The Office of Foreign Assets Control has added six names to its list of individuals whose property and interests in property are blocked.  The names were added pursuant to Executive Order 13224.  Get the names from the Federal Register Announcement Here.

CUNA has urged the Internal Revenue Service to consider a number of options for reducing credit unions' compliance burden under IRS Form 990.  State-chartered credit unions are required to file Form 990 with the IRS annually, although a few states still permit group 990 filings. Federal credit unions are not required to file, since they are not subject to unrelated business income taxes.

The IRS requires Form 990 filers to disclose the names and compensation of certain key employees such as directors, their 20 highest compensated non-executive employees, any independent contractors that work for the firm, and former high ranking or key employees. However, the reporting thresholds for these positions differ somewhat from position to position.  Read More…

The third draft of the Consumer Financial Protection Bureau's (CFPB) combined form for Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) disclosures will be released next week, the CFPB said last Thursday.

The combined form is required under the Dodd-Frank Act and is intended to reduce mortgage lender regulatory burden and make mortgage disclosures less confusing to consumers. The CFPB has released and collected comment on two separate drafts of a simplified mortgage disclosure form. The agency said it has received more than 18,000 comments since the first draft of the combined form was released in May.  Read More…

Credit unions that wish to take part in the National Credit Union Administration's voluntary Corporate Stabilization Fund assessment prepayment plan must notify the agency of their intent by the end of the day. Read More...

NCUA is amending its rules to conform to the amendments made in the Federal Credit Union Act (FCU Act) by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) which became effective Wednesday, July 27th.

The interim final rule adds remittance transfers, as now defined under the Electronic Fund Transfer Act (EFTA), as an example of money transfer instruments Federal credit unions (FCUs) may provide to persons within their fields of membership.  Read More…