On December 22, 2010, the Federal Reserve Board issued an interim rule amendment clarifying certain aspects with respect to the Mortgage Disclosure Improvement Act (MDIA) changes that become effective on January 30, 2011. Here’s our 30 second overview. Unfortunately, this amendment does not push back the effective date for the January 30, 2011, MDIA requirements. You still have to comply with those requirements as of that date. What the amendment appears to do is revise, add to and/or further clarify the January 30, 2011, MDIA requirements.
The press release gives you two options. You can either comply with the January 30, 2011, requirements “as is” and apply the new amendments by October 1, 2011, or you can spend your Christmas and New Year’s break analyzing the October 1, 2011, amendment and comply with both as of January 30th. Your choice; however, my recommendation is the first option. We’d rather see you enjoy your holidays with your friends and family rather than reading Regulation Z changes!
Jerod is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar, or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Bankers’ Association, BankersOnline, many state banking associations, private compliance groups, and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru.
Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports related!