Trump Issues Executive Orders Targeting Dodd-Frank, DOL Fiduciary Rule

Also, a look at the week’s Legal Briefs at the federal level.

President Trump signed two executive orders recently which could have long term significance for credit unions.

The first executive order takes aim at the Dodd-Frank Act and calls for “efficient, effective and appropriately tailored” regulations.  It mandates a full review of the Dodd-Frank Act’s regulations.  While this may not have any immediate impact on the current regulatory burden facing credit unions, there is a potential for some regulatory relief for credit unions which did not cause the financial crisis.

The second executive order takes aim at the U.S. Department of Labor’s (DOL) fiduciary rule which is currently scheduled to be effective on April 10, 2017.  This second executive order directs the DOL to delay the rule’s implementation.

Legal Briefs

National Credit Union Administration (NCUA)

The NCUA has released the video of the January 2017 board meeting.

The NCUA announced that Chairman McWatters has named Sarah Vega as his Chief of Staff.

Consumer Financial Protection Bureau (CFPB)

CFPB Director Cordray delivered prepared remarks on the RushCard Enforcement Action call. The enforcement action issued by the CFPB requires UniRush (administrator of RushCard) and Mastercard to pay restitution to thousands of consumers for blocking access to consumers’ funds from the prepaid cards.

The CFPB released an updated Remittance Transfer Rule Small Entity Compliance Guide.

The CFPB released its small entity compliance guide for the Prepaid Rule.

Federal Reserve Board (FRB)

The FRB announced that it finalized a rule that adjusts the capital plan and stress testing rules, which removes large and noncomplex firms from the qualitative assessment of the FRB’s Comprehensive Capital Analysis and Review.

The FRB announced that it has revised its procedures for contaminated currency.

The FRB released the Federal Open Market Committee Statement for December.

The January 2017 issue of FedFocus is now available.

Department of Labor (DOL)

The White House announced an executive order issued by the President ordering the DOL to review the Fiduciary Duty Rule.

Federal Financial Institutions Examination Council (FFIEC)

The FFIEC released the 2017 FFIEC Census File.

Office of Foreign Assets Control (OFAC)

OFAC has updated the SDN list as of February 3, 2017. The last update prior to this was January 17, 2017.

Compliance Question of the Week

Can we provide a copy of a ChexSystems report to our member?

In most cases, your contract with ChexSystems will prohibit you from providing the report directly to the consumer. However, the consumer can obtain the report from ChexSystems on their own by visiting the following website:

https://www.consumerdebit.com/consumerinfo/us/en/chexsystems/report/index.htm

Questions? Contact the Compliance Hotline: 1.800.546.4465, [email protected].