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Financial Regulators Clarify Reg Z and Compensation Rules as Applied to Retirement Plan Contributions
FIS Relius 
[Guidance Overview] May 1, 2012 "The Consumer Financial Protection Bureau ... recently released CFPB Bulletin 2012-02 clarifying the compensation rules applicable to loan originators under Regulation Z, 12 C.F.R. Section 1026.36. Generally, loan originators may not receive compensation, directly or indirectly, that is based on any term or condition of a mortgage transaction.... Mortgage companies receive profits based on selling mortgages, however. Often times they fund their qualified profit sharing plan, 401(k) or employee stock ownership plans (together referred to as 'qualified plans') with such profits." MORE >> |
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