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Consumer Compliance Handbook
December 2010 Update

The December 2010 update to the handbook reflects recent regulatory changes to three chapters: Regulation DD (Truth in Savings), the Fair Credit Reporting Act (FCRA), and Regulation Z (Truth in Lending).

Changes to Regulation DD include updated examination procedures effective July 2010 that address the disclosure of overdraft services and the disclosure of retail sweep account disclosure balances through automated systems.

Module 4 (Duties of Users of Credit Reports and Furnishers of Consumer Information) of the FCRA chapter was also revised. The revised regulation outlines new responsibilities for furnishers of consumer information to a consumer reporting agency.

The Regulation Z examination procedures reflect a number of changes involving revisions to both open-end and closed-end credit. The revisions incorporate rules to protect credit card users from unreasonable late payment and other penalty fees, as well as several new open-end disclosure requirements involving applications and solicitations, new accounts, periodic statements, change in terms notifications, and advertisements. Mortgage rule changes require, among other things, early Truth in Lending disclosures for more types of transactions and a waiting period between the time when disclosures are given and consummation of the transaction. Other amendments protect consumers in the mortgage market from unfair, abusive, or deceptive lending and servicing practices. The changes apply protections to a newly defined category of "higher-priced mortgages"?that includes virtually all closed-end subprime loans secured by a consumer's principal dwelling. These examination procedures also implement student loan requirements that require creditors to provide disclosures about private education loan terms on or with the loan application, when the loan is approved, and when the loan is consummated.

Filing Instructions
To maintain an updated print version of the handbook, use the following instructions:

Truth in Savings pages:
Behind the "Regulation DD" tab
Reg. DD • pp. 1-36 (dated 6/10)Reg. DD • pp. 1-36 (dated 12/10)
Fair Credit Reporting Act pages:
Behind the "Fair Credit Reporting" tab
FCRA • pp. 31-43 (dated 6/09)FCRA • pp. 31-47 (dated 12/10)
Truth in Lending pages:
Behind the "Regulation Z" tab
Reg. Z • pp. 1-37 (dated 11/08)Reg. Z • pp. 1-87 (dated 12/10)

Consumer Compliance Handbook

Previous Update: June 2010