---
title: Financial Reform | Compliance Resource | Jack's Blog
description: In the early morning hours on Friday June 25th a congressional panel reached agreement on a sweeping overhaul of the financial system.
---

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# Financial Reform

[jholzknecht](https://blog.mycomplianceresource.com/author/jholzknecht)

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In the early morning hours on Friday June 25th a congressional panel reached agreement on a sweeping overhaul of the financial system. The agreement now must go to the full Senate and House of Representatives for final votes and is expected to be on President Obama’s desk for signing by July 4th.  
 Major compliance issues include:  
  A new financial regulator, but only for institutions with assets exceeding $10 billion.  
  A restriction that prohibits lenders from making a loan without verifying that the borrower can repay it. Lenders would have to disclose the maximum amount that borrowers could pay on adjustable-rate mortgages and they would be barred from receiving incentives to push homebuyers into high-priced loans.  
  The new rules will prohibit mortgage brokers from steering customers into more expensive loans for a commission and will ban no-documentation loans. It will also make credit card statements more readable and transparent, allowing consumers to more easily compare products.  
 Once signed, the bill will move to the regulatory agencies for the drafting of regulations. In other words, nothing will happen immediately.  
 Stay tuned for further details.

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### [BUSINESS DAY – NEW REGULATION B APPRAISAL RULES](https://blog.mycomplianceresource.com/business-day-new-regulation-b-appraisal-rules)

The appraisal rules contained in Regulation B were revised on January 18, 2013. The revisions are effective on January 18, 2014. Among other requirements, the revised...

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### [$16M SETTLEMENT FOR OVERDRAFT FEES](https://blog.mycomplianceresource.com/16m-settlement-for-overdraft-fees)

On October 5, 2020, the Navy Federal Credit Union agreed to settle a class action suit for $16 million that will reimburse an estimated 700,000 current and former...

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