Legal Briefs

Consumer Financial Protection Bureau (CFPB)

The CFPB will be hosting a field hearing in Seattle on Oct. 24, 2012, regarding debt collection. The hearing will feature remarks from Director Richard Cordray, as well as testimony from consumer groups, industry representatives, and members of the public.

The CFPB released a report analyzing the differences between consumer- and creditor-purchased credit scores. The study reviewed more than 200,000 credit files from the major nationwide credit bureaus.

The CFPB released a report providing a snapshot of complaints received by the Bureau.

The CFPB released a small-business compliance guide designed to make it easier to understand the new requirements for the remittance transfer rules.

The CFPB announced that it has released proposed rules that will make changes to the credit card ability-to-repay requirements. The proposed rule changes would allow a stay-at-home spouse or partner to rely on shared income from his or her spouse or partner when applying for a credit card account. Comments are due 60 days after the rule is published in the Federal Register on approximately Dec. 17, 2012.

The CFPB announced the Student Loan Ombudsman, releasing a report that details problems reported by private student loan borrowers. The report shows that private student loan borrowers are sometimes surprised by the terms and conditions of their loans, are given the runaround by their loan servicer, and have few options to refinance or modify repayment for a better deal.

National Credit Union Administration (NCUA)

The NCUA issue Risk Alert 12-RA-04, which reviews the CFPB’s new remittance transfer rule. The risk alert provides an overview of the rule, the 100-or-fewer transfer exemption, and suggested steps that credit unions should take.

The NCUA provided a link to the Federal Financial Institutions Examination Council (FFIEC) statement on the impact of drought conditions on financial institutions. The statement encourages financial institutions to constructively work with borrowers affected by the drought and consider alternatives for prudently restructuring credit as appropriate.

Office of Foreign Assets Control (OFAC)

The OFAC SDN list was updated again. Last update: Oct. 17, 2012.

Social Security Administration (SSA)

The SSA announced an increase in monthly social security and supplemental security income benefits of 1.7 percent in 2013.

Financial Accounting Standards Board (FASB)

The FASB has issued a proposed Accounting Standards Update to Topic 810 – Accounting for the Difference between the Fair Value of the Assets and the Fair Value of Liabilities. The amendments would define a collateralized financing entity as an entity that holds debt instruments, issues beneficial interests in those financial assets, and has no equity. The amendments would require the reporting entity to determine the fair value of the collateralized financing entity’s assets and liabilities consistently with how market participants would price the reporting entity’s net risk exposure. Comments are due by Dec. 10, 2012.


Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Around the NW, Compliance News, Events, NCUA.