close

Вход

Забыли?

вход по аккаунту

код для вставкиСкачать
TITLE X – DFA
Section 1071 RE: Equal Credit Opportunity Act
 Small Business Loan Data Collection.
 To facilitate enforcement of fair lending regulations.
 Financial institutions shall inquire and collect data regarding women and
minority owned small businesses.
 Whether the application is received in person, by mail, by telephone, by
electronic mail or other form of electronic transmission, or by any other
means.
 The applicant may refuse to provide this information.
 Financial institutions are required to maintain records of this information.
o The number of the application.
o The date on which the application was received.
o The type and purpose of the loan or other credit applied for.
o The action taken by the financial institution.
o The action taken date.
o The census tract in which is located the principal place of business of the
women-owned, minority-owned, or small business applicant.
o The gross annual revenue of the business in the last fiscal year of the
women-owned, minority-owned or small business loan applicant preceding
the date of the application.
o The race, sex and ethnicity of the principal owners of the business.
 The financial institution may not include in such record the name, specific
address, telephone number, electronic mail address, or other personally
identifiable information concerning any individual who is, or is connected with, the
women-owned, minority-owned or small business loan applicant.
 The collected data shall be submitted to the CFPB annually.
contineotech.com • blog.contineotech.com • 159 S. Lincoln, Suite 301 • Spokane WA 99201
Page 1
 The collected information is to be retained for no less than 3-years after the date
of preparation.
 Effective date: July 21, 2011.
Section 1075 RE: Electronic Fund Transfer Act /
Reasonable Fees and Rules for Payment Card Transactions
 Specifically – Reasonable Interchange Transaction Fees for Electronic Debit
Transactions.
 Exemption for Small Issuers: Does not cover financial institutions with assets of
$10,000,000,000 or less.
 Regulates the interchange transaction fee that an issuer may receive or charge
with respect to an electronic debit transaction.
 Requires the fee be reasonable and proportional to the cost incurred by the
issuer with respect to the transaction.
 Federal government published a list of financial institutions exempt from the
requirements of this Amendment on June 29, 2011.
Section 1086 RE: Expedited Funds Availability Act
 Increased the same day availability from $100 to $200.
o Effective: July 21, 2011
Section 1088 RE: Fair Credit Reporting Act and the Fair and Accurate Credit
Transactions Act
 Develop and publish a Model Form to comply with Section 623 of FACT Act.
 Develop regulation that details the duties in regards to Section 621.
Section 1094 RE: Home Mortgage Disclosure Act of 1975
 These changes have not yet occurred.
 Effective 9 months after the final regulations are issued by the Bureau. Financial
Institutions would report the new data fields beginning the Jan. 1 after the end of
this 9-month period.
contineotech.com • blog.contineotech.com • 159 S. Lincoln, Suite 301 • Spokane WA 99201
Page 2
 New data fields proposed include:
1. Mortgage Loans grouped and reported by the total dollar amount and the
total number; and broken down in the following classifications:
o Total points and fees payable at origination.
o The difference between the annual percentage rate (APR)
associated with the loan and a benchmark rate or rates for all
loans.
o The terms in months of any prepayment penalty or other fee or
charge payable on repayment of some portion of principal or the
entire principal in advance of scheduled payments.
o Any other information the Bureau may require.
2. Mortgage Loans originated and completed applications grouped and
reported by the total dollar amount and the total number; and broken down
in the following classifications:
o The value of the real property pledged or proposed to be pledged
as collateral.
o The actual or proposed term in months of any introductory period
after which the rate of interest may change.
o The presence of contractual terms or proposed contractual terms
that would allow the borrower or applicant to make payments other
than fully amortizing payments during any portion of the loan term.
o The actual or proposed term in months.
o The channel through which the application was made (e.g. retail,
broker, etc.)
o The S.A.F.E. identification number associated with the Loan
