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 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

The U.S. Department of the Treasury 's Office of Foreign Assets Control (``OFAC'') published the names of four individuals whose property and interests in property have been blocked pursuant to the Foreign Narcotics Kingpin Designation Act (``Kingpin Act'') (21 U.S.C. 1901-1908, 8 U.S.C. 1182).  Read more.

In a notice dated February 24, 2012, the Financial Crimes Enforcement Network (FinCEN) announced, that in an effort to improve efficiency; reduce government and industry costs; and enhance the ability of investigators, analysts, and examiners to gain better and more timely access to information; that it is adopting a requirement that all financial institutions subject to Bank Secrecy Act (BSA) reporting use electronic filing (E-Filing) for certain FinCEN reports beginning no later than July 1, 2012.
 
BSA E-Filing, which is provided free of charge, offers streamlined BSA information submission; faster routing of information to law enforcement; greater data security and privacy compared with paper forms; long-term cost savings to institutions, individuals, and the government; and ensures compatibility with future versions of FinCEN reports. Effective July 1, 2012, institutions must submit FinCEN reports electronically unless they are eligible to request a temporary exemption as identified in the final rule.
 
For more information about the benefits of using BSA E-Filing, please review the E-Filing Section on FinCEN's Web site. FinCEN is committed to working with financial institutions to increase their understanding of the value of E-Filing and has issued a brochure that highlights its benefits. For other technology-related questions specific to E-Filing, please call the BSA E-Filing Help desk at 1-866-346-9478.