Legal Briefs

Consumer Financial Protection Bureau (CFPB)

The CFPB released exam procedures for the consumer reporting market. The examinations will verify that credit reporting companies are following the law. The CFPB will begin exercising its authority to supervise consumer reporting companies on Sept. 30, 2012.


National Credit Union Administration (NCUA)

The NCUA will be hosting a free town hall webinar on Oct. 4,2012. The webinar will feature updates on credit union industry performance; the NCUA’s low-income credit union eligibility initiative; the NCUA’s egulatory Modernization Initiative; the corporate credit union resolution; the new Office of National Examinations and Supervision; and recently finalized and proposed rules.


Office of Foreign Assets Control (OFAC)

The OFAC SDN list was updated again. Last update: Sept. 7, 2012.


Pew Charitable Trusts

The Pew Charitable Trusts released a report entitled, “Loaded with Uncertainty: Are Prepaid Cards a Smart Alternative to Checking Accounts?” The report reviews 52 prepaid cards that comprise at least 75 percent of the market. The report found that a wide variety of fee structures and disclosures make comparison shopping very difficult, but that the cost of prepaid cards can be lower than checking accounts. Most consumers use prepaid cards as a way to keep spending within their means, and FDIC insurance does not necessarily apply to funds loading onto GPR prepaid cards. The report is important, as it sheds more light onto the closed CFPB request for comment concerning GPR prepaid cards and the reasons behind the comment request.


Financial Crimes Enforcement Network (FinCEN)

FinCEN will be hosting an informational webinar on the BSA e-filing process and filing instructions for FinCEN’s new suspicious activity report (SAR) on Sept. 18, 2012. The webinar will provide an overview of the e-filing process for the new SAR, an overview of the filing instructions for the new SAR, and FAQs about completing the new SAR.

FinCEN will be hosting an informational webinar on Oct. 2, 2012, on the BSA e-filing process and filing instructions for FinCEN’s new currency transaction report (CTR). The webinar will provide an overview of the e-filing process for the new CTR, an overview of the filing instructions for the new CTR, and FAQs about completing the new CTR.

FinCEN released Guidance FIN-2012-G005. The guidance reviews the definition of motor vehicles, vessels, aircraft, and farm equipment as it relates to a business being ineligible for exempting the cash transactions of a customer from the requirement to file a CTR.

 

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

Posted in Advocacy News, Compliance.