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John Zasada, Compliance Consulting Director, Financial Institutions Group
On April 16, 2020, the Federal Financial Institutions Examination Council (FFIEC) released two computational tools to assist with calculating the Annual Percentage Rate (APR) and the Annual Percentage Yield (APY).
The APR tool helps financial institutions verify the finance charge and APR required to be disclosed by Truth in Lending (Regulation Z). It also verifies the APR for unsecured and secured installment and construction loans. Finally, the APR tool can verify the Military Annual Percentage Rate (MAPR) for the Military Lending Act and the APY required to be disclosed by Truth in Savings. It can also be used for disclosures, advertisements and periodic statements.
If you have questions regarding the new tool and how to leverage in your operations, contact Doeren Mayhew’s regulatory compliance specialists.
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