Legal Briefs

National Credit Union Administration (NCUA)

The NCUA issued Letter to Credit Unions 11-CU-17. The letter discusses the NCUA’s new Office of Consumer Protection (OCP) and its two divisions: Consumer Compliance and Outreach, and Consumer Access. The two divisions are responsible for the NCUA’s consumer protection and chartering programs and policies.


Office of Foreign Assets Control (OFAC)

The OFAC SDN list was updated again. Last update: Oct. 19, 2011.


FASB

The FASB is seeking comment on proposed changes for accounting standards on Investment property. Though it will not directly impact credit unions, the proposal will require entities to measure their investment property and fair value rather than to apply lease accounting to each individual lease. This may affect member business lending. Comments are due by Jan. 5, 2012.


Office of the Comptroller of the Currency (OCC)

The OCC released revised examination procedures for Reg E. While not actually intended for use in credit union exams, it may be helpful to review the examination procedures to have an idea what may be looked at during an exam and to ensure compliance with Reg E.


 

Questions? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org.

Posted in Compliance, NCUA.