The president signed the Economic Growth, Regulatory Relief and Consumer Protection Act (EGRRCPA) on May 24, 2018. The new law is massive. Certain provisions were effective upon signature of the president. Others provisions will become effective in periods ranging from 30 days to three years.

While EGRRCPA provides regulatory relief in some areas, such as the Home Mortgage Disclosure Act and the Truth in Lending Act, it increases the burden in other areas, such as reinstating the Protecting Tenants at Foreclosure Act.

Above all EGRRCPA makes changes. Changes, whether positive or negative, increase the burden for all institutions, at least in the near term. Required actions include revising policies and procedures, revising systems, and training employees.What You'll Learn:

• Provide partial relief from the expanded HMDA disclosures, which were added to Regulation C effective January 1, 2018, for small volume originators
  
• Provide a TILA escrow exception for banks with under $10 billion in assets originating 1000 or fewer first lien principal dwelling loans
  
• Provide qualified mortgage status for most mortgages held in portfolio for banks with less than $10 billion in assets
  
• Eliminate the three-day TRID delay if a creditor extends a second offer of credit with a lower annual percentage rate
  
• Provide relief from appraisal requirements for smaller mortgages and for properties located in rural areas
  
• Make opening new accounts and engaging in transactions online easier by authorizing the use of scanned driver's licenses to meet identity verification requirements
  
• Require the Social Security Administration to create a new database containing people's names, dates of birth, and social security numbers, for use in responding to identity-verification requests as one step to combat "synthetic identity fraud"
  
• Require the Department of Veterans Affairs to establish regulations to implement the provisions designed to ensure that financial institutions that offer to refinance a veteran's residence demonstrate there will be a "net tangible benefit"
  
• Require the Department of Veterans Affairs to establish a database (within one year) to allow consumer reporting agencies to verify veterans' medical debts
  
• Amend the Fair Credit Reporting Act rules regarding security freezes
  
• Provides immunity from liability for disclosing the suspected exploitation of a senior citizen to a covered agency to financial institutions, and to certain employees
  
• Require the CFPB to write regulations to apply ability to repay standards to making Property Assessed Clean Energy loans (PACE loans)
  
• Provide for longer exam cycles for community banks
  
• Protect veteran's credit
  
• Protect veterans from predatory lending
  
• Permanently reinstates the Protecting Tenants at Foreclosure Act

While the program focuses on selected provisions of the law, program participants receive a comprehensive manual that reviews every section of EGRRCPA. The manual will be used again and again as the provisions of the new law are implemented over the new few years.