Legal Briefs

Consumer Financial Protection Bureau (CFPB)
The CFPB has recently written an article offering Help for Struggling Military Homeowners. The article discusses an updated guidance from the Department of Treasury regarding the Home Affordable Foreclosure Alternatives Program and unique situations the members of our military face.

National Credit Union Administration (NCUA)
The NCUA release legal opinion letter 11-8024. This opinion letter discusses credit unions transferring out of the National Credit Union Share Insurance Fund (NCUSIF), either by conversion to private insurance or by conversion to bank charter, as well as the implications to the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) assessments. It was found that the number and size of charter and insurance conversions in process or completed to date has not had and would not have a material effect on the amount of future TCCUSF assessments.

Office of Foreign Assets Control (OFAC)
The OFAC SDN list was updated again. Last update: Oct. 5, 2011.

Oregon Department of Consumer and Business Services (DCBS)
The Oregon DCBS announced the workers’ compensation costs for 2012. The pure premium rate that employers pay their insurance company for workers’ compensation coverage will increase 1.9 percent in 2012.

Department of Housing and Urban Development (HUD)
The HUD has issued Mortgage Letter 2011-34. The Mortgagee Letter covers revisions to FHA’s requirements for obtaining, maintaining, and utilizing an entity’s lender approval.


Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Compliance News, NCUA.