ABA's Center for Regulatory Compliance is your gateway to support for meeting the challenges of managing compliance risk. We provide direct access to regulatory expertise, up-to-date reports on agency initiatives, and the resources to assist you in keeping pace with the demands of supervisory oversight.
FinCEN Ruling: Application of MSB Rule to Bank Holding Company (5/24/12) The Financial Crimes Enforcement Network (FinCEN) on May 23 issued ruling FIN-2012-R001 on whether a bank holding company that issues official checks is a money services business (MSB).
CFPB to Propose New Rules on Prepaid Cards (5/23/12) The Consumer Financial Protection Bureau (CFPB) is soliciting public input on creating new rules under Regulation E for "general purpose reloadable (GPR)" prepaid cards, "including their costs, benefits, and risks to consumers." The comments will help CFPB better understand and evaluate any potential consumer protection issues raised by the current design, marketing, and use of prepaid cards. Comments are due 60 days after publication in the Federal Register. For questions, contact ABA's Nessa Feddis or Steve Kenneally.
HAMP Changes to Take Effect in June will Help Military Homeowners (5/23/12) Under recently announced changes to the Home Affordable Modification Program (HAMP), effective June 1, military homeowners and other families who are permanently displaced by a job-related move may still qualify as owner-occupants and therefore may still qualify for a HAMP mortgage modification, CFPB's blog announced on May 9. The new criteria states that a borrower may qualify if he or she is displaced due to an out-of-area job transfer such as PCS (permanent change of station) orders and was occupying the home as a principal residence immediately prior to the displacement; intends to return to the home at some point in the future; and does not own any other single-family real estate. Military and other families who do own other residential properties may still qualify for a HAMP modification under expanded opportunities available for rental properties announced by Treasury in January. More Compliance News
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