Legal Briefs

Consumer Financial Protection Bureau (CFPB)

The CFPB posted a blog entry detailing common loan scams that consumers face after natural disasters, such as Hurricane Sandy. The blog lists tips for consumer to avoid falling victim to these scams.


National Credit Union Administration (NCUA)

The NCUA announced a new director of their Office of Consumer Protection.

The NCUA released a Letter to Credit Unions detailing the changes to the Call Report as a result of the TDR and Loan Workout guidance finalized in May of this year. The report lists the changes to the Call Report and the dates the changes will take effect.

The NCUA closed U.S. Central Bridge Corporate Federal Credit Union. In a press release, the NCUA detailed the plans that credit unions must use to access emergency liquidity in light of U.S. Central’s closing.

The NCUA issued a press release stating that it has activated its Disaster Relief Policy and Hotline due to Hurricane Sandy.


Department of the Treasury

The Treasury announced that the Financial Literary and Education Commission is launching its “Starting Early” initiative, which focuses on helping younger Americans expand their financial knowledge.


Federal Reserve Board (FRB)

This week, the FRB announced a five-month delay in the implementation of the second part of its revision to Regulation D. The second phase, which created a two-week maintenance period and a penalty-free band around reserve balance requirements, was originally scheduled to take effect on Jan. 24, 2012. The FRB has pushed the effective date to June 27, 2013.

The Federal Reserve announced the reserve requirements for 2013.  For transaction accounts, the first $12.4 million will be exempt from reserve requirements.

 

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

Posted in Advocacy News, Compliance, Events, Federal, Industry Insight, NCUA, Strategic Link.