New and Proposed Regulations
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New Regulations:
CFPB-Amendments to Federal Mortgage Disclosure Requirements Under TILA (Reg. Z)-Effective Date October 10, 2017; Compliance Date by October 1, 2018 The Bureau of Consumer Financial Protection (Bureau) is modifying the Federal mortgage disclosure requirements under the Real Estate Settlement Procedures Act and the Truth in Lending Act that are implemented in Regulation Z. This rule memorializes the Bureau's informal guidance on various issues and makes additional clarifications and technical amendments. This rule also creates tolerances for the total of payments, adjusts a partial exemption mainly affecting housing finance agencies and nonprofits, extends coverage of the TILA-RESPA integrated disclosure (integrated disclosure) requirements to all cooperative units, and provides guidance on sharing the integrated disclosures with various parties involved in the mortgage origination process. DATES: The final rule is effective October 10, 2017. However, the mandatory compliance date is October 1, 2018. (Federal Register Notice) Proposed Regulations: Proposed Revisions to Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity Funds-DATES: Comments must be received on or before September 17, 2018. The OCC, Board, FDIC, SEC, and CFTC (individually, an ``Agency,'' and collectively, the ``Agencies'') are requesting comment on a proposal that would amend the regulations implementing section 13 of the Bank Holding Company Act (BHC Act). Section 13 contains certain restrictions on the ability of a banking entity and non-bank financial company supervised by the Board to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund. The proposed amendments are intended to provide banking entities with clarity about what activities are prohibited and to improve supervision and implementation of section 13. DATES: Comments must be received on or before September 17, 2018. (Federal Register Notice) For More Information Contact:
Jennifer Heaton, Vice President of Government & Executive Affairs |
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