The Bureau of Consumer Financial Protection (CFPB) has issued an Advance Notice of Proposed Rulemaking seeking comments from the financial industry and the public about prepaid debit cards. In its announcement, the CFPB notes that the federal rules that protect consumers which apply to debit cards that access accounts do not apply to prepaid cards. The CFPB is seeking comments about the costs, benefits and risks of these types of cards so it can determine if Regulation E should be amended. Read the CFPB public announcement and access the ANPR.
The Department of the Treasury 's Office of Foreign Assets Control (``OFAC'') published the name of 1 individual whose property and interests in property have been unblocked pursuant to the Foreign Narcotics Kingpin Designation Act (``Kingpin Act'') (21 U.S.C. 1901-1908, 8 U.S.C. Section 1182). Read more.
The National Credit Union Administration is seeking public comment on potential emergency liquidity regulations for federally-insured credit unions, and CUNA has asked credit unions to add their voices to a pending comment letter on this NCUA proposal. More
The enhanced management and investment rights given to some credit unions under the National Credit Union Administration's regulatory flexibility program will soon be extended to the 1,770 credit unions that are not covered under the RegFlex designation after the agency approved expansion of that program on Thursday. Read more.
The U.S. Department of the Treasury today announced the identification of Belarus-based JSC CredexBank (Credex) as a financial institution of primary money laundering concern under Section 311 of the USA PATRIOT Act (Section 311). Treasury took this action because it has reason to believe that Credex has engaged in high volumes of transactions that are indicative of money laundering on behalf of shell corporations, and has a history of ownership by shell corporations whose own lack of transparency contributes to considerable uncertainty surrounding Credex’s true beneficial ownership. Read More.
Concerned that another round of problems with the Internal Revenue Service's "automatic revocation process" for federal credit unions' tax exemption is about to occur, CUNA joined three other credit union groups in a bid to head off potential Form 990-T issues for credit unions. More