Learn about the new exception to the GLBA Privacy Notice Requirement; get your question answered about spotting and reporting counterfeit money; plus catch up on this week’s legal briefs.
Compliance Center: CFPB Releases Bulletin on Obligations When Dealing With Section 8 Housing Vouchers
Learn about Section 8 obligations; your question answered about protecting your credit union when you take power of attorney; plus this week’s legal briefs.
Administrative Ruling Regarding the Participation of Associations of Financial Institutions in the 314(b) Program
FinCEN has defined the term “association of financial institutions” as “a group or organization the membership of which is comprised entirely of financial institutions.” An association of financial institutions may share information under section 314(b) of the USA PATRIOT Act.
The IRS has created a section of its website for credit unions who mistakenly received a letter notifying them of the automatic revocation of their tax exempt status.
Financial institutions will likely need to update mortgage loan statement forms to comply with Dodd-Frank changes to the Truth in Lending Act. The CFPB has issued a prototype form statement to serve as a starting point and is now accepting feedback.
CUNA Mutual Group offers simple preventative steps to help credit unions avoid costly fines and legal fees associated with ATMs.
The Legislature is working in a special session to close the budget gap, and Governor Gregoire has yet to sign the Prize-Linked Savings bill.
The Fed is seeking public comment on how to address the specific issues that it is required to study, as well as any research or empirical data that it should take into account.
The IRS is asking depositaries (banks, credit unions, savings and loans, and similar institutions) to review and understand the responsibilities associated with processing levies.