Legal Briefs

Consumer Financial Protection Bureau (CFPB)

The CFPB is considering rules to simplify mortgage points and fees.  The rules would also include proposals to address mortgage loan originators’ qualifications and compensation.

National Credit Union Administration (NCUA)

The NCUA has announced that it is implementing a new Supervision Manual with more consistent exam standards.  The examiner training and new manual are designed to remove regional differences in quality control and implement key recommendations from the OIG’s Material Loss Reviews.

Office of Foreign Assets Control (OFAC)

The OFAC SDN list was updated again. Last update: May 15, 2012.

The Electronic Payments Association (NACHA)

NACHA is requesting comment on its proposed ACH Security Framework.  The Security Framework is a set of proposed amendments to the NACHA Operating Rules that, in the aggregate, is aimed at protecting the security and integrity of certain ACH data.  Comments are due by June 22, 2012.

Washington Department of Financial Institutions (DFI)

The DFI issued an advisory warning of potential dangers of crowdfunding investment opportunities.  Before the SEC adopts its rules per the JOBS Act, investors should be aware of promoters who jump the gun by offering investments through crowdfunding.  Once the crowdfunding exemption is in place, the crowdfunding investments will not be reviewed by regulators before they are offered to the public.  Investors will need to be vigilant to protect themselves.


Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Compliance News, NCUA.