Legal Briefs

National Credit Union Administration (NCUA)

The NCUA published additional information about the 2013 budget.

The NCUA chartered a new credit union, Thrivent Federal Credit Union, which was a conversion from Thrivent Financial Bank. Thrivent is the fourth credit union this year to acquire assets from a bank.

The NCUA released the November installment of its monthly economic video series.

Consumer Financial Protection Bureau (CFPB)

Yesterday, the CFPB published a notice of proposed changes to the Remittance Transfer Rule. These changes will be beneficial for financial institutions. In addition to the proposed changes, the CFPB is also stating that they will push back the effective date of the rule.

The CFPB published a warning regarding deceptive mortgage advertisements targeting veterans and older Americans. The notice provides details of items that consumers should be weary of when looking at a mortgage ads.

The CFPB published a final rule delaying certain disclosure requirements added to TILA and RESPA by the Dodd-Frank Act. The rule is effective immediately.

The CFPB has published the increased dollar thresholds for Regulation Z ($53,000), Regulation M ($53,000), and the Home Ownership and Equity Protection Act (HOEPA) fee amount trigger ($625), effective Jan. 1, 2013. It is important to remember that private student loans and loans secured by real property are subject to Regulation Z regardless of the loan amount.

Office of Foreign Assets Control (OFAC)

OFAC has updated the SDN list as of Nov. 20, 2012. The last update prior to this was Nov. 19, 2012.

Financial Crimes Enforcement Network (FinCEN)

FinCEN issued two advisories concerning anti-money laundering (AML) and counter-terrorist financing risks. The first advisory addresses jurisdictions found to have severe deficiencies in their AML programs and discusses those that have made improvements. The second advisory addresses some jurisdictions with deficient AML programs that have not made sufficient progress to improve their programs.

National Mortgage Licensing System (NMLS)

The NMLS will be holding a webinar covering the annual renewal process. The webinar is scheduled for Thursday, Dec. 6, at 2 p.m. EST. The webinar costs $75, and participants must register online.

Office of the Comptroller of Currency (OCC)

The OCC released remarks given by Comptroller of the Currency during a speech before The Clearing House. The speech addressed steps being taken to prevent the next fiscal crisis.

The OCC issued a press release detailing the extension of certain benefits under the Servicemembers Civil Relief Act. The extensions, which will take effect on Feb. 2, 2013, lengthen the time frames for foreclosure and stays of proceedings to one year after service has ended.

Internal Revenue Service (IRS)

The IRS released the 2013 standard mileage rate for transportation or travel expenses, which will be 56.5 cents per mile as of Jan. 1, 2013.


Questions? Contact the Compliance Hotline: 1.800.546.4465,

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