Legal Briefs

Consumer Financial Protection Bureau (CFPB)

The CFPB is seeking public input on a draft monthly mortgage statement. The Dodd-Frank Act requires the sending of monthly mortgage statements to borrowers. The CFPB plans to issue the proposed rule for this Dodd-Frank requirement this summer.

The CFPB released a final rule updating the required reporting threshold for Home Mortgage Disclosure Act (HMDA) reporting. The update will apply to data collection for 2012. Credit unions with assets of $41 million or less as of Dec. 31, 2011, are exempt from HMDA data collection.

National Credit Union Administration (NCUA)

The NCUA has released the February Issue of the NCUA Report, providing insight into some of the board’s actions.

The NCUA has also released Legal Opinion Letter 11-0903. The letter discussed 40-year long-term maturity limits under 701.21 and modified loans.

Office of Foreign Assets Control (OFAC)

The OFAC SDN list was updated again. Last update: Feb. 14, 2012.

Internal Revenue Service (IRS)

The IRS has released guidance and forms that employers can use to claim the newly-expanded tax credit for hiring veterans. The credit can be as high as $6,240 for tax-exempt organizations.

Department of Justice (DOJ)

The Department of Justice announced the launch of the Consumer Protection Working Group, which is tasked with combating consumer fraud.

Federal Reserve Board (FRB)

The Federal Reserve Board announced the extension of the deadline for people seeking independent foreclosure review. The new deadline is July 31, 2012. Borrowers are eligible for an independent foreclosure review if they had a mortgage loan that was serviced by one of the participating mortgage servicers, the mortgage loan was active in the foreclosure process between Jan. 1, 2009, and Dec. 31, 2010, and the property securing the mortgage loan was the borrower’s primary residence.


Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Compliance News, NCUA.