Reg Z Escrow Final Rule
The CFPB is publishing a final rule that amends Reg Z ) to implement certain amendments to the TILA made by the Dodd-Frank Act. Reg Z currently requires creditors to establish escrow accounts for
higher-priced mortgage loans secured by a first lien on a principal dwelling. The rule implements statutory changes made by the Dodd-Frank Act that lengthen the time for which a mandatory escrow account established for a higher-priced mortgage loan must be maintained. The rule also exempts certain transactions from the statute’s escrow requirement.
Status: Final Regulation. Compliance Area: Mortgage.
Saturday, June 1, 2013.
For more info visit files.consumerfinance.gov. Reserve Requirement Simplification Delay
FRB announced a five-month delay in the implementation of the second phase of its program to simplify the administration of reserve requirements. The delay will allow for further development and testing of automated systems to ensure a smooth transition for affected institutions.
The first phase, which took effect on July 12, 2012, discontinued as-of adjustments related to deposit report revisions and eliminated clearing balance requirements.
The second phase of the amendments will introduce a common two-week maintenance period and a penalty-free band around reserve balance requirements to eliminate carryover and routine penalty waivers. The second phase of amendments was originally scheduled to take effect on January 24, 2013. The new effective date is June 27, 2013.
Status: Prior Final Regulation. Compliance Area: Deposit/Operations.
Thursday, June 27, 2013.
For more info visit www.federalreserve.gov.