Legal Briefs

Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau (CFBP) is seeking comment on consumer financial products and services that are being offered to members of the military or their families. The CFPB is looking for programs that are uniquely tailored to the financial needs of service members and their families. The information gathered will help the CFPB develop a knowledge base. The deadline for comments is Sept. 20, 2011.

NCUA Issues Two Letters
The National Credit Union Administration (NCUA) issued Letter to Credit Unions 11-CU-13. The letter provides guidance regarding services federal credit unions may offer to persons who are experiencing financial emergencies because of Hurricane Irene.

The NCUA issued Legal Opinion Letter 11-0805. The legal opinion letter discusses a policy that awards volunteers with a $250 Visa gift card at the end of each five-year period of service. The NCUA rules allow awards of nominal value in proportion to the period of service it covers, and the NCUA considers $50 per year of service to be nominal.

Office of Foreign Assets Control SDN List Updated
The Office of Foreign Assets Control (OFAC) SDN list was updated again. Last update Sept. 7, 2011.

Farm Services Agency
The Farm Services Agency (FSA) announced that the guarantee loan origination fee on FSA-guaranteed loans will increase from the current 1 percent to 1.5 percent starting on Oct. 1, 2011. 

Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Compliance News, NCUA.