Legal Briefs

Consumer Financial Protection Bureau (CFPB)
The CFPB announced the second phase of its Know Before You Owe mortgage project. The second phase of the project is aimed at combining the Truth in Lending Disclosure and the HUD-1 Settlement Statement.

The CFPB outlined plans to provide advance notice of potential enforcement actions to individuals and firms under investigation. The Early Warning Notice strikes a balance between the goal of fairness to those being investigated and the CFPB’s mission to protect consumers.


Office of Foreign Assets Control (OFAC)
The OFAC SDN list was updated again. Last update: Nov. 3, 2011.


Financial Accounting Standards Board (FASB)
The FASB has released a proposed accounting standards update intended to increase transparency and consistency of financial reporting about consolidations. The proposed amendments would affect all companies that are required to evaluate whether they should consolidate another entity, and the criteria used in the evaluation. Comments are due by Jan. 17, 2012.

The FASB also released a proposed accounting standards update to defer the specific requirement to present items that are reclassified out of accumulated other comprehensive income. Comments on the proposed deferral are due by Nov. 23, 2011.


Housing and Urban Development (HUD)
The HUD has proposed a new rule to improve the HOME Investment Partnerships Program. The proposed amendment is intended to improve program performance at the local level and ensure that high-quality affordable housing is being provided for low-income families in a way that delivers the best value to the taxpayer.


Financial Crimes Enforcement Network (FinCEN)
FinCEN has released a proposal on anti-money laundering/suspicious activity reporting rules for housing government-sponsored entities (GSEs). The proposal would require GSEs, such as Fannie Mae, Freddie Mac and the Federal Home Loan Banks, to develop anti-money laundering programs and file suspicious activity reports with FinCEN.


 

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

Posted in Around the NW, Compliance.