Legal Briefs March 17, 2011

Your update of the regulatory landscape.

Federal Reserve Board

The FRB released the Federal Open Market Committee statement.  The statement suggests that the economy is slowly getting better, but has a long way to go.

The FRB and the FTC have published rules amending Reg B and Reg V.  These changes implement requirements of Dodd-Frank.  The initial draft release of these changes was summarized in the March 03, 2011, edition of Legal Briefs.  Comments are due on April 14, 2011.

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National Credit Union Administration

The NCUA released Letter to Federal Credit Unions 11-FCU-03.  The letter covers the template for business and marketing plans for community charter conversions and expansions.

The March 2011 Call Form 5300 is available on the NCUA website.

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Office of Foreign Assets Control

The OFAC SDN list was updated again.  Last update March 15, 2011.

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US Treasury

The US Treasury Department’s Financial Management Service has released “Guidelines for Garnishment of Accounts Containing Federal Benefits Payments.”  The guidelines are for credit unions to use when receiving a garnishment order for an account that contains federal benefits payments.

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Washington DCU

The Washington State DCU has made the quarterly assessment worksheet for second quarter 2011 available.

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DCBS

Due to budget issues, the Oregon DCBS will be closed on Friday March 18, 2011.