Legal Briefs

Consumer Financial Protection Bureau (CFPB)

The CFPB announced that it has started to accept consumer complaints about bank accounts, including checking accounts, savings accounts, CDs and related services.

The CFPB also released a press release reviewing the bureau’s second National Consumer Protection Week. The press release is a look back over the past year and a look forward at what areas the CFPB is focusing on to protect consumers of financial products and services.

Office of Foreign Assets Control (OFAC)

The OFAC SDN list was updated again. Last update: March 7, 2012.

U.S. Department of Housing and Urban Development (HUD)

The HUD released a fact sheet outlining the steps the administration is taking to provide housing relief to veterans and service members and help more responsible homeowners refinance.

The HUD has also released Mortgagee Letter 12-4. The letter discusses the decrease to annual mortgage insurance premium on certain Streamline Refinance transactions.

Financial Crimes Enforcement Network (FinCEN)

FinCEN has released its Third Quarter 2011 Update of mortgage loan fraud suspicious activity reports (MLF SARs). Suspicious activity rose in third quarter 2011 when compared with third quarter 2010.

FinCEN has released Advisory FIN-2012-A002 concerning the confidentiality of suspicious activity reports (SARs). The advisory is a reminder to financial institutions and the lawyers that advise them that financial institutions are prohibited from disclosing SARs or any information that would reveal the existence of a SAR.

FinCEN has released Advisory FIN-2012-A003 concerning the Financial Action Task Force (FATF) publication on anti-money laundering and counter-terrorist financing (AML/CFT) risks posed by certain countries. The guidance is to inform financial institutions that designated countries have strategic deficiencies in their AML/CFT regimes.

FinCEN has also released Advisory FIN-2012-A004 concerning the FATF’s public statement on AML/CFT risks. The guidance is to inform financial institutions about countermeasures for Iran and the Democratic People’s Republic of Korea along with enhanced due diligence for other designated countries.

Federal Deposit Insurance Corporation (FDIC)

The FDIC announced the release of a Quick Guide for consumers on credit, debit and prepaid cards. The guide is intended to help consumers understand the difference between the various methods of payment.


Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Compliance News.