Legal Briefs

Consumer Financial Protection Bureau (CFPB)

The CFPB will be hosting a webinar on Oct. 16 that will provide an overview of the remittance transfer rules and answer questions submitted by financial institutions.

 

National Credit Union Administration (NCUA)

The NCUA issued Legal Opinion Letter OL 12-1007 regarding change of charters and subsequent mergers with a credit union that has the same type of Field of Membership. The opinion letter concludes that the NCUA has discretion to approve the voluntary merger of two healthy multiple-common-bond credit unions, and the NCUA has the approve charter changes to facilitate the voluntary merger.

 

Office of Foreign Assets Control (OFAC)

The OFAC SDN list was updated again. Last update: Oct. 10, 2012.

 

Oregon Division of Finance and Corporate Securities

The Oregon Division of Finance and Corporate Securities received a certificate of accreditation verifying that the division maintains the highest standards and practices in state banking supervision set by the CSBS Accreditation Program.

 

Financial Accounting Standards Board (FASB)

FASB has issued Technical Corrections and Improvements No. 2012-04. The 226-page Accounting Standards Update makes numerous changes to FASB Accounting Standards Codification. The changes will be effective beginning on the first fiscal periods beginning after Dec. 15, 2012 for public entities and Dec. 15, 2013 for nonpublic entities.

 

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

Posted in Around the NW, Events, NCUA, NWCUA.