November 30, 2011
December 1, 2011
Consumer Financial Protection Bureau (CFPB)
The CFPB issued a statement to clarify supervisory and enforcement responsibilities for Federal Consumer Financial Laws. The statement explains how the total assets of an insured credit union will be measured for the purposes of determining supervisory and enforcement responsibilities under Dodd-Frank.
National Credit Union Administration (NCUA)
The NCUA released the results of the Nov. 17 board meeting. The meeting covered the NCUA 2012 budget, operating fee scale, predicted 2012 assessments, remittance transfer rule, and technical corrections to the golden parachute rule.
The NCUA released a final rule regarding remittance transfers. The final rule adds remittance transfers, as defined under the Electronic Fund Transfer Act, as an example of money transfer instruments that federal credit unions may provide to persons within their fields of membership. This final rule will be effective once it is published in the Federal Register.
The NCUA released technical corrections to the golden parachute rule. The technical corrections make changes to the definition of a golden parachute payment pertaining to plans offered under 457 of the Internal Revenue Code.
Office of Foreign Assets Control (OFAC)
The OFAC SDN list was updated again. Last update: Nov. 30, 2011.
Fannie Mae has released Selling Guide Announcement SEL-2011-12. The announcement discusses the recent changes to the Home Affordable Refinance Program.
Questions? Contact the Compliance Hotline: 1.800.546.4465, firstname.lastname@example.org.