Pub. 3 2013 Issue 4

17 FALL 2013 clarifications to the mortgage servicing and the ability- to-repay and qualified mortgage standards final rules, as well as amendments to final rules issued in January 2013 amending Regulations B, X, and Z. The final servicing rules for ATR/QM were issued July 2013.  Consumer Financial Civil Penalty Fund – implements what kinds of payments to victims are appropriate by establish- ing procedures for allocating funds for payments to victims and for consumer education and financial literacy pro- grams. The final rule is expected February 2014. Rules that are in the Finalization process:  Recodification of the regulations implementing Federal consumer financial laws. The rules will be complete by December 2013.  Integrated Mortgage Disclosures Under RESPA (Reg X) and TIL (Reg Z), including the revised definition of a finance charge. The final rule is expected by October 2013.  The CFPB’s supervision over non-bank entities. The final rule was issued in July 2013, but had no effect on banks.  Expedited Funds Availability (Reg CC) – The Fed pro- posed amendments to Regulation CC in March 2011 to facilitate the banking industry’s transition to electronic in- terbank check collection and return. The Board’s proposal includes some provisions that are subject to the CFPB’s joint rulemaking authority, which includes the period for funds availability and revising model form disclosures. The final rule is expected by December 2013.  Disclosures for Remittance Transfer Transactions (Regu- lation E) – The final rule was issued, with an effective date of October 28, 2013.  Definition of Larger Participants of the Student Loan Ser- vicing Market - the proposed rule would identify a market for student loan servicing and define “larger participants” that would be subject to the Bureau’s supervisory author- ity. The final rule is expected in September 2013. It is promising to be a very busy fourth quarter. Stay tuned to Compliance Alliance for information on the regulatory issuances. We have made it through the first three years since the signing of DFA, and there are more regulations still wind- ing their way through the bureaucracy. We will keep our staff focused on assisting our bankers in compliance with these requirements – the old as well as the new. w Results. Relationships. Reputation. Our full range of legal services includes: • Lending • Financing • Loans • Creditors’ Rights • Bankruptcy • Receiverships • Loan Sales • Lender Liability One e.WashingtOn, suite 1600 PhOenix, arizOna 85004-2553 602.257.7422 • www.gustlaw.com One s. ChurCh ave. suite 1900 tuCsOn, arizOna 85701-1627 520.628.7070 • www.gustlaw.com Providing Experienced Legal Counsel for Banks & Financial Institutions