Compliance News
CUNA Says Rate Risk Rule Is "Overkill" | Friday, 27 January 2012

New National Credit Union Administration interest rate risk regulations are "regulatory overkill" and only increase "the already hefty regulatory burden on credit unions," CUNA President/CEO Bill Cheney said following Thursday's NCUA open board meeting.  More

Cordray Unveils Plans for CU Advisory Council | Wednesday, 25 January 2012

The Consumer Financial Protection Bureau will establish an advisory council for credit unions to help the agency gauge how its actions are impacting the credit union industry, CFPB Director Richard Cordray said during a Tuesday House Oversight and Government Reform subcommittee hearing.  More

Update on 1099-K Reporting Requirements | Monday, 23 January 2012

Companies that process credit and debit card payments are required to submit the Internal Revenue Service's new Form 1099-K this tax season, CUNA reminds.  More

New Disclosures To Be Required of Remittance Providers | Monday, 23 January 2012

The Consumer Financial Protection Bureau Friday adopted new protections for consumers who transfer money internationally. Under a new rule, remittance transfer providers must disclose the exchange rate and all fees associated with a transfer so consumers know exactly how much money will be received on the other end.  More

Verdict Against Bank In Ponzi Scheme Is Rare | Friday, 20 January 2012

A $67 million verdict Wednesday against a bank for allegedly aiding in a $1.2 billion Ponzi scheme is rare, but should serve as a cautionary note for credit unions and other financial institutions on the importance of compliance with the Bank Secrecy Act and its anti-money laundering provisions.  More

OFAC Publishes Names of Individual/Entity Removed From Lists | Thursday, 19 January 2012

The Treasury Department's Office of Foreign Assets Control (OFAC) published the name of one individual and one entity whose property and interests in property have been unblocked pursuant to Executive Order 13315 of August 28, 2003, ``Blocking Property of the Former Iraqi Regime, Its Senior Officials and Their Family Members, and Taking Certain Other Actions,'' as amended by Executive Order 13350 of July 30, 2004.

The following designation is removed from the SDN List by OFAC:

AL-HABOBI, Dr. Safa Haji J (a.k.a. AL-HABOBI, Dr. Safa; a.k.a. AL-
HABUBI, Dr. Safa Hadi Jawad; a.k.a. HABUBI, Dr. Safa Hadi Jawad; a.k.a.
HABUBI, Dr. Safa Jawad; a.k.a. JAWAD, Dr. Safa Hadi), Flat 4D Thorney
Court, Palace Gate, Kensington, United Kingdom; Iraq; DOB 01 Jul 1946;
Former Minister of Oil (individual) [IRAQ2]

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NCUA Clarifies New Call Report Questions' Intent | Wednesday, 11 January 2012

The National Credit Union Administration has clarified that new questions addressing minority credit unions and workplace diversity, which were added to fourth quarter call report documents with no explanation from the agency as to why, are required by the Dodd-Frank Wall Street Reform Act.  More

CUNA Comment Deadlines On Reg I & Z Approaching | Wednesday, 11 January 2012

Credit unions that wish to comment on two Consumer Financial Protection Bureau interim final rules, one that addresses Truth in Lending and another on disclosures and other requirements for privately insured credit unions and non-federally insured depository institutions, should forward their comments to CUNA by early next week. More

CUNA Indicates Credit Union Cyber Security Standards Are Adequate | Tuesday, 10 January 2012

The data security standards followed by credit unions and other financial institutions are strong, and the addition of new, potentially duplicative, data security standards could create issues for credit unions, CUNA said following Monday's release of a Government Accountability Office report on cyber security guidance. More    

*Government Accountability Office Guidance Report

CUNA Seeks Comment On HMDA Changes | Tuesday, 10 January 2012

CUNA is reviewing the Consumer Financial Protection Bureau's interim final rule on Regulation C to determine if any regulatory changes can be made without amending the statute, and plans to include any recommendations on how the CFPB could limit the regulatory burden on credit unions in an upcoming comment letter. More

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