FFIEC Announces Federal Disclosure Computational Tools

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The Federal Financial Institutions Examination Council (FFIEC) announced the availability of FFIEC Federal Disclosure Computational Tools, including the Annual Percentage Rate (APR) Computational Tool and the Annual Percentage Yield (APY) Computational Tool. The tools will assist financial institutions in their efforts to comply with the consumer protection laws and regulations, including verification of compliance with the Military Annual Percentage Rate (MAPR) limits under the Military Lending Act.

The APR Computational Tool streamlines the process by which examiners and financial institutions can verify finance charges and annual percentage rates included on consumer loan disclosures subject to the Truth in Lending Act and its implementing regulation, Regulation Z. This web-based tool supports the verification of disclosed APR calculations related to unsecured and secured installment and construction loans, including real estate-secured loans. The APR Computational Tool also supports verification of compliance with MAPR.

The APY Computational Tool supports verification of APYs on consumer deposit account disclosures subject to the Truth in Savings Act, including advertisements and periodic statements.

Click here for the FFIEC Federal Disclosure Computational Tools.

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