Legal Briefs

National Credit Union Administration (NCUA)

The NCUA released the January 2013 issue of the NCUA Report.

The NCUA announced that it is holding a town hall webinar on February 05, 2013 with CFPB Director Cordray. Registration is required but the webinar is free.

Consumer Financial Protection Bureau (CFPB)

The CFPB issued its semiannual regulatory agenda in the Federal Register.

The CFPB has issued the final rule for the ability to repay/qualified mortgage rule.

Federal Reserve Board (FRB)

The FRB has released the minutes of the discount rate minutes for Nov. 19 and Dec. 10, 2012.

Internal Revenue Service (IRS)

The IRS has issued a proposed rule regarding the truncation of taxpayer identification numbers (TIN) on certain payee statements.

The IRS issued a statement on Tuesday stating when certain individuals will be able to file their 2012 tax returns. Details of the tax legislation passed by Congress last week are still being reviewed by the IRS.

Office of Foreign Assets Control (OFAC)

OFAC has updated the SDN list as of Jan. 9, 2013. The most recent previous update had been on Jan. 8, 2012.

Office of the Comptroller of the Currency (OCC)

The OCC has released a statement detailing the independent foreclosure reviews that will result in billions of dollars in payments to impacted borrowers.

Financial Accounting Standards Board (FASB)

The FASB has issued a proposed Accounting Standards Update that seeks to clarify the disclosure exemption specific to private companies and nonpublic not-for-profit organizations.

Social Security Administration (SSA)

The SSA has launched a new tool, My Social Security, that allows users to access their benefit verification letter, payment history and earnings record instantly. Users can also change their address and start or change their direct deposit using this new site.


Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Advocacy News, Around the NW, Community Impact, Federal, NCUA.