Legal Briefs

National Credit Union Administration (NCUA)

NCUA Board Member Michael E. Fryzel spoke to a group of participants at the Illinois Credit Union League’s Annual Legislative Day. Fryzel touched on several topics, including an update on corporate credit unions, natural person credit unions, and pending and proposed rules.

In response to the Financial Stability Oversight Council’s 2013 Annual Report, NCUA Chairman Matz stated that the report and its recommendations will have a direct bearing on credit unions.  

Consumer Financial Protection Bureau (CFPB)

The CFPB published the final rule for international remittance transfers, effective Oct. 28, 2013.  

The CFPB amended the Card Act to make credit cards easier to obtain for stay-at-home spouses and partners.

Federal Trade Commission (FTC)

The FTC announced it will be co-hosting a roundtable on data integrity in debt collection with the CFPB.

Financial Accounting Standards Board (FASB)

FASB issued a news release regarding their proposal to defer the effective date (indefinitely) for certain disclosures for nonpublic employee benefits plans.

Federal Reserve Board (FRB)

The Federal Open Market Committee issued a press release detailing their outlook, recommendations, and policy overview.

The FRB released a statement announcing its small-value fixed-rate term deposit operations. 

Washington State Department of Financial Institutions—Division of Credit Unions (DCU)

DCU issued an interpretive letter in response to several inquiries regarding credit union owned life insurance.

Federal Deposit Insurance Corporation (FDIC)

The FDIC issued a press release regarding proposed guidance on deposit advance products.

Office of the Comptroller of Currency (OCC)

The OCC issued a press release regarding proposed guidance on deposit advance products.

The OCC has published a speech delivered to a Manhattan College delivered by Comptroller Curry about bank supervision and regulation.

Office of Foreign Assets Control (OFAC)

OFAC has updated the SDN list as of April 30, 2013. The last update prior to this was April 18, 2013.


Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Compliance News, Federal, NCUA.