Legal Briefs


The fee that triggers compliance with the Home Ownership and Equity Protection Act has been adjusted to $611, this new trigger is effective January 1, 2012.

The threshold for exemption from regulation Z requirements has been increased to $50,000 (from $25,000).  From now on, it will be adjusted annually.  

The NCUA is offering online financial literacy training.  The webinar, which costs $15 and runs one hour, covers the basics of financial literacy for directors.

Technical Assistance Grants are available for low income credit unions.  The fund has approximately $1.25 million to award, and an individual grant could be up to $10,000.  

Office of Foreign Assets Control
The OFAC SDN list was updated again.  Last update June 9, 2011. 

The IRS and FinCEN have updated the validation of zip code data.  The first 5 digits of the zip code will be used, as opposed to only the first three in the prior system.


Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Compliance News.