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FDIC Statement on CFPB Bulletin 2012-02: Payments to Loan Originators Based on Mortgage Transaction Terms or Conditions under Regulation Z
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Description:The Consumer Financial Protection Bureau (CFPB) issued Bulletin 2012-02 on April 2, 2012, to provide additional guidance on permissible forms of compensation to loan originators under the Truth in Lending Act - Regulation Z's Compensation Rules (12 C.F.R. ยง 1026.36). The Bulletin addresses whether and how the Compensation Rules apply to qualified profit-sharing, 401(k), and employee stock ownership plans (collectively, Qualified Plans). Specifically, the CFPB indicates that the Compensation Rules permit employers to contribute to Qualified Plans out of a profit pool derived from mortgage originations. The CFPB does not provide guidance on profit-sharing arrangements or plans that are "not in the nature of Qualified Plans," but indicates it anticipates providing greater clarity in a future rulemaking.
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Content Notes:Cites 75ย Fed. Reg.ย 58509, 9/24/2010|Regulation Z: Truth in Lending
Cites 76ย Fed. Reg.ย 79768, 12/22/2011|Truth in Lending (Regulation Z)
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Release Date:04/17/2012
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Update Date:11/26/2018
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Withdrawn Date:12/01/2018
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Agencies Involved:Federal Deposit Insurance Corporation (FDIC)Board of Governors of the Federal Reserve System (The Fed)Consumer Financial Protection Bureau (CFPB)
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Fdic Employee Involved:Sandra BarkerGlenn Gimble
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Law Involved:Truth in Lending ActDodd-Frank Wall Street Reform and Consumer Protection Act
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Related Regulation:Regulation Z|12 CFR Part 1026.36
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Source:FDIC Website
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Memorandum To:FDIC-Supervised Banks
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FIL Number:FIL-20-2012
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