ABA's Center for Regulatory Compliance is your gateway to support for meeting the challenges of managing compliance risk. We provide direct access to regulatory expertise, up-to-date reports on agency initiatives, and the resources to assist you in keeping pace with the demands of supervisory oversight. Follow developments on the Bureau for Consumer Financial Protection.
President Obama signs H.R. 5502, Amends Effective Date of Gift Card Provisions (7/29/10) President Obama on July 27 signed into law H.R. 5502, which allows issuers of gift certificates, store gift cards, and general-use prepaid cards to issue certificates or cards produced prior to April 1, 2010, that do not meet disclosure requirements scheduled to be effective on August 22, 2010, until January 31, 2011, subject to specified conditions.
Agencies Adopt Rule Implementing Mortgage-Originators Registration System (7/28/10) The federal banking agencies adopted a final rule implementing a nationwide licensing and registration system mandated by the Secure and Fair Enforcement for Mortgage Licensing Act for mortgage loan originators. The rule requires employees of banks, savings association and certain other financial institutions who act as residential mortgage-loan originators to register with the Nationwide Mortgage Licensing System and Registry, maintain that registration, and obtain a unique identifier. Agency-regulated institutions also must adopt and follow written policies and procedures designed to assure compliance with those requirements. Although the draft rule that the agencies released lists an October 2010, effective date, the agencies make clear that there is no compliance obligation until the registry system is fully operable which will not be until at least January 2011. The six-month initial compliance period will begin from that time. For more information, contact ABA's Rod Alba.
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