Officer.
o A universal loan identifier, as determined by the Bureau.
contineotech.com • blog.contineotech.com • 159 S. Lincoln, Suite 301 • Spokane WA 99201
Page 3
o A parcel number, as determined to be appropriate by the Bureau,
that corresponds to the real property pledged or proposed to be
pledged as collateral.
o The credit score of the mortgage applicants and the borrowers (if
the loan is made).
o And any other information the Bureau may require.
 The Bureau will publish final rules regarding HMDA/LAR report format changes,
submission changes, as well as possibly exercising their right to exempt certain
Financial Institutions form these regulatory requirements, including, but not
limited to State-chartered banks.
Section 1097 RE: Omnibus Appropriations Act of 2009
 The BCFP shall have the authority to prescribe rules with respect to mortgage
loans relating specifically to unfair or deceptive acts or practices including loan
modifications and foreclosure rescue services.
Section 1098 RE: Real Estate Settlement Protection Act of 1974
 The BCFP is charged with publishing a single, integrated disclosure for mortgage
transactions (including real estate settlement cost statements) which includes the
disclosure requirements of the Truth in Lending Act.
 The BCFP shall prepare and distribute booklets jointly addressing compliance
with the Truth in Lending Act and RESPA. The goal is to help persons borrowing
money to finance the purchase of residential real estate to better understand the
nature and costs of real estate settlement services.
Section 1100 RE: Secure and Fair Enforcement for Mortgage Licensing Act of 2008
 The Bureau shall develop and maintain a system for registering employees of a
financial institution, as registered loan originators with the Nationwide Mortgage
Licensing System and Registry.
contineotech.com • blog.contineotech.com • 159 S. Lincoln, Suite 301 • Spokane WA 99201
Page 4
 This system will be implemented before the end of the 1-year period beginning
1/5/2010.
Section 1100A RE: Truth in Lending Act
 The BCFP is charged with publishing a single, integrated disclosure for mortgage
transactions (including real estate settlement cost statements) which includes the
disclosure requirements of the Real Estate Settlement Procedures Act.
Section 1100E RE: Adjustments for Inflation in the Truth in Lending Act
 Increased the non-disclosable loan amount from $25,000 to $50,000.
 On or after December 31, 2011 the Bureau shall annually adjust the dollar
amounts, rounding up to the nearest $100 or $1,000 as applicable.
 BTW: Effective 1/1/2012 this amount will jump to $51,800.
Section 1100F RE: Use of Consumer Credit Reports
 Provide the consumer with a written or electronic disclosure that:
o Reports a numerical credit score used by a person in taking adverse
action based in whole or in part on any information in a consumer report.
-------------------------------------------------------------------------------------------------------------------Amendments to the following Sections included:
 Add verbiage regarding applicability to the Bureau of Consumer Financial
Protection.
 Adding references to the new Bureau of Consumer Financial Protection.
 Adding a paragraph discussing preemption of State law.
 Adding descriptions of the overall enforcement authority of the Federal Trade
Commission in some Amendments.
 Include term definitions.
 Describe jurisdictions / regulatory authority.
 Detail enforcement actions / remedies.
contineotech.com • blog.contineotech.com • 159 S. Lincoln, Suite 301 • Spokane WA 99201
Page 5
Section 1082 RE: Privacy Act of 1974
Section 1083 RE: Alternative Mortgage Transaction Parity Act of 1982
Section 1084 RE: Electronic Fund Transfer Act
Section 1085 RE: Equal Credit Opportunity Act
Section 1087 RE: Fair Credit Billing Act
Section 1089 RE: Fair Debt Collection Practices Act
Section 1090 RE: Federal Deposit Insurance Act
Section 1091 RE: Federal Financial Institutions Examinations Council Act of 1978
Section 1092 RE: Federal Trade Commission Act
Section 1093 RE: Gramm-Leach-Bliley
Section 1095 RE: Homeowners Protection Act of 1998
Section 1096 RE: Home Ownership and Equity Protection Act of 1994
Section 1099 RE: Right to Financial Privacy Act of 1978
Section 1100B RE: Truth in Savings Act
Section 1100C RE: Telemarketing and Consumer Fraud and Abuse Prevention Act
contineotech.com • blog.contineotech.com • 159 S. Lincoln, Suite 301 • Spokane WA 99201
Page 6
1/--страниц
Пожаловаться на содержимое документа