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Default servicers can expect big changes this year. The Consumer Financial Protection Bureau (CFPB), along with other federal and state regulatory agencies, is targeting much of their rulemaking efforts on default servicing.

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An Update on Cost of Living Adjustments under Regulation CC

(Published March 14, 2019) A proposed rule to amend Regulation CC in late 2018 is approaching finalization, which is expected to make cost-of-living adjustments (COLA) to certain dollar amounts within the rule, as required by the Dodd-Frank Act. Those adjustments will require most financial institutions to update their funds-availability disclosure, send change notices and make other updates. The proposal also re-opened the comment period on rules changes proposed in 2011. Karl Leslie writes that as finalization of these rules looms, once the COLA changes are adopted, all financial institutions that offer checking accounts will be impacted—regardless of whether the agencies limit implementation to the 2018 proposal, or include some or all of the 2011 proposal.

IRA, HSA, and CESA 2018 Regular Contribution Deadline

(Published March 18, 2019) For most individuals the deadline to make a regular contribution to an IRA, HSA, or CESA for tax year 2018 is Monday, April 15, 2019. An exception applies to residents of Maine and Massachusetts.

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