Legal Briefs

NCUA

The NCUA Board approved the plan to move forward with prepaid assessments.  The Terms and Conditions  of the program and Program Agreement Instructions  were also approved by the Board.

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Office of Foreign Assets Control

The OFAC SDN list was updated again.  Last update June 23, 2011. 

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CFPB

The CFPB seeks public comment on key elements of nonbank supervision program.  While not directly affecting credit unions the initial rule  will look at markets such as Debt Collection, Consumer Reporting, Consumer credit and related activities, Money transmitting, check cashing and related activities, prepaid cards, and Debt relief services.

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FFIEC

The FFIEC released supplemental guidance on internet banking authentication.  The guidance  stresses the need for performing risk assessments, implementing effective strategies for mitigating identified risks, and raising member awareness of potential risks.  Examiners will formally assess credit unions under the enhanced expectations being in January 2012.

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DCU

The third quarter asset assessment worksheet for Washington State Chartered credit unions is available on the DCU website.

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NACHA

NACHA is requesting information regarding Mobile and P2P ACH Payments.  The main purposes of the request for information are to educate the industry on way the ACH Network will support P2P payments, gather information on the current use of P2P payments, and find ways to better support these payments in the future.  Comments are due by August 12, 2011.

Posted in NCUA.