FRB Issues Final Credit Score Disclosures Rule. Final Retail Foreign Exchange Rules. HUD Updates RESPA Regulation. August 2011

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1 is intended to keep you informed of regulatory changes in advance of their effective date so your institution can have the necessary policies, procedures and processes in place to be compliant at the time of enactment. Information contained in is not intended to provide specific advice and guidance. You should consult your own professional services provider in connection with matters affecting your own interests. Finalized Rules: FRB Issues Final Credit Score Disclosures Rule The FRB issued final rules to implement the credit score disclosure requirements of Dodd-Frank. The statute requires creditors to disclose credit scores and related information to consumers in notices under the Fair Credit Reporting Act (FCRA) if a credit score is used in setting material terms of credit or in taking adverse action. The final rules amend Regulation V (Fair Credit Reporting) to revise the content requirements for risk-based pricing notices, and to add related model forms that reflect the new credit score disclosure requirements. The FRB is issuing these final rules jointly with the Federal Trade Commission (FTC). The final rules also amend certain model notices in Regulation B (Equal Credit Opportunity), which combine the adverse action notice requirements for Regulation B and the FCRA, to reflect the new credit score disclosure requirements. The rules are effective August 15, Final Retail Foreign Exchange Rules The FDIC and OCC issued final retail foreign exchange rules. The FDIC rule imposes requirements on insured depository institutions (IDIs) supervised by the FDIC that engage in certain retail foreign currency transactions with retail customers. The final rule applies to foreign currency futures, options on futures, and options as these terms are used in the Commodity Exchange Act. Under the rule, FDICsupervised IDIs entering into trades covered by the rule would be subject to requirements in six areas: disclosure, recordkeeping, capital and margin, reporting, business conduct, and documentation. The requirements focus on safety and soundness and consumer protection. The rule is being issued pursuant to Dodd-Frank, and it is effective July 15, The OCC rule authorized national banks, federal branches and agencies of foreign banks, and their operating subsidiaries to engage in off-exchange transactions in foreign currency with retail customers, and describes requirements imposed on such transactions. The OCC rule, like the FDIC rule, prescribes requirements for financial institutions engaging in off-exchange transactions in foreign currency with retail customers and includes disclosure, recordkeeping, capital and margin, reporting, business conduct, and documentation standards. The rule is effective July 15, HUD Updates RESPA Regulation The final rule makes technical corrections and certain clarifying amendments to HUD s RESPA regulations promulgated by a final rule published on November 17, The majority of the regulations promulgated by the November 17, 2008, final rule became applicable on January 1, Now that the regulations have been in use for a little over one year, HUD has identified certain needed technical corrections, which this rule will make, and certain other regulatory provisions in which additional clarification would be helpful. The rule is effective August 10, 2011.

