Legal Briefs

Consumer Financial Protection Bureau (CFPB)

The CFPB has issued the interagency SAFE Act examination procedures. The examinations will look for written policies and procedures, annual independent testing, and whether any deficiencies are identified during the testing.

The CFPB has also issued a proposed rule regarding confidential treatment of privileged information. The proposed rule will establish that the submission of information to the bureau by any person in the course of the bureau’s supervisory or regulatory process will not waive or otherwise affect any privilege that person may claim with respect to such information under federal or state law as to any other person or entity. Comments will be due no later than 30 days after the rule is published in the Federal Register, likely around April 12, 2012.

The CFPB has announced that it will start taking complaints regarding auto or other installment loans.

National Credit Union Administration (NCUA)

The NCUA has released the March 2012 version of “The NCUA Report.”

The NCUA has also released Regulatory Alert 12-RA-02. The regulatory alert covers the Home Mortgage Disclosure Act (HMDA) data collection requirements for 2012, which are total credit union assets exceeding $41 million, having a home or branch office on a metropolitan statistical area, and originating at least one home loan.

Oregon Attorney General’s Office

Attorney General John Kroger announced the department’s Annual Top-10 Consumer Complaints List, which includes telemarketing calls, telecommunications, international money transfer scams, financial services, homeownership issues, collection agencies, motor vehicle sales, internet sales, health products and auto repair companies.

Federal Trade Commission (FTC)

The FTC has issued a report on the experiences of victims recovering from identity theft. The report summarizes experiences in dealing with consumer reporting agencies and exercising rights under the Fair Credit Reporting Act (FCRA) and the Fair and Accurate Credit Transactions Act (FACTA) to recover from identity theft.

Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Compliance News, Federal, Industry Insight, NCUA.