Compliance Action, Volume 27, Number 9

CAT
Fed’s New LIBOR Rule (3 Action Steps)

By Nancy Castiglione, CRCM

Authorities have been warning about the discontinuation of LIBOR for several years. The Fed's New LIBOR Act establishes default rules for benchmark replacements in certain contracts that use LIBOR as a reference rate prior to the discontinuation of LIBOR in June.

Action Training
Truth in Savings Training

By Nancy Castiglione, CRCM

With rising interest rates on loans and other products, consumers are paying more attention to rates when shopping for all financial products. Make sure your staff is up to speed on Truth in Savings Act and Regulation DD requirements and the associated pitfalls of unfair, deceptive, and abusive acts or practices

ENFORCEMENT
Updated Penalties for 2023 (Chart)

By Nancy Castiglione, CRCM

The federal regulatory agencies have announced adjusted updated penalty amounts for 2023.

Compliance Calendar

Editorial
New Year’s Resolutions for 2023

By Nancy Castiglione, CRCM

Making New Year's resolutions is a tradition for some. But for those of us who are non-resolvers, we prefer to set timely goals and objectives throughout the year.

Compliance Notes

• Bureau Proposes Registry of Nonbank Agency and Court Orders
• DOJ Updated CMPs for 2023
• Bureau Proposes Registry of Nonbank Use of Certain Form Contracts
• Bureau Issues Circular on Unlawful Negative Option Marketing Practices

Q&As

• Furnishing Negative Information Notice Requirements
• Prepayment Penalty Restrictions for HOEPA Loans

Compliance Online
APY Calculation Tool