Legal Briefs

Consumer Financial Protection Bureau

The CFPB released an interim final rule that establishes procedures for the public to obtain information under the Freedom of Information Act.  The rule also establishes the CFPB’s rules regarding the confidential treatment of information obtained by the CFPB.  Comments are due by September 26, 2011.

The CFPB released rules for practice of adjudication proceedings.  The Dodd-Frank Act required the CFPB to establish rules and procedures for conducting adjudication proceedings.  Comments are due by September 26, 2011.

The CFPB released an interim final rule that describes the CFPB’s procedures for investigations.  The rules will govern CFPB investigations to determine violations of any provision of Federal consumer financial protection laws.  Comments are due by September 26, 2011.

The CFPB released an interim final rule that establishes the process that the CFPB will use to notify state officials of actions or proceeding that the CFPB has undertaken.  Comments are due by September 26, 2011.


The NCUA announced that pledged participation in the Voluntary Prepayment of Stabilization Fund Assessments has fallen short of the required goal to move forward with the program.  The NCUA will not debit any voluntarily pledged amount from any credit union.  Credit Unions should expect to see a 25 basis point assessment for the Stabilization Fund later in the summer or early fall.  As comparison, the 2010 TCCUSF assessment was 13.4 BP, and the NCUSIF assessment was 12.42 BP, for a total of 25.82 BP.

The NCUA issued Letter to Credit Unions 11-CU-10The Letter to Credit Unions covers Federal Reserve Bank excess balance accounts facts.  The EBA program is one tool corporate credit unions may use as a means to reduce asset size.

Office of Foreign Assets Control

The OFAC SDN list was updated again.  Last update August 3, 2011. 

Federal Trade Commission

The FTC issued a policy statement relating to communications in connection with collection of decedent’s debts.  The statement is an effort to balance the interests of debt collectors and decedents’ estates and heirs.

Federal Reserve Board

The FRB is seeking comment on a proposal that sets standards for engaging in certain types of foreign exchange transactions with retail customers. 

The proposed Regulation NN would outline requirements for disclosure, recordkeeping, business conduct, and documentation on certain covered transactions. The covered transactions would include off-exchange futures and options on futures, over-the-counter options on foreign currency. Comments are due by October 11, 2011.

Social Security Administration

The SSA announced that benefit payments for August 3 will be made on time and as scheduled. In addition, payments for August 10, 17, and 24 will also be made as scheduled.

Posted in Advocacy News, Federal, NCUA.