Legal Briefs

Consumer Financial Protection Bureau (CFPB)

The CFPB has posted a link to its Mortgage Origination Examination Procedures. These procedures are a field guide for CFPB examiners looking at mortgage originators in both the bank and nonbank sectors.

The CFPB has announced the opening of its Office of Minority and Women Inclusion (OMWI). The OMWI is charged with developing standards for equal opportunity employment, workforce diversity; increased participation of minority-owned and women-owned businesses in the CFPB’s programs; and assessing the diversity policies and practices of the CFPB’s regulated entities.


National Credit Union Administration (NCUA)

The NCUA will host a free webinar with CFPB Director Richard Cordray. The webinar will provide credit unions with the opportunity to ask the newly-installed director how the CFPB will affect credit unions. NCUA Board Chairman Debbie Matz will also provide updates on the NCUA’s Regulatory Modernization Initiative, corporate credit union resolution and other current topics. The webinar will be on Wed., Feb. 8 at 12 noon PST.


Federal Financial Institutions Examinations Council (FFIEC)

The FFIEC announced the release of financial institution regulators’ frequently asked questions on interest rate risk management. The new FAQ responds to common questions in several areas that are critical to sound interest rate risk management, including appropriate measurement and reporting, robust and meaningful stress testing, assumption development reflecting the institution’s experience, and comprehensive model validation.


Financial Accounting Standards Board (FASB)

The FASB has released the 2012 U.S. GAAP Financial Reporting Taxonomy. The 2012 U.S. GAAP Financial Reporting Taxonomy contains updates for accounting standards and other improvements for the 2011 taxonomy.


 

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

Posted in Business Solutions, Compliance, NCUA.