Legal Briefs

Consumer Financial Protection Bureau (CFPB)

The CFPB extended the deadline for comments on proposed changes to the Regulation Z definition of finance charge. The proposed rule would eliminate numerous exceptions that exclude common costs (such as title insurance) from the finance charge. We want APR to be a more accurate reflection of the overall cost of credit. However, higher APRs and finance charges could affect the number of loans subject to other legal requirements and protections, such as special disclosures and restrictions for high-cost mortgages. Comments are now due on Nov. 6, 2012.


National Credit Union Administration (NCUA)

The NCUA will be hosting a free webinar on loan workouts, nonaccruals, and regulatory reporting of troubled debt restructuring (TDR). The webinar will discuss the supervisory guidance about implementing the final rule and will take place on Sept. 20, 2012, at 11:30 a.m. PDT.


Office of Foreign Assets Control (OFAC)

The OFAC SDN list was updated again. Last update: Aug. 30, 2012.


Federal Trade Commission (FTC)

The FTC has published a guide to help mobile app developers observe Truth-in-Advertising and privacy principles. The guide covers key principles like telling the truth about what the app does and building privacy into the app from the start.

 

Questions? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org.

Posted in Business Solutions, Compliance, Events, Industry Insight, Marketing & Communications, NCUA, Strategic Link.