October 25, 2012
October 25, 2012
Consumer Financial Protection Bureau (CFPB)
The CFPB held a Remittance Rule Session to discuss a number of questions received from financial institutions regarding the new rules impacting electronic transfer being sent out of the country. You can view the session and read remarks from the CFPB.
The CFPB released a Guide for Servicemembers with Student Loans to help servicemembers understand their rights under the Servicemember Civil Relief Act and how they can apply those rights to their student loan debts.
The CFPB issued a press release detailing how they are now helping consumers with complaints regarding their credit reports.
The CFPB published a final rule today that allows the agency to oversee non-bank debt collection firms that have more than $10 million in annual collections from consumer debt.
National Credit Union Administration (NCUA)
The NCUA held a board meeting at which they approved a proposed rule to extend the deadline for credit unions to accept the low-income designation to 90 days following eligibility notification from the NCUA. The rule will have a 30-day comment period once it is published in the Federal Register.
The October report of the NCUA Report is now available.
The NCUA has extended the comment period on the proposed definition of “small” credit unions to Nov. 26. The current proposal would increase the small credit union limit from assets less than $10 million to assets less than $30 million.
Office of Foreign Assets Control (OFAC)
The OFAC SDN list was updated again. Last update: Oct. 18, 2012.
Federal Financial Institutions Examination Council (FFIEC)
The FFIEC released a statement on The Impact of Drought Conditions on Financial Institutions. The press release encourages financial institutions to work with borrowers—especially agricultural businesses—that may have been impacted by the drought.
Financial Accounting Standards Board (FASB)
The Private Company Council (PCC), a newly created body established to aid the FASB in determining when GAAP should be modified for private companies, is holding a public meeting on Dec. 6. Registration is required.
Financial Crimes Enforcement Network (FinCEN)
FinCEN released its 22nd edition of SAR Activity Review- Trends, Tips & Issues. This review provides information that filers may find helpful when completing the new SAR forms.
Office of the Comptroller of Currency (OCC)
The OCC released a text version of a speech that the deputy controller gave at the Community Bank Enterprise Risk Management Seminar. While the remarks are geared towards banks, the document does discuss some general themes that any financial institution will find helpful when looking to start an overall enterprise risk management program.
Questions? Contact the Compliance Hotline: 1.800.546.4465, email@example.com.
Posted in NCUA.