Legal Briefs

Federal Reserve Board (FRB)
The Federal Reserve Board published proposed rulemaking regarding reserve requirements of depository institutions. The proposed amendments are designed to reduce the administrative and operational costs associated with reserve requirements for both depository institutions and the Federal Reserve. Comments are due by Dec. 19, 2011. 

The FRB also published proposed rulemaking regarding the collection of checks and other items by Federal Reserve banks and funds transfers through Fedwire. The proposed changes would eliminate references to “as-of adjustments” consistent with the board’s proposed amendments to Reg. D to simplify reserves administration. Comments are again due by Dec. 19, 2011.

National Credit Union Administration (NCUA)
The NCUA released interagency guidance on proposed revisions to Flood Insurance. The guidance provides updated information about insurable value and force placement of insurance.

The NCUA has also scheduled a free webinar featuring updates on the resolution of the corporate credit union system, the health of the Share Insurance Fund, the progress of the NCUA’s Regulatory Modernization Initiative, and an outlook toward the 2012 budget. The webinar is open to all and is scheduled for Wednesday, Nov. 9 at noon PST.

Office of Foreign Assets Control (OFAC)
The OFAC SDN list was updated again. Last update: Oct. 19, 2011.

Financial Accounting Standards Board (FASB)
FASB is seeking comments on proposed technical corrections to codification.

National Automated Clearing House Association (NACHA)
NACHA has launched a fraud and phishing resources area to help educate and protect against cyber fraud.

Social Security Administration
The Social Security Administration announced the expansion of compassionate allowances conditions. There are 13 new compassionate allowances conditions involving the immune system and neurological disorders.

The Social Security Administration also announced a 3.6 percent benefits increase for 2012. The cost-of-living adjustment will begin with benefits that nearly 55 million Social Security beneficiaries receive in January 2012.

Financial Crimes Enforcement Network (FinCEN)
FinCEN announced National Protect Your Identity Week. National Protect Your Identity Week offers an excellent opportunity for individuals to better understand the measures they need to take to safeguard their financial accounts and personal information against the possibility of identity theft.

Federal Financial Institutions Examination Council (FFIEC)
The FFIEC announced revisions to calculations. Beginning in 2012, it will calculate the annual Median Family Income (MFI) data published each June. The data previously was calculated and updated by the HUD.

The FFIEC also announced that it will incorporate the 2010 American Community Survey (ACS) data into the FFIED published census data file.


Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Advocacy News, Compliance News, Federal.