Legal Briefs

National Credit Union Administration (NCUA)

The NCUA issued a proposed rule on risk-based capital requirements for credit unions. Along with the rule, the NCUA also released a risk-based capital calculator for credit unions to use in determining how the new rule could impact them.

During the NCUA’s January board meeting, the board unanimously approved the renewal of the current interest rate cap for most loans at 18 percent and 28 percent for consumer-friendly alternatives to payday loans.


Consumer Financial Protection Bureau (CFPB)

The CFPB’s blog covers steps consumers can take if they think their debit or credit card data has been hacked.  

CFPB Director Richard Cordray delivered written testimony before the House Committee on Financial Services.

The CFPB has proposed a rule that would allow it to supervise nonbank international money transfer providers.


Internal Revenue Service (IRS)

The IRS has issued a warning to the public regarding tax-related scams. The IRS reminds taxpayers that it does not initiate contact with taxpayers by email to request personal or financial information.   


Office of Foreign Assets Control (OFAC)

OFAC has updated the SDN list as of Jan. 23. The last update prior to this was Jan. 16.

 

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

Posted in Compliance, NCUA.