2 FRB and FDIC Issue Final Rules Implementing Regulation Q Repeal The FRB and FDIC issued separate final rules to implement the Dodd-Frank mandated repeal of the prohibition against paying interest on demand deposits that becomes effective July 21. The FRB issued a final rule that repeals its Regulation Q, which prohibits the payment of such interest. The rule also repeals the FRB s published interpretation of Regulation Q and removes references to Regulation Q found in the agency s other regulations, interpretations, and commentary. The FDIC issued a final rule that rescinds its regulations that implemented the prohibition against paying interest on demand deposits. The rule also retains and moves the definition of interest from the FDIC s regulations relating to interest on deposits to the agency s regulations on deposit insurance coverage. The rule explains that a regulatory definition of interest would still be useful in interpreting the requirements of the Dodd-Frank s Section 343, which provides temporary, unlimited deposit insurance coverage for noninterest-bearing transaction accounts. FDIC Final Rule on Liquidation Authority The FDIC has published a final rule to implement certain provisions of its authority to resolve covered financial companies under Title II of Dodd-Frank. The rule will establish a more comprehensive framework for the implementation of the FDIC's orderly liquidation authority and will provide greater transparency to the process for the orderly liquidation of a systemically important financial institution under Dodd-Frank. The rule is effective August 15, FTC Final Rule Bans Deceptive Mortgage Ads The FTC has issued a final rule, the Mortgage Acts and Practices (MAP) rulemaking, relating to unfair or deceptive acts and practices that may occur with regard to mortgage advertising. MAP prohibits misrepresentation in any commercial communication regarding any term of any mortgage credit product and imposes recordkeeping requirements. The MAP Rule covers only entities over which the FTC has jurisdiction. Although banks, savings associations, federal credit unions and non-profits are not directly affected by the rule, their non-bank subsidiaries and third parties with which they do business are subject to the rule. The rule is effective August 19, OCC Finalizes Rule Implementing Dodd-Frank Provisions The OCC issued a final rule implementing several provisions of Dodd-Frank, including changes to facilitate the transfer of functions from the OTS and revisions to the OCC s rules on preemption and visitorial powers. Revisions include eliminating preemption for operating subsidiaries of national banks and operating subsidiaries of federal savings associations and applying to federal thrifts the same preemption standard and visitorial standards as applies to national banks. The final rule also revises OCC rules in areas that are central to internal agency functions and operations immediately upon the transfer of supervisory jurisdiction for federal savings associations. These include amendments to the OCC s assessment fee rule to include federal savings associations. The rule also includes revisions to rules related to OCC organization, the availability and release of information under the Freedom of Information Act (FOIA), and post-employment restrictions for senior examiners. The rule is effective July 21, OCC Issues Interim Final Rule to Reissue Former OTS Regulations The OCC issued an interim final rule with request for comments that republishes regulations issued by the OTS that the OCC has authority to promulgate and enforce. This rule renumbers and issues former OTS regulations as new OCC regulations, with nomenclature and other technical amendments to reflect OCC supervision of federal savings associations. These newly issued OCC regulations will supersede OTS regulations for purposes of OCC supervision of federal savings associations, as provided by Dodd- Frank. In order to reduce confusion and to assist the thrift industry, the OCC has preserved where

3 possible in these new rules the OTS s numbering system. The rule is effective July 21, 2011, and comments must be received by October 1, Advanced Capital Adequacy Rule A final rule was issued by the OCC, FRB, and FDIC that establishes a capital floor, and amends advanced risk-based capital adequacy standards. The rule mandates that the capital requirements for insured depository institutions be the minimum for covered institutions, a provision of Dodd-Frank. Each organization implementing the advanced approaches rules will continue to calculate its risk-based capital requirements under the agencies general risk-based capital rules, and the capital requirement it computes under those rules will serve as a floor for its risk-based capital requirement computed under the advanced approaches rules. The agencies noted that in practice, the rule will not have an immediate effect on banking organizations capital requirements because all organizations subject to the advanced approaches rules are currently computing their capital requirements under the general riskbased capital rules. The rule only applies to the largest internationally active banking organizations. The rule is effective July 28, CFPB Publishes Alternative Mortgage Transaction Parity Act (AMTPA) Rule The Consumer Financial Protection Bureau is publishing for public comment an interim final rule establishing 12 CFR Part 1004 (Regulation D Alternative Mortgage Transaction Parity) pursuant to AMTPA and the Truth in Lending Act. The rule would shift alternate mortgage origination from the state to the federal level nationwide by allowing state-licensed loan originators to continue making alternative mortgages under federal law, rather than state law. The interim final rule is necessary to avoid a regulatory gap created by the amendments to AMTPA in the Dodd-Frank. The rule is effective July 22, 2011, and comments are due by September 22, Proposed Rules: FRB Proposes Rule on Retail FX Transactions The FRB is seeking comment on a proposal that sets standards for banking organizations regulated by the Federal Reserve that engage in certain types of foreign exchange transactions with retail customers. The proposal, issued pursuant to Dodd-Frank, outlines requirements for disclosure, recordkeeping, business conduct, and documentation for retail foreign exchange transactions. Institutions engaging in such transactions will be required to identify themselves to their regulator and to be well-capitalized. They will also be required to collect margin for retail foreign exchange transactions. The types of transactions covered by the rule include off-exchange futures and options on futures, over-the-counter options on foreign currency, and so-called rolling spot transactions. Comments are due October 11, Other Compliance News: OCC Issues Guidance on Foreclosure Practices (OCC Bulletin ) The OCC is directing national banks that have not already done so, to conduct self-assessments of foreclosure management practices to ensure that their practices conform to the expectations outlined in this guidance. The self-assessments should include testing and file reviews and be appropriate in scope, considering the level and nature of the bank s mortgage servicing and foreclosure activity. National banks should conduct a self-assessment of foreclosure management practices no later than September 30, Banks that identify weaknesses in their foreclosure processes through the selfassessment should take immediate corrective action. Banks should determine if the weaknesses resulted in any financial harm to borrowers and provide remediation where appropriate.

