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Regulatory Calendar 2013
January

01 - FRB adjusts Reg. C Home Mortgage Disclosure (HMDA) asset size exemption.
Depository institutions with assets of $42 million or less as of December 31, 2012, are exempt from collecting data in 2013. An institution’s exemption from collecting data in 2013 does not affect its responsibility to report data it was required to collect in 2012. See ii Release B017.


01 - IRS expands Form 1042-S reporting for dividends/interest paid to non-citizens for 2013 tax year, to be reported in 2014.


01 - Mandatory dividend rate for required real estate escrow accounts is set at 0.20% for 2013.
See ii Release B014.


01 - Reg. Z credit card application disclosures must include a link to the Credit Card Tips page on the Consumer Financial Protection Bureau (CFPB) website, rather than that of the Federal Reserve Board.
See Reg. Z Appendix G-10(A)-(C).


01 - Reg. Z thresholds triggering HOEPA disclosures and restrictions on high-cost/high-fee mortgage loans are adjusted for 2013.
Reg. Z thresholds triggering HOEPA disclosures and restrictions on high-cost/high-fee mortgage loans are adjusted for 2013 to apply when total points and fees on a loan exceed $625 or 8 percent of the loan amount, whichever is greater. See ii Release B062.


01 - Truth in Lending (Reg. Z) and Consumer Leasing (Reg. M) dollar thresholds increase to apply to loans with amount financed of $53,000 or less in 2013.
The threshold does not apply to most private student loans, dwelling-secured loans, or open-end credit. See ii Release B001.


01 - Updated regulators addresses required for risk-based pricing notices (all credit unions), adverse action notice (federal credit unions only).


February

07 - Remittance Transfers Final Rule takes effect for those providing more than 100 remittance transfers per year.
90-day delay proposed.


March

18 - Disciplinary actions against MLOs to be displayed to consumers on MLO website.


26 - CFPB amends Reg. E to remove ATM signage rule.


31 - Credit unions must use revised Suspicious Activity Report (SAR) and Currency Transaction Report (CTR).
The forms are filed electronically at http://bsaefiling.fincen.treas.gov.


April

Compliance Tips


May

07 - New Form I-9 Employment Eligibility Verification required.


June

01 - Reg. Z increases the first-lien Higher Priced Mortgage Loan (HPML) escrow account requirement to five years, and creates a “small institution” exception to the HPML escrow requirement.


01 - Reg. Z prohibits certain clauses.
Reg. Z prohibits clauses requiring the consumer to submit to binding arbitration for disputes regarding residential mortgage transactions or HELOCs, and clauses that bar a consumer from bringing a claim in court in connection with any alleged violation of Federal law.


01 - Reg. Z prohibits the financing of any premiums or fees for credit insurance (such as credit life insurance) in connection with a consumer credit transaction secured by a dwelling, but allows credit insurance to be paid for on a monthly basis.


July

1 - Childrens Online Privacy Protection Act rule changes restrict more information regarding kids under 13.