Legal Briefs

National Credit Union Administration (NCUA)

The NCUA has published two more regulatory alerts concerning the new mortgage rules that take effect this month. Alert 14-RA-03 covers the mortgage servicing rules under the Truth in Lending Act, while alert 14-RA-04 discusses the mortgage servicing rules under the Real Estate Settlement Procedures Act.

The NCUA has also issued a Letter to Credit Unions that discusses its supervisory focus for 2014.

Consumer Financial Protection Bureau (CFPB)

The CFPB announced that it is accepting applications for its advisory boards, including the Credit Union Advisory Council.

The CFPB is extending its advanced notice of proposed rulemaking on debt collection from Feb. 10 to Feb. 28.

The CFPB announced that it has revised three of its consumer information booklets: “What You Should Know

About Home Equity Lines of Credit,” “Consumer Handbook on Adjustable-Rate Mortgages,” and “Shopping for Your Home Loan: Settlement Cost Booklet.”

Federal Reserve Board (FRB)

The Federal Reserve Board has published an update to its Consumer Compliance Handbook.

The January issue of FedFocus is now available.

Office of Foreign Assets Control (OFAC)

OFAC has updated the SDN list as of Jan. 10. The last update prior to this was Jan. 8.


Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Compliance News, NCUA.