Legal Briefs

Federal Reserve Board
The Federal Reserve Board released the annual indexing of the reserve requirement exemption amount.

National Credit Union Administration (NCUA)
The NCUA announced the results of its Oct. 27 Board Meeting. In an effort to encourage more low-income credit unions to apply for below-market-rate loans from the NCUA, the board issued a final rule that will lessen regulatory burdens and eliminate outdated procedures. The Board also discussed the National Credit Union Share Insurance Fund (NCUSIF), which now stands at a 1.31 percent equity ratio.

The NCUA also launched its new website. With the release of the new website, any links or favorites that pointed to the old website will no longer work. The NCUA programmers did not incorporate any forwarding routines in the release.

Office of Foreign Assets Control (OFAC)
The OFAC SDN list was updated again. Last update: Nov. 1, 2011.

U.S. Treasury
The U.S. Treasury published final rules regarding the decision to discontinue the sale of over-the-counter paper savings bonds. The U.S. Treasury will no longer sell paper savings bonds through financial institutions beginning Jan. 1, 2012.

Washington State Division of Credit Unions (DCU)
The DCU released Interpretive Letter I-11-04. The letter discusses whether a Washington state-chartered credit union may provide life insurance to its board members under RCW 31.12.365. This letter also relates to Interpretive Letter O-99-1, which provided for health, accident, and related types of personal insurance for board members.

Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Compliance News, Federal, NCUA.