comments due 4/6/2009. Proposed rule - 11/19/2009) • FTC: 2 ANPRs regarding mortgage acts and practices (comments were due by 7/15 & 7/30) • One ANPR addresses activities that occur through the mortgage process (advertising, origination, appraisals, etc.) • The other addresses loan mod and foreclosure prevention practices

  23. Proposed Regs • Interagency: Flood Q&A Proposal (Comments due 9/21/2009) • Reg Z: Closed-end mortgage (Fed – comments due 12/24/2009 • Reg Z: HELOCs (Fed – comments due 12/24/2009)

  24. Federal & State Legislative Issues • Federal: • H.R. 3380 – CU MBLs • H.R. 2382 - Interchange • H.R. 3639 – Expedited CARD Act compliance • Mortgage “cram-down” in BK • Consumer Financial Protection Agency • Consolidation of Regulators • CA: • Mortgage modifications • Review of tax structure • AB 33: consolidation of regulators

  25. Questions? • Research & Information Toll-free Hotline: 877.243.5728

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