Legal Briefs July 1, 2010


Federal Reserve Board

The FRB announced posting rules for new same-day automated clearing house service.  FedACH customers may opt-in to this service.  It will become effective August 2, 2010.

The FRB announced that it will implement changes to its Payment System Risk policy in early 2011.  The revised PSR policy explicitly recognizes the role of the central bank in providing intraday credit to healthy depository institutions.

The FRB published CA 10-6The new letter revises the Interagency Examination procedures for Regulation Z.


National Credit Union Administration

The NCUA announced the Stabilization Fund Assessment.  The assessment will be on all federally insured credit unions for 13.4 basis points.  The premium will be billed in mid-July and due in mid-August.  The NCUA also issued Letter No 10-CU-09 to credit unions regarding this assessment.

The NCUA published the results of the June 17th board meeting.  The meeting covered the Stabilization Fund Assessment, Community Charting FOM, Delegations of authority, Accounting Standards, NCUSIF fund report.

The NCUA issued guidance on the lapse in Federal flood insurance.  Federal flood insurance has been lapsed since May 31 and the measure to extend the program failed with HR 4213.  A new measure to extend the NFIP has been included in HR 5569 which passed the house on June 23.

The NCUA posted the 2nd CD online explaining the history and prevailing situation involving the nation’s corporate credit union system.


Financial Crimes Enforcement Network

The FinCEN issued an updated advisory on Filing Suspicious Activity Reports regarding Loan Modification/ Foreclosure Rescue Scams.  The information in the advisory is intended to inform and assist when filing SARs regarding such activities.

The FinCEN released a Notice of Proposed Rulemaking regarding BSA relating to Prepaid Access.  The proposed rulemaking covers devices such as plastic cards, mobile phones, electronic serial numbers, key fobs, and other mechanisms that are paid in advance.  This rulemaking is aimed at non-bank entities in the prepaid sector and not financial institutions.

The FinCEN released the 14th SAR activity review – by the numbers.   Total filings fall, but fraud and terrorist financing reports grow.


Department of Treasury

The Department of Treasury published a proposed rule that will require all federal benefit and other nontax payments to be made electronically by March 1, 2013.


Posted in Federal, NCUA.