Legal Briefs February 24, 2011
May 24, 2010
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 11-0124. The 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.
The Washington State DFI released bulletin B-11-02. This 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 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.