Owned by 27 State Bankers Associations, Compliance Alliance monitors the needs of bankers to create, update and continually provide the most sought-after banking regulation resources in the industry.
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This summary provides an overview of the Department of Defense (DoD) interpretive guidance on the newly expanded Military Lending Act (“MLA”), which will have its changes go into effect on October 3rd, 2016. The guidance clarifies and alleviates numerous points of contention with the text of the regulation, chiefly among them the ability to provide generic oral disclosures, the ability to pay for a covered loan by check, the ability to originate deposit-secured loans to a covered borrower, and the ability to exercise a right of setoff against delinquent borrowers’ deposit accounts.Free Download
This summary provides an overview of the CFPB proposed rule to significantly amend Regulation Z’s TILA/RESPA Integrated Disclosures, or “TRID” requirements. The changes mostly incorporate fixes the agency has suggested in its webinars and FAQs since TRID’s implementation and cover virtually every aspect of the rule, including both the Loan Estimate and Closing Disclosure.Free Download
The Department of Defense (Department) is interpreting its regulation implementing the Military Lending Act (the MLA). The MLA as implemented by the Department, limits the military annual percentage rate (MAPR) that a creditor may charge to a maximum of 36 percent, requires certain disclosures, and provides other substantive consumer protections on “consumer credit” extended to Service members and their families.
To ensure consistent Bank Secrecy Act (BSA) coverage across the banking industry, the Financial Crimes Enforcement Network (FinCEN) is proposing to require banks lacking a Federal functional regulator to establish and implement Anti-Money Laundering Programs. FinCEN also is proposing to extend Customer Identification Programs (CIP) requirements and beneficial ownership requirements consistent with the recently implemented Customer Due Diligence amendments to those banks not already subject to these requirements.
The Board of Governors of the Federal Reserve System (the “Board”) is issuing an interim final rule amending its rules of practice and procedure to adjust the amount of each civil monetary penalty (“CMP”) provided by law within its jurisdiction to account for inflation as…
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