U.S. flag An official website of the United States government.
Official websites use .gov

A .gov website belongs to an official government organization in the United States.

Secure .gov websites use HTTPS

A lock ( ) or https:// means you've safely connected to the .gov website. Share sensitive information only on official, secure websites.

!
Retired: This Document Has Been Retired. It should not be used in public health or clinical practice.

FDIC Statement on CFPB Bulletin 2012-02: Payments to Loan Originators Based on Mortgage Transaction Terms or Conditions under Regulation Z

Retired Public Domain


Details

  • Publisher's site:
  • 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:
  • Dataset Download URL:
  • 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  • Withdrawn Date: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:
  • File Type:
    Filetype[PDF - 1.21 MB ]
PREVIOUS
Return to Home
ON THIS PAGE
Details
FDIC Archive documents are authentic reproductions of FDIC publications that reflect the language and context of the time they were published, ensuring authenticity and historical integrity while providing public access and transparency.
BACK TO TOP