April 25, 2013
April 25, 2013
National Credit Union Association (NCUA)
The NCUA has announced that James Hagen will be the next Inspector General for the NCUA.
The NCUA announced that Milagro Avalos will be the Associate Regional Director for Region IV.
The NCUA released an action bulletin based on its April Board Meeting. The bulletin includes positive information, including the trend of decreasing CAMEL 3, 4 and 5 credit unions as well as information that the National Share Insurance Fund (NSFI) continues to trend in a positive direction.
Consumer Financial Protection Bureau (CFPB)
The CFPB published proposed clarifications to the Ability to Repay/QM and Mortgage Servicing Rules. The rules will provide clearer guidance on determining DTI, guidance on loans meeting GSE qualifications and a clarification to the small servicer exemption.
Financial Crimes Enforcement Network (FinCEN)
FinCEN has issued two advisories providing guidance on Anti-Money Laundering and Counter-Terrorist Financing Risks and Guidance on risks posed by certain countries.
Financial Accounting Standards Board (FASB)
FASB issued a news release detailing their new Accounting Standards Update that impacts financial reporting by clarifying when and how companies should prepare statements using the liquidation basis of accounting.
Federal Reserve Board (FRB)
The FRB has announced that the new $100 will be released for circulation on October 8, 2013.
Governor Jeremy C. Stein gave a speech at the 2013 Credit Markets Symposium (sponsored by Federal Reserve Bank) regarding liquidity regulation and central banking.
Internal Revenue Service (IRS)
The IRS released a statement regarding their ability to obtain emails in connection with criminal and civil cases.
US Department of Housing and Urban Development (HUD)
HUD announced that it will be significantly restructuring its field offices, including the closer of 16 of their smaller offices.
Oregon Department of Consumer Business and Services (DCBS)
Oregon DCBS announced that it has fined Western Sky Financial for violating requirements for consumer finance lenders, including operating without a license and charging excessive interest rates that exceeded the maximum interest rates allowed in Oregon.
Office of Foreign Assets Control (OFAC)
OFAC has updated the SDN list as of April 18, 2013. The last update prior to this was April 12, 2013.
Questions? Contact the Compliance Hotline: 1.800.546.4465, firstname.lastname@example.org.