Legal Briefs

National Credit Union Administration (NCUA)

The NCUA has approved the final derivatives investment rule that allows federal credit unions to use derivatives to help reduce interest rate risk.

The NCUA has posted a list of regulations that it will review in 2014. Credit unions are encouraged to submit comments about the rules under review.

The January issue of the NCUA Report is now available.

The agenda for the Jan. 23 NCUA Board Meeting has been posted.

The NCUA has released a warning about a new scam using the agency’s name. Members of credit unions have been receiving automated phone calls claiming to be from the NCUA. The caller tells members that their debit card has been compromised. The NCUA reminds everyone that it would not call to collect personal information or handle the maintenance of member accounts. 


Consumer Financial Protection Bureau (CFPB)

The CFPB published an article highlighting how the new mortgage rules can benefit service members who are having a hard time with their mortgages.


Financial Accounting Standards Board (FASB)

FASB released an Accounting Standards Update regarding the reclassification of residential real estate collateralized consumer mortgage loans upon foreclosure. 


Federal Reserve Board (FRB)

The January issue of FedFlash is now available.


Office of Foreign Assets Control (OFAC)

OFAC has updated the SDN list as of Jan. 16. The last update prior to this was Jan. 10.

 

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

Posted in Compliance, Federal, NCUA.