Legal Briefs

Consumer Financial Protection Bureau (CFPB)

The CFPB plans to hold a public hearing on May 23 regarding prepaid cards. This public hearing signals the CFPB’s interest in prepaid cards and the lack of consistent fee disclosures for these financial instruments.

The CFPB has also announced that it will be issuing an Advance Notice of Proposed Rulemaking (ANPR) to seek input on prepaid cards to ensure the cards’ terms and fees are transparent. The ANPR asks 10 broad questions and explains that the bureau is intending to include rulemaking in Reg E to cover prepaid cards. Comments are due within 60 days after the ANPR is published in the Federal Register, on approximately July 23, 2012.

National Credit Union Administration (NCUA)

The NCUA has opened the applications for grants and low-rate loans that low-income credit unions may apply for.

The NCUA has also released the latest installment in the agency’s economic video series. The key indicators point to an improving national economy, which will be a modest plus for credit unions.

Office of Foreign Assets Control (OFAC)

The OFAC SDN list was updated again. Last update: May 17, 2012.

Federal Reserve Board (FRB)

The FRB announced the release of a new video explaining how a borrower can apply for free, independent foreclosure file reviews. The video is available in both English and Spanish versions.


Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Compliance News, NCUA.