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Board Report: 2013-AE-B-008 July 1, 2013

Board Should Enhance Compliance with Small Entity Compliance Guide Requirements Contained in the Small Business Regulatory Enforcement Fairness Act of 1996

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Appendix B Final Sample of Rules Reviewed

Date posted to Federal Register Regulation Federal Register citation Summary Effective date
06/01/2000 Regulation P- Privacy of Consumer Informationa 65 Fed. Reg. 35,162 The final rule implements privacy rules pursuant to section 504 of the Gramm-Leach-Bliley Act, which authorizes the federal banking agencies to issue regulations as may be necessary to implement notice requirements and restrictions on a financial institution's ability to disclose nonpublic personal information about consumers to nonaffiliated third parties. 11/13/2000
11/18/2008 Regulation GG- Prohibition on Funding of Unlawful Internet Gamblinga 73 Fed. Reg. 69,382 The final rule defines terms used in the regulation; designates payment systems that could be used by participants in connection with, or to facilitate, a restricted transaction; exempts certain participants in certain designated payment systems from the requirement of the regulation; requires the participants performing nonexempt functions in a designated payment system to establish and implement policies and procedures reasonably designed to prevent or prohibit restricted transactions, such as by identifying and blocking such transactions; provides nonexclusive examples of policies and procedures for nonexempt participants in each designated payment system; and sets out the regulatory enforcement framework. 01/19/2009
01/29/2009 Regulation Z-Truth in Lending 74 Fed. Reg. 5244 The final rule amends Regulation Z and the staff commentary to the regulation. Except as otherwise noted, the changes apply solely to open-ended credit. Disclosures accompanying credit card applications and solicitations must highlight fees and reasons penalty rates might be applied, such as for paying late. Creditors are required to summarize key terms at account opening and when terms are changed. 07/01/2010
01/29/2009 Regulation AA-Unfair or Deceptive Acts or Practices 74 Fed. Reg. 5498 The final rule, issued under section 5(a) of the Federal Trade Commission Act, prohibits institutions from engaging in certain unfair or deceptive acts or practices in connection with consumer credit card accounts. 07/01/2010
11/17/2009 Regulation E-Electronic Fund Transfers 74 Fed. Reg. 59,033 The final rule limits the ability of a financial institution to assess an overdraft fee for using an automated teller machine and one-time debit card transactions that overdraw a consumer's account, unless the consumer affirmatively consents, or opts in, to the institution's payment of overdrafts for these transactions. 01/19/2010
02/22/2010 Regulation Z-Truth in Lending 75 Fed. Reg. 7658 The final rule amends Regulation Z and the staff commentary to the regulation in order to implement provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 that are effective on February 22, 2010. In particular, the rule limits the application of increased rates to existing credit card balances, requires credit card issuers to consider a consumer's ability to make the required payments, establishes special requirements for extensions of credit to consumers who are under the age of 21, and limits the assessment of fees for exceeding the credit limit on a credit card account. 02/22/2010
06/29/2010 Regulation Z- Truth in Lending 75 Fed. Reg. 37,526 The final rule amends Regulation Z and the staff commentary to the regulation, in order to implement provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 that go into effect on August 22, 2010. In particular, among other requirements, the final rule requires that penalty fees imposed by card issuers be reasonable and proportional to the violation of the account terms. 08/22/2010
09/24/2010 Regulation Z- Truth in Lending 75 Fed. Reg. 58,509 The final rule prohibits payments to loan originators, which includes mortgage brokers and loan officers, based on the terms or conditions of the transaction other than the amount of credit extended; prohibits any person other than the consumer from paying compensation to a loan originator in a transaction where the consumer pays the loan originator directly; and prohibits loan originators from steering consumers to consummate a loan not in their interest based on the fact that the loan originator will receive greater compensation for such loan. 04/01/2011

a Reviewed in addition to the six rules in our sample.  Return to text