Saturday, May 25, 2024

Legal Briefs

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

Read More »

March 2010 Legal Update

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

Read More »

February 2010 Legal Update


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!)

Read More »

January 2010 Legal Update

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
FinCEN’s BSA E-Filing Completes Transition to Adobe-based Electronic Forms Effective 1/1/2010
Reminder: Changes to Reg DD Effective 1/1/2010
Reminder: HUD’s Reg X (RESPA) Changes; Use of New GFE and HUD-1 Forms Mandatory 1/1/2010
Reg S Revised to Increase Fees for Subpoena Compliance Effective 1/1/2010
S.A.F.E. Act Update

Read More »

November 2009 Legal Briefs

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Oklahoma’s Estate Tax Repealed Effective January 1, 2010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?

Read More »

October 2009 Legal Briefs

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

Read More »

September 2009 Legal Briefs

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

New Appraisal-Related Amendments Effective 10/1/2009

New Mortgage Servicing Practices Effective 10/1/2009

New Advertising Restrictions Affecting Closed-End Credit Loans Effective 10/1/2009

S.A.F.E. Act Redux

Read More »

August 2009 Legal Briefs

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 Sale/Transfer of Residential Home Mortgages & Protecting Tenants at Foreclosure Act, Both Effective May 20, 2009

Read More »

July 2009 Legal Briefs

Reg D – Savings Deposit Transfers Rule Changes July 2, 2009

Reg Z – MDIA Changes – Effective July 30, 2009

The Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act)

The Oklahoma Department of Consumer Credit’s Truth in Lending Permanent Rule

Consumer Loan Dollar Amounts – No Changes

Read More »

May 2009 Legal Briefs

Charging Consumer Interest Using a 360-Day Year?

Adding a Floor to Variable-Rate Mortgage Loans?

Waiving a Rate That is Too High

Default Interest Not Allowed on Consumer Loans?

Read More »

April 2009 Legal Briefs

New Rules for Disclosure of Overdraft Fees

  1. Disclosing Total Fees Charged
  2. Required “Tabular” Format
  3. What Fees are Included
  4. Disclosure of Account Balances
  5. Making Other Choices?
  6. Other Pending Proposals
Helping a Customer to Avoid or Decrease Overdraft Charges

Read More »

January 2009 Legal Briefs

  1. Various Cost-of-Living Increases in Dollar Amounts for 2009
  2. No IRA Minimum Distributions Required for 2009
  3. Interagency Statement on Meeting Needs of Creditworthy Borrowers 

Read More »