June 28, 2012
June 28, 2012
National Credit Union Administration (NCUA)
The NCUA, along with other federal regulators, issued interagency guidance on mortgage servicing practices concerning military homeowners with permanent change-of-station (PCS) orders. In the guidance, the agencies expect institutions to maintain mortgage servicing policies and procedures appropriate to achieve the objectives of having staff adequately trained about options available for homeowners with PCS orders.
The NCUA issued Letter to Credit Unions 12-CU-06. The letter provides an update on transitioning U.S. Central Bridge’s Automated Clearing House (ACH) Services. The transition process has progressed smoothly, U.S. Central Bridge’s ACH services are expected to be unwound and transitioned to other providers by Sept. 30, 2012.
The NCUA announced that the Stabilization Fund received a clean audit for 2011.
Office of Foreign Assets Control (OFAC)
The OFAC SDN list was updated again. Last update: June 21, 2012.
Internal Revenue Service (IRS)
The IRS is strengthening the Individual Taxpayer Identification Number (ITIN) application process. The IRS will only issue ITINs when applications include original documentation, such as passports and birth certificates, or certified copies of these documents from the issuing agency.
U.S. Department of Labor (DOL)
In a recent court ruling, the U.S. District judge in Washington D.C. upheld the DOL’s March 24, 2010 Administrators Interpretation No. 2010-1 that said loan officers in the banking industry typically do not qualify as exempt employees under the Fair Labor Standards Act (FLSA). The 2010 Interpretation reversed a 2006 opinion letter which had concluded that mortgage loan officers were generally exempt under the administrative exemption.
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Posted in NCUA.