Legal Briefs June 1, 2010


Federal Reserve Board

The FRB announced that the online database for consumer credit card agreements is available with more than 300 credit card issuers available online.

The FRB announced final clarifications to the Reg. E overdraft rules.  The clarifications provide further guidance regarding compliance with the final overdraft rules.


National Credit Union Administration

The NCUA released the results from the May 20, 2010 board meeting.  The board received reports on NCUSIF, TCCUSF, and a briefing on the S.A.F.E. Act.


Federal Trade Commission

The FTC revised the enforcement date for the FACTA Red Flags rule to December 31, 2010.


Department of Housing and Urban Development

The HUD released April data for the Home Affordable Modification Program.  Almost 300,000 homeowners received permanent modifications.


Department of Financial Institutions

The DCU published a bulletin regarding ALLL in a changing economy.  The conclusion of the bulletin is that examiners will expect credit unions to follow the accounting literature as they evaluate loans and make provisions for ALLL.


Office of Comptroller of the Currency.

The OCC released interagency guidance and examination procedures for UIGEA.  These procedures address credit union compliance with the Treasury and FRB’s rules regarding UIGEA.  Appendix B contains the Examination Procedures.


Financial Accounting Standards Board

The FASB issued an Exposure Draft on Accounting for Financial Institutions.  The proposed changes would affect credit unions over $10 million in assets and bring more transparency to financial statements by using the fair value of loans held by the credit union.  Comments due September 30, 2010.


Posted in Federal.