Mountain West News
NCUA Won't Launch Corporate Prepay Plan |

The proposed prepayment program for corporate credit union stabilization assessments failed to attract the required $500 million in pledges that the National Credit Union Administration (NCUA) set as the requirement to launch the plan. However, the agency's chairman said the board is open to reconsidering the issue in 2012.  Read More.

OFAC Adds Six Names To Lists |

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 Urges IRS To Consider Options To Reduce Compliance Burden |

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

Consumer Financial Protection Bureau To Release Combined Form |

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

TODAY Is NCUA Prepayment Participation Deadline |

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...

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