Legal Briefs February 3, 2011
Your update of the regulatory landscape.
National Credit Union Administration
The NCUA released Letter to Federal Credit Unions 11-FCU-01. This Letter covers the Operating Fee Schedule for FCUs in 2011, which will be reduced from the 2010 levels.
Washington State DCU
The Washington state Division of Credit Unions release Interpretive letter I-11-01. This letter covers whether a director emeritus is eligible for expense reimbursement for travel or training expenses, or qualifies for insurance benefits. The conclusion of the letter that it is appropriate for a credit union to amend its bylaws and appoint a former director as a “director emeritus”, the director emeritus is not eligible for expense reimbursement for travel, training, or insurance benefits.
Office of Foreign Assets Control
The OFAC SDN list was updated again. Last update February 01, 2011.
The OCC issued bulletin OCC 2011-5. This bulletin is a reminder of the Federal Reserve Board’s action of raising the Threshold for HMDA reporting under Reg C which exempts institutions with less than $40 million in assets as of December 31, 2010.
The FASB and the IASB released a proposal to align balance sheet netting requirements. The proposal is to establish a common approach to offsetting financial assets and financial liabilities on the statement of financial position.
The FASB and the IASB released a proposal for common solution for impairment accounting. The proposal are for accounting for impairment of financial assets such as loans managed in an open portfolio. Comments are due by April 1, 2011.
The FTC issued their Annual Financial Acts Enforcement Report to the Federal Reserve Board. This report reviews the FTC’s enforcement actions of various consumer protection regulations such as Equal Credit Opportunity Act, Electronic Fund Transfer Act, and Truth in Lending.