Legal Briefs

National Credit Union Administration (NCUA)

The NCUA has revised the 2014 Board Meeting schedule.

The NCUA released its strategic plan for 2014-2017 in draft form. The public can comment on the draft through Jan. 17, 2014.

The NCUA, FRB, FDIC and OCC released a joint statement on their supervisory approach for qualified and non-qualified mortgages.

The NCUA, in conjunction with the other financial institution regulators, released a final rule to exempt certain higher-priced mortgage loans from appraisal requirements.

During the December board meeting, the NCUA board approved the new charitable donations rule for federal credit unions.


Consumer Financial Protection Bureau (CFPB)

The CFPB has announced that it is releasing more educational materials in advance of the January 2014 mortgage rules effective dates. The materials include mortgage tips, factsheets, answers to consumer questions and consumer tools.

The CFPB published adjustments to the points and fees threshold for HOEPA loans and the fee threshold for credit cards for 2014.


Federal Reserve Board (FRB)

The FRB has set the January 2014 HOEPA rates.

The December edition of FedFlash is now available.

The FRB has released a proposed rule that will impact check collection and return rules under Reg CC.


Federal Financial Institutions Examination Council (FFIEC)

The FFIEC has released its final guidance on social media, effective immediately. The final guidance is similar to the proposed guidance that was issued in January 2013.


Office of Foreign Assets Control (OFAC)

OFAC has updated the SDN list as of Dec. 18, 2013. The last update prior to this was Dec. 17, 2013.

 

Questions? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org.

Posted in Compliance, Federal, NCUA.