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Regulation Z (Truth in Lending) and Regulation C (Home Mortgage Disclosure) Amendments to the Regulations: Amendments to the Regulations

The closed-end mortgage provisions of Regulation Z, which implement the Truth in Lending Act and the Home Ownership and Equity Protection Act, have been amended. Among other changes, these provisions now include consumer protections specific to "higher-priced mortgage loans." The compilation and reporting of loan data provisions of Regulation C, which implements the Home Mortgage Disclosure Act, now conform to the definition of higher-priced mortgage loans under Regulation Z. The amendments to Regulations Z (with limited exceptions) and C take effect on October 1, 2009.

How Regulations Hamper Chemical Hobbyists

An anonymous reader writes "Chemical & Engineering News just ran this story that relates how government regulations create a terribly restrictive atmosphere for people who do chemistry as a hobby. (A related story was previously posted.)" The article gives some examples of why hamfisted regulations are harmful even to those who aren't doing the chemistry themselves: "Hobby chemists will tell you that home labs have been the source of some of chemistry's greatest contributions. Charles Goodyear figured out how to vulcanize rubber with the same stove that his wife used to bake the family's bread. Charles Martin Hall discovered the economical electrochemical process for refining aluminum from its ore in a woodshed laboratory near his family home.

Massachusetts Extends Compliance Period for New Data Privacy Regulations

Citing the recent economic circumstances in the U.S., the Massachusetts’ Office of Consumer Affairs and Business Regulation (OCABR) has extended the deadline for complying with the new regulations that require companies dealing with personal information of Massachusetts’ residents to bolster their security policies. The previous date for compliance, January 1, 2009, is now May 1, 2009, providing significant relief for companies still in the process of reviewing their current data security policies. Additionally, the OCABR has extended compliance for two other sections of the regulations – the sections causing most concern among companies – until January 1, 2010.

Photography "OK" in DC's Union Station?

Although photography was always technically allowed in Union Station, the harassment of photographers was so widespread that it eventually led to a Congressional Hearing. The Congressional Hearing resulting in officials being told to basically fix the mess by clarifying the photography policy and follow it. Last month, new signs went up with "clarified" language on photography regulations. While easier to read, the photo regulations really haven't changed much. The main difference is since the sign change there seems to have been much less photographer harassment, which hopefully means Union Station employees have been better trained in their company's regulations. There is still concern over press and media photographers facing more restrictions than "tourists" but truthfully this is the case in almost any location.

Online Gambling Ban: Regulations in Search of a Definition

New regulations designed to thwart online gambling have the financial institutions that must abide by them throwing up their hands. For one thing, the rules do not clearly define what constitutes "unlawful Internet gambling." Then there are such issues as figuring out where a bet originated and which state laws govern it. Critics argue they're based on an unconstitutionally vague law.

Automation Allows Banks to Better Navigate Compliance and Risk Management

The industry is likely to witness more regulations to protect borrowers, and banks will be held to an even higher level of scrutiny from auditors. Therefore, risk mitigation becomes even more important due to the numerous regulations being enacted. With lending technology already in the market today, banks can better manage and control risk factors, and adapt to any regulatory changes. The same technology also can provide automated reporting functions to help bank managers access data and ensure they remain compliant.

Massachusetts extends compliance deadline on new data-encryption rules

Companies that have to comply with tough new regulations mandating the use of encryption and other security controls for protecting the personal data of Massachusetts residents are being given more time to do so. Last Friday, the state's Office of Consumer Affairs and Business Regulation (OCABR) extended the compliance deadline from Jan. 1 to May 1. In its announcement, the OCABR said the extension was prompted by current economic conditions and is designed to give more flexibility to companies that may be experiencing financial difficulties. Businesses now have until next May to ensure that they and their third-party service providers are in compliance with regulations set by the OCABR to implement the data breach provisions in the state's consumer protection law.

The End of Our Banking System?

The American Banking System is one of the most regulated industries in America. Since 1935, banks have had to deal with regulations that no other industry has come near. So what went wrong? Because of 1929, banking regulations were devised setting up minimal capital requirements. They established capital adequacy ratios in order to prohibit banks from lending more than 12 times their capital plus retained earnings. But regulators did not take into account future inflation. So regulation forced banks to limit their lending to 12 times their inflation-eroded capital.

The uphill battle for export control reform

One of the most persistent calls for change in space policy in the US in recent years has revolved around export control. Current law puts virtually most space hardware under the jurisdiction of the International Traffic in Arms Regulations (ITAR), an acronym that has become figuratively and literally a four-letter word in the industry given the costs, delays, and general uncertainty involved in dealing with those regulations. There’s no shortage of horror stories among companies who have run into ITAR when dealing with seemingly innocuous components, and a growing stack of studies that conclude that ITAR has put US companies at a disadvantage in the global market and spurred other countries to develop their own versions of protected components.

