Annual Report 2012 - ffiec

for January 2013 due to Hurricane
Sandy and will be offered again in
October 2013.
Fair Credit Reporting Act (FCRA)
Examination Procedures
In March 2012, the task force
approved FCRA examination procedures
that reflect changes contained
in the Dodd-Frank Act. The
act amended the FCRA to require
the disclosure on FCRA adverse
action notices of a credit score
that is used in taking any adverse
action based “in whole or in part
on any information in a consumer
report.” In addition, the exam
procedures incorporated Dodd-
Frank Act changes to the FCRA’s
8
implementing regulation on riskbased
pricing notices.
Regulation Z (Truth in Lending Act)
Examination Proceduress
On July 12, 2012, the task force
approved updates to examination
procedures related to Regulation
Z. Primarily, these updates were
technical changes required as a
result of the Dodd-Frank Act, such
as changes to the numbering of
sections and the relocation of various
footnotes.
Substantive changes to the limitations
on fees charged prior to
the opening of an account, as well
as corrections to the civil liability
provisions and the open-end
annual percentage rate calculation
were also incorporated and
approved.
Consumer Compliance Specialists Conference
Speakers:
Left: Debbie Matz, FFIEC Chairman,
Chairman, National Credit Union
Administration and Richard Cordray,
Director, Consumer Financial Protection
Bureau.
Below: Thomas Curry, FFIEC Vice Chairman,
Comptroller of the Currency, Office of the
Comptroller of the Currency.
Remittance Transfer Rule
Examination Procedures
The task force formed a working
group to develop examination procedures
to assess compliance with
the new remittance rule issued
pursuant to section 1073 of the
Dodd-Frank Act, which amends
Regulation E, which implements
the Electronic Fund Transfer Act.
The procedures will be issued
before the rule goes into effect.
Garnishment Rule Examination
Procedures
The task force has formed a working
group to develop examination
procedures that will be used by
the agencies to evaluate depository
institutions’ compliance with
the garnishment rule issued by the
Treasury Department and federal
benefits agencies. When finalized,
the Treasury Department rule will
require financial institutions to
take steps to alleviate the hardship
experienced by account holders
who receive certain types of
federal benefits when the garnishment
process occurs.
Task Force on
Examiner Education
The Task Force on Examiner Education
oversees the FFIEC’s examiner
education program on behalf
of the Council. The task force
promotes interagency education
through timely, cost-efficient,
state-of-the-art training programs
for federal and state examiners
and agency staff. The task force
develops programs on its own initiative
and in response to requests
from the Council, Council task
forces, and suggestions brought
forth by Examiner Education
Office (EEO) staff. The EEO also
maintains development groups
which have been established to
provide ongoing content guidance
for classes and conferences. Devel-