Legal Briefs

National Credit Union Administration (NCUA)

The NCUA has issued Supervisory Guidance on Troubled Debt Restructuring.

The NCUA is offering new financial literacy resources for consumers.

Consumer Financial Protection Bureau (CFPB)

The CFPB posted an article on its blog regarding financial literacy.

Federal Financial Institutions Examination Council (FFIEC)

The FFIEC has named a new chairman- Thomas J. Curry, Comptroller of the Currency, OCC. Curry is succeeding Debbie Matz, who has completed her 2 year term.

Financial Accounting Standards Board (FASB)

FASB issued a statement detailing their decision to extend the deadline for comments on the proposed update to Accounting for Credit Losses on Financial Assets.

Federal Reserve Board (FRB)

The FRB has issued a press release announcing a final rule that established when a company is “predominantly engaged in financial activities.” This definition will be used to determine when a nonbank financial company will be supervised by the FRB.

The First Quarter 2013 issue of Consumer Compliance Outlook has been published.

Federal Deposit Insurance Corporation (FDIC)

The FDIC has issued an Interagency Statement on the impact of the Biggeret-Waters Act.

Office of the Comptroller of Currency (OCC)

The OCC released a study discussing the relationship between banks with high concentrations of commercial real estate loans and failed institutions.

Washington State Department of Financial Institutions (DFI)

The Washington DFI published an article indicating that SAFE Act tests required for mortgage loan originators (MLOs) that do not work for federally insured financial institutions has been updated so that the information is uniform for all states.

Office of Foreign Assets Control (OFAC)

OFAC has updated the SDN list as of April 3, 2013. The last update prior to this was April 2, 2013.


Questions? Contact the Compliance Hotline: 1.800.546.4465,

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