New regulations for e-commerce get the government green light in Philippines

The Philippine government has approved new rules that have been added to the E-Commerce Act which are meant to protect consumers from fraud while performing online transactions.

New Regulations and Official Fees for Patent Annuities in Uzbekistan

TASHKENT - The Uzbekistan Patent Office recently announced changes in the payment of patent annuities, as well as new official fees, effective immediately.

Nanomaterials Safety Regulations Needed

Nanomaterials are that kind of material made of parts less than one tenth of a micrometer (less than a thousandth of a human hair) in at least one dimension, sporting particular features and characteristics. In the related section of this article, you can check out some of the latest uses of such materials. To put it briefly, they are recently used in a large spectrum of fields, from paper to

Frustrated Pietersen slams regulations

Disappointed at the way things unfolded for England even as they sniffed a first win in the seven-match series, Kevin Pietersen spoke of the necessity to revisit the rules with regard to curtailed matches.

India's Mobile Banking Regulations Prioritize Responsible Growth

This Financial Insights NewsFlash looks at the Reserve Bank of India's (RBI's) recently released guidelines regulating mobile banking operations and transactions within the country. As an alternative banking channel, mobile financial services are of increasing interest to financial institutions in developing countries because of the relatively low transaction costs and the sheer number of people who own mobile phones. India, for example, has an estimated 325 million mobile phone subscribers compared with roughly 30 million Internet users.

FSA begins consultation on extra bank regulations

The treatment of customers by UK banks might be more tightly regulated in future, the Financial Services Authority (FSA) has suggested.

OCBC Urges Governor to Use Emergency Powers to Relieve Regulations, Create Jobs and Stimulate Growth

IRVINE, CA -- (MARKET WIRE) -- 11/07/08 -- The Orange County Business Council (OCBC) applauds Governor Schwarzenegger's leadership today in calling a special session to address the $11.2 billion shortfall developing in the recently approved state budget. The state's rapidly growing deficit must be addressed once again with program cuts, and a powerful economic stimulus package geared towards jobs creation and promoting investment. OCBC encourages the Legislature to quickly come to consensus with the Governor on these tough issues.

OCBC Urges Governor to Use Emergency Powers to Relieve Regulations, Create Jobs and Stimulate Growth

IRVINE, CA--(MARKET WIRE)--Nov 7, 2008 -- The Orange County Business Council (OCBC) applauds Governor Schwarzenegger's leadership today in calling a special session to address the $11.2 billion shortfall developing in the recently approved state budget. The state's rapidly growing deficit must be addressed once again with program cuts, and a powerful economic stimulus package geared towards jobs creation and promoting investment. OCBC encourages the Legislature to quickly come to consensus with the Governor on these tough issues.

Most bad bloggers only need a warning

While regulations on harmful blogs are still in the works, the director of the Bach Khoa Internet Security (Bkis) Centre, Nguyen Tu Quang, spoke to Hai Quan (Customs) newspaper about how it should be done.

Health care data security breaches in the U.S.

New laws and regulations regarding data security breaches and disclosure laws affect the way in which health care organizations do business. This study provides a review of the scope and impact of data security breaches in the health care industry in an effort to encourage proactive modification to risk mitigation technologies, policies, and procedures that reduce exposure to a data breach incident.

Bulgaria relaunches tenders for 2 GSM licenses

Bulgaria's Communications Regulations Committee (CRC) has decided to relaunch tenders for two new GSM operating permits, said chairman Veselin Bojkov, Dnevnik a.m. reports. The auction for two 15 megahertz (MHZ) bands in the 1800 megahertz spectrum is slated for December 10, while the auction for two 10 MHZ bands is scheduled for December 17.

Papa Gino's Pizzeria Adds Encryption to Menu

New consumer data security regulations keep rolling in. Already, about 40 states have some sort of data breach disclosure laws in place that require organizations to inform customers whose personally identifiable information -- usually bank account, credit card, or Social Security numbers -- may have been breached. Coming this January are the new Standards for The Protection of Personal Information of Residents of the Commonwealth from the Massachusetts Office of Consumer Affairs and Business Regulation.

Province to start enforcing video game ratings

The provincial government is toughening regulations to ensure violent video games don't get into the hands of young children.

New law brings 911 into Internet Age

The Federal Communications Commission issued regulations this week for voice-over-IP service providers to offer Enhanced 911 emergency call services to all customers. The rules were required under the New and Emerging Technologies 911 Improvement Act of 2008, which was signed into law in July.

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