Details:

Publisher's site:
https://www.fdic.gov
Corporate Authors:
Federal Deposit Insurance Corporation (FDIC)
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. § 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.
Content Notes:
Cites 75 Fed. Reg. 58509, 9/24/2010|Regulation Z: Truth in Lending

Cites 76 Fed. Reg. 79768, 12/22/2011|Truth in Lending (Regulation Z)


Subject:
[+]
Consumer Protection
Dataset Download URL:
https://www.fdic.gov/news/financial-institution-letters/2012/fil12020.html
Format:
PDF
Release Date:
04/17/2012
Update Date:
11/26/2018
Withdrawn Date:
12/01/2018
Agencies Involved:
Federal Deposit Insurance Corporation (FDIC);Board of Governors of the Federal Reserve System (The Fed);Consumer Financial Protection Bureau (CFPB);
Fdic Employee Involved:
Sandra Barker;Glenn Gimble;
Law Involved:
Truth in Lending Act;Dodd-Frank Wall Street Reform and Consumer Protection Act;
Related Regulation:
Regulation Z|;12 CFR Part 1026.36;
Source:
FDIC Website
Memorandum To:
FDIC-Supervised Banks
FIL Number:
FIL-20-2012
Main Document Checksum:
[+]
urn:sha256:2c0b295556f36bbf500421fdba3dd2f8ba7a26d90edf57554abd692ee16c8290
Download URL:
https://archive.fdic.gov/view/fdic/7048/fdic_7048_DS1.pdf
File Type:

Supporting Files

• No Additional Files

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