The CFPB has issued a long-awaited new rule that combines the TILA and RESPA forms into new “Know Before You Owe” forms that lay out the terms of a mortgage for a homebuyer. The new rule will replace the existing federal disclosures, establish when the new forms are to be given, and limit how the…

The Office of the Comptroller of the Currency has issued a guidance establishing standards for banks that hire independent consultants when under an enforcement action.

The Securities and Exchange Commission has issued its final rule on municipal advisors, with an effective date of January 13, 2014. The final rule narrows the original proposal’s definition of “investment strategies” on which municipal advisors give advice, and provides exemptions for many traditional banking products and services. Individuals working for registered municipal advisory firms…

The CFPB has issued guidance on the upcoming HOEPA changes effective January 10, 2014, which include a requirement to provide a list of HUD-approved homeownership counseling agencies for all federally-related mortgage loans. Lenders can generate lists of HUD-approved counselors in two ways: (1) by using the CFPB’s housing counseling agency website to obtain the required…

Last Friday, the Illinois State Police (ISP) released guidance on the regulatory requirements for firearms signage under Illinois' recently-enacted concealed carry law. Under the Firearm Concealed Carry Act, private businesses, including banks and thrifts, may prohibit individuals from carrying a concealed firearm on, or into, property under their control but are required to clearly and…

Last week, the FDIC, OCC, Federal Reserve, CFPB and National Credit Union Administration issued a joint press release urging financial institutions to work constructively with borrowers experiencing difficulties because of the partial federal government shutdown. The agencies urged institutions to consider prudent workout arrangements consistent with sound lending practices, while acknowledging that the shutdown may be…

The Federal Reserve will overhaul its consumer compliance supervision program for community banks in 2014, noted Fed Governor Jerome Powell during a speech at a recent community bank research conference. “Under the updated program, our consumer compliance examiners will base the examination intensity more explicitly on the individual bank's risk profile, including its consumer compliance culture…

The federal regulators have issued a joint guidance on how financial institutions should handle suspected elder financial abuse. The guidance clarifies that reporting suspected elder abuse to appropriate authorities would not violate provisions of the Gramm-Leach-Bliley Act that otherwise require financial institutions to notify and allow customers to opt out before releasing personal information.

The CFPB has issued a quick reference chart to help bankers understand whether their institutions qualify as “small creditors” under the Qualified Mortgage standards. The two-page flowchart walks bankers through the QM guidelines and covers loan features, balloon payments, underwriting, points and fees, risk retention, and compliance presumption.

Last Friday, the OCC and the Board of Governors of the Federal Reserve published their joint final rule implementing the Basel III regulatory capital framework and related Dodd-Frank Act changes. The final rule, adopted in July by both agencies and the FDIC, sets the minimum regulatory capital requirements for all organizations. It includes a new…