Legal Briefs

Consumer Financial Protection Bureau (CFPB)

The CFPB issued CFPB Bulletin 2012-02. The guidance document reviews payments to loan originators based on mortgage transaction terms or conditions under Regulation Z. Until the CFPB issues final rules regarding clarifications to loan originator compensation, the bulletin stipulates that financial institutions may make contributions to Qualified Plans (401Ks) for loan originators out of a pool of profits derived from loans originated by employees under the Compensation Rules.

National Credit Union Administration (NCUA)

The NCUA issued Letter to Credit Unions 12-CU-04. The letter covers the $1.3 million that the NCUA has available for grants to low-income credit unions.

Office of Foreign Assets Control (OFAC)

The OFAC SDN list was updated again. Last update: March 30, 2012.

Global Payments Inc.

Global Payments, Inc., issued a press release providing details on the March 30 data breach.

Financial Crimes Enforcement Network (FinCEN)

FinCEN has released Advisory FIN-2012-A005. The Advisory is to assist credit union with identifying tax refund fraud and reporting the activity through the filing of Suspicious Activity Reports (SARs).


Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Compliance News, NCUA.