Legal Briefs

Consumer Financial Protection Bureau (CFPB)

The CFPB is asking consumers to tell the CFPB about common consumer mistakes they make. The CFPB is asking for errors the consumers have made themselves, mistakes they’ve seen others make, habits and practices that make good choices more difficult, and things they wish they had known sooner or would have done differently.

The CFPB has also reopened the comment period on the Ability-to-Repay mortgage rule. The proposed rule would require lenders to assess the consumers’ ability to repay mortgage loans before extending them credit. The new comment period will end on July 9, 2012.

National Credit Union Administration (NCUA)

The NCUA, along with the other federal supervisory agencies, released a Memorandum of Understanding (MOU) clarifying how the agencies will coordinate their supervisory activities. The MOU is intended to establish arrangements for coordination and cooperation between the NCUA and the CFPB.

Office of Foreign Assets Control (OFAC)

The OFAC SDN list was updated again. Last update: June 1, 2012.

Department of Housing and Urban Development (HUD)

The HUD had updated the HUD poster in August 2011. There was no formal announcement about the change, but the August 2011 version of HUD-928-1 does replace any previous version.

National Labor Relations Board (NLRB)

The NLRB issued its third report on social media cases focusing on company policies governing the use of social media by employees. The report details certain provisions in employers’ social media policies that the NLRB finds to be lawful, as well as an example of an entire policy that the NLRB finds to be unlawful, as it would interfere in the employee’s rights to discuss wages and working conditions with co-workers.

Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Compliance News, NCUA.