March 22, 2012
March 22, 2012
Consumer Financial Protection Bureau (CFPB)
The CFPB has released the first annual report to Congress on its activities to administer the Fair Debt Collection Practices Act. The report provides a summary of the CFPB’s efforts to curtail deceptive, unfair, and abusive debt collection practices.
The CFPB recently posted that student debt has hit the $1 trillion mark.
National Credit Union Administration (NCUA)
The NCUA released the results of the March 15 Board meeting, which covered improvements in 2011 to the National Credit Union Share Insurance Fund (NCUSIF), the NCUA’s Diversity and Inclusion Strategic Plan, and a final rule making minor technical corrections and updates to fair housing, flood insurance and agency structure.
The NCUA also released a final rule to make technical amendments that update nondiscrimination requirements, flood insurance and the description of the NCUA.
Finally, the NCUA released Letter to Credit Unions 12-CU-03 as a reminder that the Temporary Corporate Credit Union Share Guarantee is set to expire on Dec. 31, 2012.
The Electronic Payments Association (NACHA)
NACHA has released a request for comment regarding healthcare payments and remittance processing via Automated Clearing House (ACH). The proposal would amend the NACHA operating rules to support specific remittance processing enhancements requested by the healthcare industry and to establish specific identification and addenda requirements for healthcare claim payments that are transmitted over the ACH Network. Comments are due by April 27, 2012.
Center for Financial Services Innovation (CFSI)
The CFSI has proposed a model fee disclosure box for prepaid cards. The CFSI research paper outlines the need to improve disclosure for general-purpose reloadable prepaid cards and provides a model disclosure.
Financial Crimes Enforcement Network (FinCEN)
FinCEN has issued guidance FIN-2012-G001, which clarifies currency transaction reporting for aggregation of multiple transactions conducted by businesses with common ownership.
Questions? Contact the Compliance Hotline: 1.800.546.4465, email@example.com.