Legal Briefs

Consumer Financial Protection Bureau (CFPB)

The CFPB released a report that showcases the 2012 highlights of the year-old agency. The report highlights the consumer engagement, financial education, regulation, research, supervision and enforcement that the bureau has done in the first half of 2012.

The CFPB offered an explanation of why it took 1,099 pages to propose a three-page mortgage disclosure.

National Credit Union Administration (NCUA)

The NCUA announced the formation of the Office of National Examinations and Supervision. The creation of the new office will enhance oversight of the nation’s largest consumer credit unions and also assume the supervision of corporate credit unions.

Office of Foreign Assets Control (OFAC)

The OFAC SDN list was updated again. Last update: July 24, 2012.

The Federal Reserve Board (FRB)

The FRB issued a final rule that will permit debit card issuers subject to the interchange fee standards to receive a fraud-prevention adjustment. Under the final rule, which really only applies to credit unions with assets greater than $10 billion, an issuer will be eligible for an adjustment of no more than 1 percent if it develops and implements policies and procedures that are designed to reduce the occurrence and costs of fraudulent debit card transactions.

Federal Trade Commission (FTC)

The FTC is seeking comments on additional proposed modifications to the Children’s Online Privacy Protection Rule (COPPA). The FTC modifications will update the definitions of “operator” and “website or online service directed to children.” Comments are due by Sept. 10, 2012.

Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Advocacy News, Compliance News, NCUA, NWCUA.