Financial Institutions

Wednesday, 03 April 2013

BASEL III liquidity coverage ratios announced

Written by Rehmann Team

The Basel Committee recently issued the revised Liquidity Coverage Ratio (LCR), an essential component of the Basel III global reforms intended to strengthen global capital and liquidity regulations in an effort to create a more resilient banking industry. The LCR, which was first announced in December 2010, promotes the short-term resilience of a bank's liquidity risk profile by ensuring it has adequate unencumbered high-quality liquid assets (HQLA) that can be easily and immediately converted into cash in private markets to meet its liquidity needs for a 30-day period. Adequate LCR improves the banking sector's ability to absorb shocks arising from financial and economic stress from any source, thus reducing the risk of spillover from the financial sector to the real economy. The revisions to the LCR incorporate changes to the definition of range of assets eligible as HQLA and refinements to the assumed inflow and outflow net cash rates to better reflect actual experiences in times of stress...

The Consumer Financial Protection Bureau (CFPB) has released its final rule to amend Regulation Z, which implements the Truth in Lending Act (TILA), to implement those parts of Dodd-Frank relating to a consumer’s ability to repay home loans. The changes will take effect on January 10, 2014. Regulation Z requires creditors writing residential mortgages to make a “reasonable and good faith determination based on verified and documented information that the consumer has a reasonable ability to repay the loan according to its terms” by considering certain underwriting factors. Under Dodd-Frank, this rule is expanded from coverage of just higher-priced mortgages to the entire mortgage market...

Tuesday, 02 April 2013

Remittance Transfer Rule (Amendment To Reg E) delayed

Written by Rehmann Team

Although this amendment was scheduled to go into effect on February 2013 and has been delayed, there are proposed changes about which financial institutions that participate in remittance transfers should be aware. Federal consumer protection rules have not previously been applied to most of the billions of dollars in remittance transfers that U.S. consumers send each year...

Tuesday, 02 April 2013

Electronic filing of BSA-SAR starts April 1

Written by Rehmann Team

As BSA administrator, FinCEN is transitioning from industry-specific paper forms to one electronically-filed dynamic and interactive BSA-SAR that must be used by all filing institutions to report suspicious activity as of April 1, 2013. Based on their type, financial institutions currently provide data on four separate forms. FinCEN is integrating four institution-specific SARs into one electronic data collection process. While the previous five parts of the SAR-DI remain with changes to their titles and order of completion, data fields from other industry SARs that may be new to depository institutions, as well as specific data fields that are new to all types of industry filers, are included in the electronic filing...

Page 15 of 15

Meet The Rehmann Team

Start typing a name ...
Searching for "{{nameQuery}}"...
Start typing an experience ...
Searching for "{{experienceQuery}}"...
Start typing a location ...
Searching for "{{locationQuery}}"...
Or view a list of team members

get rehmann expertise to drive your business in your inbox every week