Legal Briefs

Housing and Urban Development (HUD)
HUD has published a proposed rule that will update the Fair Housing Act’s discriminatory effects standard. The purpose of the proposed rule is to establish uniform standards for determining when a housing practice with a discriminatory effect violates the Fair Housing Act. Comments are due by Jan. 17, 2012.

Financial Crimes Enforcement Network (FinCEN)
FinCEN has issued guidance to financial institutions of the risks of money laundering and financing of terrorism.

Financial Accounting Standards Board (FASB)
The FASB published a revised proposal for revenue recognition. The proposed changes would update generally accepted accounting principles (GAAP) by providing a more robust framework for addressing revenue recognition issues, removing inconsistencies from existing requirements, and offering other improvements. Comments are due by March 13, 2012.

Federal Financial Institutions Examination Council (FFIEC)
The FFIEC posted the 2010 census data for 2011 Home Mortgage Disclosure Act (HMDA) reporting. The link in ‘What’s New’ will provide the Census 2010 metropolitan statistical area (MSA), state, county, and track listing for HMDA reporting.

Consumer Financial Protection Bureau (CFPB)
The CFPB announced that it is seeking information from students, schools, industry, and other stakeholders in the private student loan market. In its data collection attempt, the CFPB is asking for a broad swath of information which it will use to prepare a report to Congress on private student lending. Comments will be due 60 days after the request for comment is published in the Federal Register.


Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Compliance News.