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Cover of Bank Holding Company Supervision Manual

Consumer Compliance Handbook
July 2016 Update

The July 2016 update to the handbook includes the following three updates:

First, the handbook includes revised interagency examination procedures for the Flood Disaster Protection Act. The revised procedures reflect a July 2015 interagency rulemaking addressing force placement of flood insurance, escrow of flood insurance premiums and fees, and an exemption to the mandatory purchase of flood insurance requirement for certain detached structures. Additionally, the revised procedures reflect edits to clarify requirements and improve readability.

Second, the handbook incorporates existing interagency examination procedures for the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). As of October 1, 2015, responsibility for examining Federal Reserve-supervised institutions for compliance with the CFPB’s rule implementing the SAFE Act transferred from the Federal Reserve’s safety-and-soundness examiners to consumer compliance examiners. The procedures remain unchanged.

Third, the handbook includes revised interagency examination procedures for Regulation P (Privacy of Consumer Financial Information). The revised examination procedures reflect an October 2014 Consumer Financial Protection Bureau (CFPB) rulemaking that amended the requirements regarding financial institutions’ provision of annual disclosure of privacy practices to customers by creating an alternative delivery method that financial institutions can use under certain circumstances. Further, the examination procedures have been updated to reflect the CFPB’s December 2011 restatement in Regulation P of pre-existing federal privacy regulations for which rulemaking authority was transferred to the CFPB by the Dodd-Frank Act, as well as to clarify requirements and improve readability.

 


Filing Instructions

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

RemoveInsert
 
Behind Contents tab (red): Contents • pp. v–vi
(dated 6/14)
Contents • pp. v–vi (dated 7/16)

 
Behind the “Regulation H” tab (white): Reg. H •
pp. 1–13 (dated 1/06)
Regulation H (Flood Disaster Protection) •
pp. 1–18 (dated 7/16).
 
 New tab:
Behind the “Servicemembers Civil Relief” tab (white): “SAFE Act” tab

SAFE Act • pp. 1–3 (dated 7/16)

 
Behind the “Regulation P” tab (white): Reg. P •
pp. 1–39 (dated 11/11)
Regulation P (Privacy of Consumer Financial Information) • pp. 1–41 (dated 7/16)

Consumer Compliance Handbook

Previous Update: November 2015