On August 29, 2013, the FDIC and Federal Reserve Board issued an optional template for certain holding companies to file their “resolution plans,” which are detailed descriptions of how a covered institution plans to deal with financial stress that threatens the viability of the institution.
On August 28, 2013, six federal agencies issued a press release announcing a new rulemaking to implement the risk retention rules set forth in Section 15G of the Dodd-Frank Act regarding securitization transactions. The purpose of the new rulemaking is to update the rule originally proposed by the agencies in April, 2011. The FDIC’s press release can be found here.
On Tuesday August 20th, the Maine Bureau of Financial Institutions and the Maine Bureau of Consumer Credit Protection issued a notice of proposed rulemaking entitled Regulation Z-3. The new rule would be codified as Chapter 138 of the rules of BOFI, and Chapter 240 of the rules of BCCP.
The Consumer Financial Protection Bureau (“CFPB”) recently issued a compliance bulletin warning financial institutions that they may face potential liability as indirect lenders for fair lending violations in the process of making indirect loans through automobile dealerships (the “Bulletin”). Indirect auto lending is a process where an automobile dealership will typically collect credit information from a consumer seeking financing and then forward the information to prospective lenders....