May 5, 2011
May 05, 2011
The NCUA published its final rule amending the regulation of Corporate Credit Unions. The amendments include internal control and reporting requirements. This amendment will be effective on May 31, 2011.
Office of Foreign Assets Control
The OFAC SDN list was updated again. Last update April 29, 2011.
The FASB issued account standards update to improve financial reporting of repurchase agreements. The guidance improves transparency by eliminating consideration of the transferor’s ability to fulfill its contractual rights and obligations from the criteria in determining effective control.
The FinCEN published proposed rules regarding reporting requirements under section 104(e). The regulations would require financial institutions that maintain correspondent accounts for foreign banks to report certain information to FinCEN upon request. Comments are due by June 1, 2011.
The OCC published revised examination procedures for the Service Members Civil Relief Act. The revised examination procedures take into account recent amendments to certain protections in the SCRA.
The OCC published revised examination procedures for the Protecting Tenants at Foreclosure Act. The revised examination procedures take into account recent changes to the Tenants Protection Act and replaces previous guidance.
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