Legal Briefs May 17, 2010

Your update of the regulatory landscape.

 

Federal Reserve Board

The FRB in conjunction with other world banks announced the re-establishment of temporary U.S. dollar liquidity swap facilities.  These facilities are designed to help improve liquidity conditions in U.S. dollar funding markets and to prevent the spread of strains to other markets and financial centers.

 

NCUA

The NCUA published the results for the NCUSIF.  The equity ratio is at 1.26% as of March 31, 2010.  Up from 1.23% in February. Target for “normal operating level” of fund is 1.30%.  94% of all federally insured credit unions are considered Well Capitalized.

The NCUA issued proposed rules for short-term, small amount loans.  The proposed rule would allow federal credit unions to offer short term, small amount loans as an alternative to predatory payday loans offered by other financial services.  Comments are due to the NCUA by July 6, 2010.

The NCUA issued the agenda for the May 20, 2010 board meeting.

 

OFAC

The OFAC updated the SDN list

Treasury Department

The U.S. Department of the Treasury announced administration guidance regarding Small Business Health Care Tax Credit.  Small businesses may receive both state and federal tax credits for eligible dental and vision coverage.

 

FTC

The FTC extended the comment period on the proposed revision of the Horizontal Merger GuidelinesThe proposed guidelines are intended to assist in interpreting and applying antitrust laws with regards to horizontal mergers.  The comment period is extended to June 04, 2010.

The FTC issued a report on their study of Emergency Technology for use at ATMs.  This study was required under the Credit Card Act of 2009, and the FTC’s analysis concluded that the alarm buttons may not deter ATM crime, might entail non-trivial costs for financial institutions for deployment, and could lead to false alarms.

 

FinCEN

The FinCEN published a 314(a) fact sheet.  This fact sheet provides updated data regarding individuals, entities, and organizations engaged in or reasonably suspected of terrorist acts or money laundering.

The FinCEN published the seventeenth issue of the “SAR Activity Review Trends Tips & Issues.”