Legal Briefs

National Credit Union Administration (NCUA)

During last week’s board meeting, the NCUA approved five outstanding items, including changing the definition of a small credit union to having assets of $50 million or less, allowing the NCUA to designate the “troubled condition” of a federally insured state-chartered credit union (FISCU), and extending the window for credit unions to accept their low-income designation when eligible from 30 to 90 days.

The NCUA also announced a competition for low-income credit unions (LICUs) to submit a proposal that results in long-term savings to a credit union through collaboration. The winning credit union will receive a $50,000 grant.

Consumer Financial Protection Bureau (CFPB)

The CFPB has issued several final rules in the past week, including ability to repay, escrow requirements for higher-price mortgages, and high-cost mortgage and homeownership counseling amendments to Regs Z and X.

The CFPB also issued a statement to consumers detailing some of the changes that were made to the mortgage rules.

Federal Reserve Board (FRB)

The FRB has announced several deals that have been reached with large mortgage lenders that will provide millions of dollar in payments and assistance to borrowers impacted by foreclosures and loan modifications.

Federal Trade Commission (FTC)

The FTC issued a warning to small businesses regarding a false email claiming to be from the FTC.

Internal Revenue Service (IRS)

The IRS announced annual inflation adjustments for 2013.

The IRS also released the National Taxpayer Advocate annual report to Congress.


Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Compliance News, Industry Insight, NCUA.