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Stay lifted; comp provisions take effect

Finding the Appellants had not met the stringent requirements for continuing the stay, the U.S. Court of Appeals lifted the stay of implementation of the Federal Reserve Board's Regulation Z provisions on loan originator compensation and the anti-steering rules on April 5.

That means the provisions are now in full force and effect and affected parties must be in compliance. The legal wrangling will continue. We will keep you posted with any further developments as they arise.

Last week, the Court of Appeals stayed the implementation of the Reg Z provisions: read what our legal team at Bankers Online had to say about it then: http://www.bankersonline.com/sb/sb_040111.html.
 

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