Legal Briefs

Consumer Financial Protection Bureau (CFPB)

The CFPB has released CFPB Bulletin 12-01. The bulletin provides guidance regarding the bureau’s collection of information through the supervisory process and the confidentiality protections that this process provides to supervised institutions.

The CFPB has announced the launching of the nonbank supervision program. The program is designed to ensure nonbanks, such as mortgage lenders, servicers, payday lenders, debt collectors, and money service businesses comply with federal consumer financial laws.

Office of Foreign Assets Control (OFAC)

The OFAC SDN list was updated again. Last update: Jan. 10, 2012.

Internal Revenue Service (IRS)

The IRS has announced an extension of the 2012 tax filing deadline. Taxpayers will have until April 17 to file their tax returns.

U.S. Government Accountability Office (GAO)

The GAO released the results of their study from Jan. 1, 2008 through June 30, 2011, of the five corporate credit union failures and 85 credit union failures. The GAO recommends that,NCUA should (1) provide its Office Inspector General the necessary documentation to verify loss estimates and (2) consider additional triggers for PCA that would require early and forceful regulatory action and make recommendations to Congress on how to modify PCA, as appropriate. NCUA agreed with both recommendations.”

Nationwide Mortgage Licensing System (NMLS)

The NMLS Annual Renewal Period ended on Dec. 31, 2011. The NMLS has provided instructions on how to reactivate a registration in order for it to be in the ‘Active’ status.


Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Compliance News.