CFPB Releases Regulation CC Amendments (Video)
In this Compliance Clip (video) Adam provides an overview of the Regulation CC amendments that were released on June 24, 2019. While these amendments are really just a small part of what is yet to come (probably very soon), these amendments will cause a number of challenges for financial institutions. First of all, the $200 and $5,000 thresholds have been increased for inflation - and will continue to be increased for inflation on a regular basis. Secondly, each time the threshold is increased, a change of terms notice is going to need to be delivered to applicable customers. Finally, there are a few other minor changes in this new final rule, which Adam explains in this video.