Compliance News
FRB Amends Reserve Requirements Rule | Thursday, 03 November 2011

The Federal Reserve Board has amended Regulation D, Reserve Requirements of Depository Institutions, to reflect the annual indexing of the reserve requirement exemption amount and the low reserve tranche for 2012. The Regulation D amendments set the amount of total reservable liabilities of each depository institution that is subject to a zero percent reserve requirement in 2012 at $11.5 million (up from $10.7 million in 2011). This amount is known as the reserve requirement exemption amount. The Regulation D amendments also set the amount of net transaction accounts at each depository institution that is subject to a three percent reserve requirement in 2012 at $71.0 million (up from $58.8 million in 2011). This amount is known as the low reserve tranche. The adjustments to both of these amounts are derived using statutory formulas specified in the Federal Reserve Act.  Read More

FinCEN Issues Notice Regarding How to Correct or Amend Paper Bank Secrecy Act Forms | Thursday, 03 November 2011

Due to business process changes resulting from FinCEN's BSA IT Modernization, paper form instructions that pertain to filing corrections or amendments have changed. When correcting or amending a previously filed paper report, filers must check the appropriate amendment or correction box and complete the form in its entirety. Filers are strongly encouraged to complete this process through our Bank Secrecy Act Electronic Filing (BSA E-Filing) System. Read More

Credit Unions Call For Less Reg Burden In Field Hearing | Tuesday, 01 November 2011

The increasing number of regulations imposed on credit unions is costly, confusing to members, and creates "an unnecessary burden without any measure of the effectiveness of these changes," Central City CU CEO and CUNA board member Pat Wesenberg said in testimony delivered before a Monday House Financial Services financial institutions and consumer credit subcommittee field hearing. Read More

CFPB Requests Comments on Information Collection – Complaint Process | Monday, 31 October 2011

The Bureau of Consumer Financial Protection (CFPB), as part of its continuing effort to reduce paperwork and respondent burden, is requesting comments on a proposed information collection, as required by the Paperwork Reduction Act of 1995.  The CFPB is soliciting comments for a proposed generic information collection that will help the CFPB satisfy responsibilities under the Dodd-Frank Wall Street Reform and Consumer Protection Act. Currently, the CFPB is soliciting comments on a proposed generic information collection to help facilitate the collection and monitoring of and response to consumer complaints about certain financial products and services.  The CFPB is estimating that the overall response burden for its complaint and information collection processes will be more than 418,000 hours.  Read More

CUNA Suggests Series of Steps To Cut Regulatory Burden | Friday, 28 October 2011

CUNA suggested adopting a temporary moratorium on new regulations as one of many ways the National Credit Union Administration could ease the regulatory burden on credit unions, and is also working on the legislative front to address these same issues.  Read More

NCUA Adopts CDRLF Changes | Friday, 28 October 2011

The process by which the National Credit Union Administration solicits, receives, evaluates, and acts on credit union applications for loans and technical assistance grants from the Community Development Revolving Loan Fund will be changed under a final rule that was approved by the agency yesterday. Read More

2012 Annual Adjustments For Reserve Calculations And Deposit Reporting Announced | Wednesday, 26 October 2011

The Federal Reserve Board on Wednesday announced the annual indexing of the reserve requirement exemption amount and of the low reserve tranche for 2012.  Read More

Get Faster Responses to Your Compliance Questions | Wednesday, 26 October 2011

The Regulatory Affairs team is committed to providing credit unions with the most efficient regulatory compliance assistance possible.  With that in mind, we have implemented a single e-mail address for you to submit your compliance questions.  This new e-mail address, This e-mail address is being protected from spambots. You need JavaScript enabled to view it , is monitored continuously to ensure that your questions receive prompt attention.  We have also created a compliance hotline that will allow the team member that is readily available to respond to your call quickly.  This hotline is not a voice mail box, and will generally be answered by a team member. However, in the event that a team member is not available, someone will promptly return your call.  You can reach the compliance hotline at either 1 (800) 477-1697, (602) 264-6701, or (720) 479-3200.  Choose option 4, then press 2.  We look forward to serving you better!

Reg Accountability Bill Would Protect CUs | Wednesday, 26 October 2011

In its efforts to reduce the unnecessary regulatory burden of credit unions, CUNA backed the Regulatory Accountability Act of 2011 (H.R. 3010) by submitting a statement for the record of Tuesday's House Judiciary Committee hearing.  Read More

OFAC SDN/Blocked Persons Update | Tuesday, 25 October 2011

The U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC'') has published the names of three individuals and two entities whose property and interests in property have been unblocked pursuant to Executive Order 12978 of October 21, 1995, ``Blocking Assets and Prohibiting Transactions With Significant Narcotics traffickers''.  Read More

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