The Gold Book has been updated with expanded definitions for overdraft services as well as a summary of guidance for FDIC supervised institutions.
Join the forum discussion on this post January 10, 2012
November 17, 2011
What’s New: Bank Size Criteria
The Gold Book chapter Bank Size Criteria, has been updated to reflect the current regulations for the asset-size thresholds used to define “small bank” and “intermediate small bank” based on the annual percentage change in the Consumer Price Index.
For further information about how these revised asset-size thresholds are applied, see the CRA page on the Federal Financial Institutions Examination Council’s Web site at www.ffiec.gov/cra.
Join the forum discussion on this post November 14, 2011
What’s New: SAFE Act
The Gold Book has been updated to include information about the Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act). See Lending Compliance and Consumer Loan Regulation.
Join the forum discussion on this post November 2, 2011
What’s New: New IRS Form 1099-K
IRS Form 1099-K, Merchant Card and Third Party Network Payments has been added to the Reporting Compliance section in The Gold Book. This new form is required in 2012 for payment card and third-party network transactions that occurred in 2011.
Join the forum discussion on this post What’s New: ATM Design Standards
The Gold Book has been updated for the new regulations under the Americans with Disabilities Act which requires new accessibility standards. The new regulations became effective March 15, 2011 and March 15, 2012 mandatory compliance date. See Americans with Disabilities Act for further information.
Join the forum discussion on this post October 28, 2011
What’s New: Annual adjustments for reserve calculations and deposit reporting
The Federal Reserve Board announced this week, the annual indexing of the reserve requirement exemption amount and of the low reserve tranche for 2012. These amounts are used in the calculation of reserve requirements of depository institutions. The Board also announced the annual indexing of the nonexempt deposit cutoff level and the reduced reporting limit that will be used to determine deposit reporting panels effective 2012. See Reserve Requirements in The Gold Book.
Join the forum discussion on this post October 18, 2011
What’s New: NYS Fee Prohibition
Effective April 19, 2011, the NYS General Business Law section 399-zzz prohibits financial institutions from charging fees when sending paper billing statements through the mail.
Financial institutions may not charge fees or impose a higher rate on a loan product or other service if they have to send paper billing statements or if their customers want to make a payment through the mail. Also, there is no prohibition from offering a consumer a credit or other incentive to choose to make such payments or to receive billing statements by some other means, i.e., on-line. Thus, an institution (creditor) could offer a lower rate or fee, or no fee or a non-financial incentive if its customer agrees to go “paperless”. See Checking Accounts.
Join the forum discussion on this post October 13, 2011
What’s New: Use of Adverse Action Notices in Employment Actions
As of July 21, 2011, The Dodd-Frank Wall Street Reform and Consumer Protection Act established additional requirements that employers must follow if they use consumer reports in making employment decisions to hire applicants or deny promotions to current employees. Refer to Fair Credit Reporting Act in the Human Resources chapter of The Gold Book.
Join the forum discussion on this post What’s New: Garnishment of Exempt Funds Rules
A new federal regulation that is intended to protect Federal benefit payments held in deposit accounts from the reach of creditors will impose significant new requirements on financial institutions. The rule, which became effective on May 1, 2011, established procedures banks must follow with respect to garnishments and limits the ability of banks to freeze or restrain bank accounts in which certain federal benefits have been paid by direct deposit.
For further information, please refer to the Legal Processes chapter of The Gold Book and new sub-section, Garnishments.
Join the forum discussion on this post September 26, 2011
What’s New: Updated Gold Book Content
Sections of The Gold Book have been recently updated to reflect the repeal of Regulation Q (see Interest on Deposits ) and NYS changes to the handling of information subpoenas (see the update in a sub-section of the Adverse Claims chapter).