Legal Briefs

Federal Reserve Board (FRB)
The FRB released a Compliance Guide to Small Entities for the debit card interchange fees and routing regulation. The guide is an FAQ-style document that covers the various requirements of the final rule.

National Credit Union Administration (NCUA)
The NCUA published amendments for corporate credit unions in the Federal Register. Comments are due by Oct. 6, 2011.

The NCUA released Letter to Credit Unions 11-CU-14. The letter announces the assessment of 25 basis points for the 2011 Temporary Corporate Credit Union Stabilization Fund. The invoices sent to each credit union are due September 27, 2011.

The NCUA released Legal Opinion OL-11-0220. The opinion discusses whether the NCUA’s management official interlocks rule prohibits management officials from serving nonaffiliated depository organizations operating under the same family of companies. The NCUA believes the rule prohibits management interlocks between the federal credit union’s management officials, as well as any common management officials involved with the holding companies and thrift within the enterprise.

Office of Foreign Assets Control (OFAC)
The OFAC SDN list. Last update Sept. 8, 2011.

Washington Department of Financial Institutions (DFI)
The Washington State DFI released a report on social networking investment scams and how to avoid them.

FinCEN has released technical e-filing specifications for the new electronic Currency Transaction Report (CTR) and Suspicious Activity Report (SAR).


Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Advocacy News, Compliance News, Federal, NCUA.