On April 16th, the FFIEC also announced the availability of computational tools for both the Annual Percentage Rate (APR) and the Annual Percentage Yield (APY).
The tools were designed to assist financial institutions in verifying accuracy and ensuring compliance.
In addition to verifying the accuracy of an APR, this tool can also assist financial institutions in calculating reimbursements. The tool can be used for both non-dwelling secured and dwelling secured loans. It is also designed to verify the Military Annual Percentage Rate (MAPR) for loans subject to the Military Lending Act.
This tool allows financial institutions to verify the APY for disclosures and periodic statements, as well as, advertising purposes.
Published
2020/04/17