Legal Briefs February 24, 2011


U.S. Treasury

The U.S. Treasury announced the senior implementation team for the CFPB.  Elizabeth Vale will serve as Assistant Director for Credit Unions and Community Banks.

The U.S. Treasury announced the permanent future location of the CFPB.  The 300,000 square foot building formerly housed the Office of Thrift Supervision and is located on 1700 G Street NW in Washington, D.C.


National Credit Union Administration

The NCUA issued Legal Opinion Letter 11-0124The legal opinion letter is in response to a comment letter regarding the NCUA’s Letter for Federal Credit Unions 10-FCU-03 which deals with the Sales of Nondeposit Investments.

The NCUA released the results of the February 17, 2011 board meeting.  Of interest, the NCUA Board voted to extend the 18-percent interest rate ceiling on loans made by FCUs through September 10, 2012, and voted to approve a draft of interagency proposed rule establishing requirements for incentive-based compensation.


Office of Foreign Assets Control

The OFAC SDN list was updated again.  Last update February 18, 2011.


Washington DFI

The Washington State DFI released bulletin B-11-02This bulletin covers the National Mortgage Licensing System and upcoming training on using the system.

The Washington State Division of Credit Unions has published an updated Credit Union Merger Manual



The FinCEN released an advisory warning of Elder Financial Exploitation.  The advisory covers common warning signs of Elder Financial Exploitation and how to properly report it on a SAR.

The FinCEN released and Outreach Report on financial institutions with assets under $5 Billion.  The report provides findings based on information gathered from FinCEN’s individual visits and town halls.  The Outreach Initiative enhances the partnership between government and the financial industry.


Posted in NCUA.