Legal Briefs

National Credit Union Administration (NCUA)

The NCUA released the agenda for the Dec. 6 board meeting, the board’s final open meeting of the year.

The NCUA released a statement about the growth experienced by credit unions during the third quarter of 2012.

The NCUA published the December 2012 issue of the NCUA Report.

Consumer Financial Protection Bureau (CFPB)

The CFPB released the Ombudsman’s Annual Report for 2012.

Financial Crimes Enforcement Network (FinCEN)

FinCEN is seeking comment on its proposed rulemaking defining “funds transfer” and “transmittal of funds” under the Bank Secrecy Act. FinCEN is updating these definitions in light of the CFPB’s final remittance transfer rules.

Internal Revenue Service (IRS)

The IRS issued a statement detailing the steps it will take to strengthen the integrity of the Individual Taxpayer Identification Number (ITIN) system. A key change, as noted by the IRS, is that ITINs will expire five years from issuance.

Federal Trade Commission (FTC)

The FTC issued an amended rule to its Identity Theft Red Flags rule. The interim final rule narrows the definition of creditor.

Federal Reserve Bank (FRB)

The FRB announced the designation of the chairs of the Federal Reserve Banks for 2013.


Questions? Contact the Compliance Hotline: 1.800.546.4465,

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