Legal Briefs

Federal Reserve Board
The FRB is seeking comments on Resolution Plan Reporting.  This does not apply to credit unions; but as part of the Dodd-Frank Act, large systemically significant bank holding companies and nonbank financial companies would be required to submit annual resolution plans and quarterly credit exposure reports.

The FRB is seeking comments on Swap Margin and Capital Requirements.  This does not apply to credit unions; but as part of the Dodd-Frank Act, swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants would be required to establish margin and capital requirements. 

NCUA
The NCUA issued Letter to Federal Credit Unions 11-FCU-04.  The Letter to Federal Credit Unions covers the interest-rate ceilings that federal credit unions may charge—18% for most loans and 28% for loans made under Short-Term Small Loan programs.

The NCUA issued Letter to Credit Unions 11-CU-04.  This Letter of Credit Unions covers the availability of the Financial Education and Financial Literacy Initiative through which the NCUA will make $200,000 in grants available to low-income credit unions—up to $5,000 to each eligible credit union.  Application acceptance will close on May 20, 2011.

The NCUA issue Letter to Credit Unions 11-CU-05.  The Letter to Credit Unions covers planning and preparedness for a potential federal government shutdown.

The NCUA published Legal Opinion Letter 11-0344.  This Legal Opinion Letter, addressed to John Annaloro, CEO of the Northwest Credit Union Association, is in response to concerns John and other League and Association presidents and CEOs have expressed concerning recent NCUA rulemaking.

The NCUA published Legal Opinion Letter 11-0255.  This Legal Opinion Letter covers conflicts of interest of Federal Credit Union employees with regards to particular mortgage transactions and compensation.

Posted in Federal, NCUA.