Legal Briefs October 15, 2010
May 24, 2010
National Credit Union Administration
The NCUA published its agenda for the October 21st board meeting. The topics it will cover are the strategic plan for 2011-2016, final rules on fixed assets and RegFlex, Member Partner Registry, and the NCUSIF report.
Financial Stability Oversight Council
The FSOC convened its first meeting under the Dodd-Frank Act mandate. The Council approved its Bylaws, the Council’s Transparency Policy, ANPR on designating nonbank financial companies for heightened supervision, a Notice and Request for Information regarding the Council’s “Volcker Rule” study and recommendation, and an Integrated Implementation Roadmap for both the Council and its independent member agencies.
The FTC has announced a proposed policy statement clarifying how to collect decedents’ debts. Under the proposed policy statement, the FTC would not take law enforcement action alleging that a collector violated the FDCPA by communicating about the decedent’s debts with the decedent’s spouse, the executor or administrator of the decedent’s estate. Comments are due by November 08, 2010.
A number of recent lawsuits have been filed in Alabama against credit unions, banks, grocery stores and hotels for failure to physically post fees that may be imposed on a consumer at an ATM. This serves as an important reminder that your credit union ATMs must include a physical notice of any fees that may be imposed for use of the ATM at all locations (in addition to disclosing the fee on the screen and on the receipt) in order to be in compliance with the Electronic Fund Transfer Act and Reg. E. Washington credit unions should double check to be sure their fees are physically posted at all ATM locations.
The DFI has made changes to the Licensing of Mortgage Loan Officers. This does not apply to credit union staff, but would apply to employees of CUSOs.
The DFI has issued new rules interpreting the Washington State Consumer Loan Act. The Consumer Loan Act covers making and servicing loans within the state of Washington.
The FASB Issued a Proposed Accounting Standards Update to improve financial reporting about troubled debt restructurings. Comments on the proposed ASU are due December 13, 2010.
Office of Foreign Assets Control
The OFAC SDN list was updated again. Last update October 13, 2010.
The FinCEN is seeking comments on future Suspicious Activity Report Modernization. While the notice does not propose any new regulatory requirements, it seeks input on technical matters relating to transitioning from a system originally designed for submission of paper forms to a modernized IT environment for electronic reporting. Comments are due 60 days after the notice is submitted into the Federal Register.
State Regulatory Registry
The SRR is seeking comment on proposed fees for registry MLOs in the Nationwide Mortgage Licensing System & Registry. The proposed fee of $30 for initial registry for the beginning of the program, which will go to $60 after the initial registry portion is completed and $30 for the annual registry or any changes to the registry is being asked for. Comments are due by November 12, 2010.
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