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1 Regulatory review RR January 12, 2012
2 REGULATORY REVIEW Table of Contents Final Rule Community Reinvestment Act Regulations... 1 Mortgage Acts and Practices Advertising (CFPB Regulation N) and Mortgage Assistance Relief Services (CFPB Regulation O)... 2 Home Mortgage Disclosure (CFPB Regulation C)... 2 S.A.F.E. Mortgage Licensing Act (CFPB Regulations G & H)... 2 Consumer Leasing (CFPB Regulation M)... 3 Real Estate Settlement Procedures Act (CFPB Regulation X)... 3 Privacy of Consumer Financial Information (CFPB Regulation P)... 3 Truth-in-Savings (CFPB Regulation DD)... 4 Fair Credit Reporting (CFPB Regulation V)... 4 Equal Credit Opportunity (CFPB Regulation B)... 4 Truth-in-Lending (CFPB Regulation Z)... 5 Electronic Fund Transfers (CFPB Regulation E)... 5 Proposed Rules Risk-Based Capital Guidelines: Market Risk; Alternatives to Credit Ratings for Debt and Securitization Positions... 6 Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships with, Hedge Funds and Private Equity Funds... 6 Assessment of Fees on Large Bank Holding Companies and Nonbank Financial Companies Supervised by the Federal Reserve Board to Cover the Expense of the Financial Research Fund... 7
3 Final Rules COMMUNITY REINVESTMENT ACT REGULATIONS Applies to: Institutions under $1.160 billion in assets. Summary/Details: The OCC, the Federal Reserve, and the FDIC are amending their CRA regulations to adjust the asset-size thresholds used to define small bank or small savings association and intermediate small bank or intermediate small savings association. As required by the CRA regulations, the adjustment to the threshold amount is based on the annual percentage change in the Consumer Price Index. Beginning January 1, 2012, banks and savings associations that, as of December 31 of either of the prior two calendar years, had assets of less than $1.160 billion were small banks or small savings associations. Small banks or small savings associations with assets of at least $290 million as of December 31 of both of the prior two calendar years and less than $1.160 billion as of December 31 of either of the prior two calendar years are intermediate small banks or intermediate small savings associations. For further information, please refer to the Federal Register Vol. 76, No. 246, page RR
4 MORTGAGE ACTS AND PRACTICES ADVERTISING (CFPB REGULATION N); MORTGAGE ASSISTANCE RELIEF SERVICES (CFPB REGULATION O) establishing a new Regulation N (Mortgage Acts and Practices Advertising Rule) and a new Regulation O (Mortgage Assistance Relief Services Rule). This interim final rule does not impose any new substantive obligations on persons subject to the existing Mortgages Acts and Practices Advertising Rule or the existing Mortgage Assistance Relief Services Rule, previously published by the FTC. These regulations generally prohibit misrepresentations about the terms of mortgage credit products and mortgage assistance relief services. For further information, please refer to the Federal Register Vol. 76, No. 242, page The interim final rule is effective December 30, 2011, and comments must be received on or before February 14, HOME MORTGAGE DISCLOSURE (CFPB REGULATION C) Summary/Details: In light of the transfer to the CFPB of the Federal Reserve Board s rulemaking authority for the Home Mortgage Disclosure Act (HMDA), as amended, the CFPB is publishing for public comment an interim final rule establishing a new Regulation C. This interim final rule does not impose any new substantive obligations on persons subject to the existing Regulation C, previously published by the Board. For further information, please refer to the Federal Register Vol. 76, No. 243, page The interim final rule is effective December 30, 2011, and comments must be received on or before February 17, S.A.F.E. MORTGAGE LICENSING ACT (CFPB REGULATIONS G & H) establishing a new Regulation G (S.A.F.E. Mortgage Licensing Act Federal Registration of Residential Mortgage Loan Originators) and a new Regulation H (S.A.F.E. Mortgage Licensing Act State Compliance and Bureau Registration System). The CFPB was transferred the powers for enforcement of the S.A.F.E. Act from the Federal Reserve, OCC, National Credit Union Administration, FDIC, and HUD. This interim final rule does not impose any new substantive obligations on persons subject to the existing S.A.F.E. Act. For further information, please refer to the Federal Register Vol. 76, No. 243, page The interim final rule is effective December 30, 2011, and comments must be received on or before February 17, RR
5 CONSUMER LEASING (CFPB REGULATION M) establishing a new Regulation M. The rulemaking authority for the Consumer Leasing Act (CLA) was transferred to the CFPB from the Federal Reserve. This interim final rule does not impose any new substantive obligations on persons subject to the existing Regulation M, previously published by the Board. For further information, please refer to the Federal Register Vol. 76, No. 243, page The interim final rule is effective December 30, 2011, and comments must be received on or before February 17, REAL ESTATE SETTLEMENT PROCEDURES ACT (CFPB REGULATION X) establishing a new Regulation X. The rulemaking authority for the Real Estate Settlement Procedures Act (RESPA) was transferred to the CFPB from the Department of Housing and Urban Development (HUD). This interim final rule does not impose any new substantive obligations on persons subject to the existing Regulation X, previously published by HUD. For further information, please refer to the Federal Register Vol. 76, No. 244, page The interim final rule is effective December 30, 2011, and comments must be received on or before February 21, PRIVACY OF CONSUMER FINANCIAL INFORMATION (CFPB REGULATION P) establishing a new Regulation P. The rulemaking authority for 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 was transferred to the CFPB. This interim final rule does not impose any new substantive obligations on regulated entities. For further information, please refer to the Federal Register Vol. 76, No. 245, page The interim final rule is effective December 30, 2011, and comments must be received on or before February 21, RR
