Compliance Action, Volume 16, Number 15

Consumer Complaints: Going Public (5 Action Steps)

By Lucy Griffin

Up until now, customer complaints -- and information collected in response to those complaints -- against financial institutions were maintained by the institutions' prudential regulators. Consumer complaints about credit cards may now be compiled by the Consumer Financial Protection Bureau and made available for public viewing.

Which Reg O?I? (4 Action Steps)

By Lucy Griffin

Lending to Insiders has always been known as Regulation O. But the Bureau of Consumer Financial Protection now has its own Reg O.

Action Training
New Numbers, Same (more or less) Regulations (Charts)

By Lucy Griffin

As of December 30th, many of the regulations we know and "love" will have a new home - and a new number.

Compliance Notes

• Card Agreement Database
• FinCEN's MSB Website
• CRA's Definition of Small Bank
• FinCEN on Account Takeover Activity
• Flood Fines

Compliance Calendar

In the Editor's Opinion
Change and Burden

By Lucy Griffin

What it describes as an "agreement," the BCFP has published a model mortgage disclosure form. Whether the form is classified as a contract or a disclosure is up for interpretation.

Compliance Q & A

• Record Retention Requirements for Bank Statements
• How the Change in Regulations Affects Examinations
• Proper Classification of a Mortgage Loan

Bureau Publishes Non-Bank Rules

Several of the "inherited rules" that move from the FTC to the BCFP's jurisdiction regulate institutions that are not subject to federal deposit insurance.