Transcription of Recent and Upcoming Regulatory Compliance Changes
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Recent and Upcoming Regulatory Compliance Changes
Recent and Upcoming Regulatory Compliance Changes as of 2/21/18 page 1 of 6 Join our Email List for update notices at Highlights are Changes from the prior report. To see the Rule, select the hyperlink or enter the citation in your URL. Does not include technical or safety & soundness Changes . Contact LAW/REGULATION Impact Dodd-Frank Rules Citation Effective Date Comment/Summary FINAL RULES (and their associated Proposed Rules): CFPB Payday Loans, Vehicle Title and Certain High Cost Installment Loans (Deposit Advance Products and longer term loans with balloon payments) Moderate 1021 (UDAAP Section) Final Rule 82 FR 54472 11/17/17 Eff 1/16/18 Mandatory Compliance by 8/19/19 Finalizes the proposed rule that effects ability to repay requirements for covered loans. This rule includes banks, credit unions, nonbanks, and their service providers. Covered loans include the following types of open-end or closed-end loans: (1) short-term loans with terms that are 45 days or less, which includes loans that the consumer must repay substantially the entire amount within 45 days of consummation or an advance and (2) longer-term balloon-payment loans (defined as payment that is twice as large as any other payment).
Recent and Upcoming Regulatory Compliance Changes as of 2/21/18 – page 3 of 6 Join our Email List for update notices at www.thebankadvisors.com. Highlights are changes from the prior report.
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