Compliance News
Reg B Appraisal Rules Subject of New CUNA Analysis | Thursday, 31 January 2013
New Consumer Financial Protection Bureau rules that require mortgage lenders to provide applicants with free copies of all appraisals and other home-value estimates are broken down in a new Credit Union National Association final rule analysis.

The appraisal rule, issued under Regulation B, implements changes to the Equal Credit Opportunity Act (ECOA) that were made under was required under the Dodd-Frank Wall Street Reform and Consumer Protection Act.  Read More
CUNA: Fed Maintains Policy Don't Expect Relief From Low Rates | Thursday, 31 January 2013
Federal Reserve monetary policymakers voted Wednesday to continue their policy of purchasing bonds and Treasuries and tying the near-zero federal target fund interest rate to unemployment. That means credit unions should not expect any quick relief from low rates, said Credit Union National Association Chief Economist Bill Hampel.  Read More
CFPB Delays Remittance Rule Feb. 7 Effective Date | Wednesday, 23 January 2013
The Consumer Financial Protection Bureau announced Tuesday that it is delaying the effective date of its international remittance transfer rule that was set to go into effect Feb. 7. A new effective date will be announced later this year, the bureau said in a blog post.  Read More
Cost-benefit Analyses Must Be Part of Rulemaking: GAO | Friday, 21 December 2012
The U.S. Government Accountability Office recommended that federal financial regulators more fully incorporate comprehensive cost-benefit analyses into their Dodd-Frank Act rulemakings in a recent report on federal regulators' efforts to analyze and coordinate Dodd-Frank Act rules. Read More
President Signs ATM Signage, CFPB Privacy Bills | Friday, 21 December 2012
President Barack Obama Thursday afternoon signed a bill (H.R. 4367) into law that revises Regulation E to require that ATM fee disclosures only need to be presented on an ATM's screen. The new law eliminates a duplicative provision that required a physical notice also be posted on the ATM machine, a requirement that has created legal and financial issues for some credit unions and other financial institutions.  Read More
Live Compliance Platform Demonstration 12/12 | Monday, 10 December 2012

You've probably heard some of the buzz about NeighborBench recently - but have you seen our compliance platform for yourself yet? We invite you to join us for our last live webinar demonstration of 2012 to see why our unique solution is going viral in the credit union community.

Date: Wednesday, December 12, 2012

Time: 2:00 PM - 3:00PM EDT

NeighborBench's innovative solution leverages the latest in secure cloud-based technology to connect credit unions with experienced professionals - zeroing in on the areas that need to be addressed to help your credit union remain compliant.

Join us to learn:

- How to use the latest tools to remain current with new compliance regulations

- How to significantly reduce the costs associated with ongoing compliance

- How to more efficiently prepare for regulatory exams

- How to decrease the compliance burden on your staff resources

Register now by clicking the link below:

After registering you will receive a confirmation email containing information about joining the Webinar.

For questions or more information, please visit our website, or contact us at 888-97-BENCH or This e-mail address is being protected from spambots. You need JavaScript enabled to view it .
OFAC Updates Lists | Tuesday, 27 November 2012
The Treasury Department's Office of Foreign Assets Control ("OFAC'') published the names of seven entities whose property and interests in property are blocked pursuant to Executive Order 13464 of April 30, 2008 ("Blocking Property and Prohibiting Certain Transactions Related to Burma'') ("E.O. 13464'') or Executive Order 13448 of October 18, 2007 ("Blocking Property and Prohibiting Certain Transactions Related to Burma'') ("E.O. 13448''). OFAC is also amending the listing of a person whose property and interests in property were previously blocked.  Read more.
FinCEN, FDIC Assess Civil Money Penalties Against First Bank of Delaware | Tuesday, 20 November 2012
The FDIC and FinCEN yesterday announced the assessment of concurrent civil money penalties of $15 million against First Bank of Delaware, Wilmington, Delaware, for violations of the BSA and AML laws and regulations. The Bank also settled civil charges, on related activities, brought by the U.S. Department of Justice, U.S. Attorney’s Office for the Eastern District of Pennsylvania. Read more.
CUNA: Higher Small CU Threshold Needed at SBA/NCUA | Thursday, 15 November 2012
More credit unions could see their regulatory burdens ease if the Small Business Administration (SBA) goes through with its proposal to raise the size standard to $500 million for a credit union to be considered a small entity, CUNA wrote in a Nov. 13 comment letter. CUNA favors having the National Credit Union Administration (NCUA) set the size standard at the same level as SBA and supports having the NCUA review the standard every 18 months. CUNA has communicated those views to the NCUA via a separate letter.  Read More
OFAC Update Regulations Blocking Property | Tuesday, 13 November 2012
The Department of the Treasury's Office of Foreign Assets Control (``OFAC'') has issued regulations to implement Executive Order 13611 of May 16, 2012 (``Blocking Property of Persons Threatening the Peace, Security, or Stability of Yemen''). OFAC intends to supplement this part 552 with a more comprehensive set of regulations, which may include additional interpretive and definitional guidance and additional general licenses and statements of licensing policy.  Read more.
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