4 OCC Issues Guidance on Foreclosure Practices (OCC Bulletin ) The OCC is directing national banks that have not already done so, to conduct self-assessments of foreclosure management practices to ensure that their practices conform to the expectations outlined in this guidance. The self-assessments should include testing and file reviews and be appropriate in scope, considering the level and nature of the bank s mortgage servicing and foreclosure activity. National banks should conduct a self-assessment of foreclosure management practices no later than September 30, Banks that identify weaknesses in their foreclosure processes through the selfassessment should take immediate corrective action. Banks should determine if the weaknesses resulted in any financial harm to borrowers and provide remediation where appropriate. Agencies Issue Guidance on Counterparty Credit Risk Management The federal bank regulatory agencies issued guidance to help ensure banking organizations practice effective counterparty credit risk (CCR) management. The guidance, issued by the FRB, the FDIC, the OCC, and the OTS, builds on existing supervisory guidance and outlines effective industry practices for CCR management. CCR is the risk that the counterparty to a transaction defaults or deteriorates in creditworthiness before the final settlement of the transaction. The guidance is intended primarily for use by banking organizations with large derivatives portfolios, as well as for supervisors as they assess and examine such institutions CCR management. The guidance emphasizes that banking organizations should use appropriate reporting metrics and exposure limits systems, have well-developed and comprehensive stress testing, and maintain systems that facilitate measurement and aggregation of CCR across the organization. The guidance also includes sound practices for risk control functions including, but not limited to, validating models and systems, ensuring independent risk management and internal audit processes, and managing legal and operational risks. State Loan-to Deposit Ratios The federal banking regulators have issued a Joint Press Release regarding the updated host state loan -to-deposit ratios that examiners will use to determine compliance with section 109 of the Riegle-Neal Act.

5 About Accume Partners Accume Partners helps financial institutions mitigate risks, enhance the overall control environment, achieve compliance with the latest rules, regulations and pronouncements, and improve overall operational efficiency. Our scope of services include risk management, regulatory compliance, internal audit, Sarbanes-Oxley compliance, FDICIA compliance, board of directors/audit committee briefings, training, information security, pre- and post-system implementation reviews, business continuity planning, and process improvement advisory (lending, trust, accounting and finance, branch platform, deposit operations, and customer service.). Please visit us at accumepartners.com. For more information, please call or any of these Accume Partners contacts: Mark Lindig Chief Executive Officer Fred Nitting Managing Partner Bill Bromley Regional Managing Director, Mid-Atlantic Michael Corbin Regional Managing Director, Southeast Paul Nobbs Managing Director, Banking and Financial Services Industries K.D. Mehra Managing Director, Banking Nicole Lloyd Managing Director, Mid-Atlantic David Smith Manager, Compliance

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