TAG Program Extended Through December 31, 2010 Mortgage Loan Officers Not Exempt Under FLSA According to New DOL Interpretation Banks’ Right of Setoff vs. Federal Exemption for Social Security and Other Exempt Federal Benefits – Which Wins? S.A.F.E. Act Update Compliance Dates Roundup
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April 2010 Legal Update
‘ABC’s of Handling Repossessed Property 2010 Provides Unique Opportunity to Defer Tax on Roth IRA Conversions Floor Plan Lending Presents Special Challenges (maybe from your regulator) When a Horse Is “Equipment” – It could only be the UCC Compliance Dates Roundup
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Raffles and Giveaways and Lotteries, Oh My! What Can/Can’t a Bank Do? FACT Act Changes Mandatory July 1, 2010 (Reg V) Yet More Changes Affecting Open-End Credit to Consumers (Reg Z) Effective February 22, 2010 and July 1, 2010 Reminder: Escrow Required for HPMLs for All Applications Received after April 1, 2010 Compliance Dates Roundup
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Regulators Adopt Final Rule Implementing New FASB Standards 166 and 167 Perfection and Priority in Certificates of Deposit Despite Tough Legal Framework, Banks Can Take Steps to Protect Themselves from Losing Business to a Departing Employee Upcoming Compliance Dates (New Feature!)
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Reg CC Update: All Checks Are Local Effective 2/26/2010 Taking Cashier’s Checks for Deposit in Today’s Environment of Fraud Revisions to Reg Z for Higher Education Opportunity Act Have Compliance Deadline of 2/14/2010 Provisions of Credit Card Act Effective 2/22/2010 HOEPA Fee Trigger Lowered For 2010
Read More »December 2009 Legal Briefs
Clarification from Federal Reserve Supports Viability of Short-Term Balloon Notes in Spite of HPML Changes Reg GG Implementation Deadline Extended at Last Minute to June 1, 2010 Recent Reg CC Changes: We Are Quickly Heading Toward All Local Checks Final Rule Revising Reg E Restricts Overdraft Charges on ATMs and One-Time Debit Card Transactions Effective July 1, 2010 …
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Compliance with New Reg GG Is Mandatory on December 1, 2009 Oklahoma’s Estate Tax Repealed Effective January 1, 2010 3% Interest Requirement for County Deposits Gone Effective July 1, 2009 Change to Unclaimed Property Statute Effective November 1, 2009 OK to Charge Fee to Cash On-Us Check for Non-Customers?
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FDIC’s Final Rule Extends TAG Program 6 Months to June 30, 2010; Participating Entities Can Opt Out of Extension by November 2 Working Around the October 1 Reg Z Changes Changes to HUD’s Reg X (RESPA) Go In Effect January 1, 2010 Special Risks Surround Using Farm Products as Collateral
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Creation of HPMLs and Requirements for Verification of Repayment Ability for HPMLs and HOEPA Loans New Escrow Requirement for HPMLs Effective for Applications Received on or after April 1, 2010 (October 1, 2010 for Manufactured Homes) Restrictions on Prepayment Penalties for HPMLs and HOEPA Loans Effective 10/1/2009 Revisions to HMDA (Reg C) Incorporate Reg Z’s Addition of HPMLs Effective 10/1/2009 …
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Greetings from the OBA’s New General Counsel After the Loan: Don’t Lose Your Priority to a Federal Tax Lien Credit Card Act of 2009: Certain Provisions Effective August 20, 2009, Plus Overview of Remaining Provision Home Valuation Code of Conduct: Affects Sale of Residential Mortgage Loans to Fannie Mae and Freddie Mac Beginning May 1, 2009 New Notice Required Upon …
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