6 TRUTH-IN-SAVINGS (CFPB REGULATION DD) establishing a new Regulation DD. The rulemaking authority for the Truth in Savings Act (TISA) was transferred to the CFPB from the Board of Governors of the Federal Reserve System (Board). This interim final rule does not impose any new substantive obligations on persons subject to the existing Regulation DD, previously published by the Board. For further information, please refer to the Federal Register Vol. 76, No. 245, page The interim final rule is effective December 30, 2011, and comments must be received on or before February 21, FAIR CREDIT REPORTING (CFPB REGULATION V) establishing a new Regulation V. Certain rulemaking authority for the Fair Credit Reporting Act (FCRA) was transferred to the CFPB 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. This interim final rule does not impose any new substantive obligations on persons subject to the existing FCRA regulations. For further information, please refer to the Federal Register Vol. 76, No. 245, page The interim final rule is effective December 30, 2011, and comments must be received on or before February 21, EQUAL CREDIT OPPORTUNITY (CFPB REGULATION B) establishing a new Regulation B. The rulemaking authority for the Equal Credit Opportunity Act (ECOA) was transferred to the CFPB from the Board of Governors of the Federal Reserve System (Board). This interim final rule does not impose any new substantive obligations on persons subject to the existing Regulation B, previously published by the Board. For further information, please refer to the Federal Register Vol. 76, No. 245, page The interim final rule is effective December 30, 2011, and comments must be received on or before February 21, RR
7 TRUTH-IN-LENDING (CFPB REGULATION Z) establishing a new Regulation Z. The rulemaking authority for the Truth-in-Lending Act (TILA) was transferred to the CFPB from the Board of Governors of the Federal Reserve System (Board). This interim final rule does not impose any new substantive obligations on persons subject to the existing Regulation Z, previously published by the Board. For further information, please refer to the Federal Register Vol. 76, No. 246, page The interim final rule is effective December 30, 2011, and comments must be received on or before February 21, ELECTRONIC FUND TRANSFERS (REGULATION E) establishing a new Regulation E. The rulemaking authority for the Electronic Fund Transfer Act (EFTA) was transferred to the CFPB from the Board of Governors of the Federal Reserve System (Board). This interim final rule does not impose any new substantive obligations on persons subject to the existing Regulation E, previously published by the Board. For further information, please refer to the Federal Register Vol. 76, No. 248, page The interim final rule is effective December 30, 2011, and comments must be received on or before February 27, RR
8 Proposed rules RISK-BASED CAPITAL GUIDELINES: MARKET RISK; ALTERNATIVES TO CREDIT RATINGS FOR DEBT AND SECURITIZATION POSITIONS Applies to: Bank holding companies and banks with aggregated trading assets and trading liabilities equal to 10% or more of quarter-end total assets, or $1 billion or more. Summary/Details: The OCC, Federal Reserve Board, and FDIC are seeking comment on an amendment to the notice of proposed rulemaking to modify the agencies market risk capital rules, published in the Federal Register on January 11, The previous notice did not include the methodologies adopted by the Basel Committee on Banking Supervision for calculating the standard specific risk capital requirements for certain debt and securitization positions, because the Basel methodologies generally rely on credit ratings. Section 939A of the Dodd-Frank Act required all federal agencies to remove references to and requirements of reliance on credit ratings from their regulations and replace them with appropriate alternatives for evaluating creditworthiness. The agencies expect to finalize this proposal, together with the January proposed rule, in the coming months after receipt and consideration of comments. For further information, please refer to the Federal Register Vol. 76, No. 245, page Comments must be received on or before February 3, PROHIBITIONS AND RESTRICTIONS ON PROPRIETARY TRADING AND CERTAIN INTERESTS IN, AND RELATIONSHIPS WITH, HEDGE FUNDS AND PRIVATE EQUITY FUNDS Applies to: Certain institutions that engage in proprietary trading or have interests in, or relationships with, hedge funds or private equity funds. Summary/Details: On November 7, 2011, the OCC, Board, FDIC, and SEC published a proposed rulemaking for public comment to implement section 619 of the Dodd-Frank Act, which contains 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. Due to the complexity of the issues involved and to facilitate coordination of the rulemaking among the responsible agencies, the Agencies have determined that an extension of the comment period until February 13, 2012, is appropriate. For further information, please refer to the Federal Register Vol. 77, No. 1, page 23. Comments must be received on or before February 13, RR
9 Proposed rules ASSESSMENT OF FEES ON LARGE BANK HOLDING COMPANIES AND NONBANK FINANCIAL COMPANIES SUPERVISED BY THE FEDERAL RESERVE BOARD TO COVER THE EXPENSES OF THE FINANCIAL RESEARCH FUND Applies to: Bank holding companies with total consolidated assets of $50 billion or greater and nonbank financial companies supervised by the Federal Reserve Board (Board). Summary/Details: The proposed rule outlines the key elements of Treasury s assessment program, which will collect semiannual assessment fees from those companies beginning on July 20, For further information, please refer to the Federal Register Vol. 77, No. 1, page 35. Comments must be received on or before March 5, AUTHORS Nathan R. Batts, Senior Vice President and Counsel, NCBA Meghan Best, Associate Counsel, NCBA Disclaimer The Regulatory Review is intended to provide a concise summary rather than complete analysis of the regulations covered. Reference should be made to the regulation itself for a determination of its application to your particular RR
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