Legal Briefs


The FRB published the second round of clarifications to the Credit Card Act.  The publication corrects several typographical errors and makes several clarifications to the credit card act.  The effective date of the corrections is October 1, 2011. 

The NCUA published the proposed regulation for amendments to the Community Development Revolving Loan Fund in the Federal Register.  The rule will change the process by which the NCUA solicits, receives, evaluates, and acts on credit union applications seeking loans and technical assistance grants from the CDRLF.  Comments are due by July 25, 2011. 

Office of Foreign Assets Control
The OFAC SDN list was updated again.  Last update May 26, 2011.  

The Federal Trade Commission is seeking comment on revising its guidance to businesses about disclosures in online advertisements.  The original guidance was written in 2000 and there have been a number of changes since then.  The FTC has some specific questions they are seeking input on and comments are due by July 11, 2011.


Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Business Solutions, Federal, Industry Insight, NCUA.