Search Results for keywords:"Insured Depository Institutions"

The Consumer Financial Protection Bureau has amended Regulation Z, which implements the Truth in Lending Act, to introduce a new exemption so certain depository institutions and credit unions no longer need to create escrow accounts for higher-priced mortgage loans. To qualify for this exemption, institutions must have assets of $10 billion or less and fewer than 1,000 such loans from the previous year, and meet other criteria like operating in rural or underserved areas. The final rule, effective February 17, 2021, aims to reduce regulatory burdens on smaller institutions while maintaining consumer protection standards.

The Board of Governors of the Federal Reserve System is extending for three years the requirement for Holding Company Reports on their transactions with affiliates, known as FR Y-8. This report collects information about transactions between insured depository institutions and their affiliates, helping monitor bank exposures and compliance. The reports must be filed quarterly by certain bank holding companies, savings and loan holding companies, and foreign banking organizations owning U.S. insured depository institutions. Despite a call for public comments on this extension, no feedback was received.

The Consumer Financial Protection Bureau (CFPB) has announced changes to its Regulation Z, affecting the criteria exempting certain creditors from the need to create escrow accounts for higher-priced mortgage loans. The asset-size threshold for this exemption is now set at $2.717 billion for regular creditors and $12.179 billion for certain smaller banks and credit unions. These adjustments, effective from January 1, 2025, are based on changes in the Consumer Price Index, and the rule aims to update the thresholds accordingly for institutions.