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CUNA in a comment letter agreed that the Consumer Financial Protection Bureau lacks the authority to regulate card fees charged before an account is opened, such as an application fee, but also warned that the CFPB's decision to only regulate fees charged after account opening could subject consumers to potentially abusive fees from non-credit union lenders.  Read More
CUNA in a Wednesday comment letter suggested several significant changes to the Consumer Financial Protection Bureau's plans to introduce additional standards for mortgage loan originator compensation, and urged the agency to shield credit unions from the impact of the proposal, where possible. Read More
The U.S. Department of the Treasury's Office of Foreign Assets Control (``OFAC'') published the names of two entities 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). In addition, OFAC has published additions to the identifying information for two individuals previously designated pursuant to the Kingpin Act.  Read more.
CUNA in a pair of comment letters pressed the Consumer Financial Protection Bureau to exempt credit unions from many provisions of proposed mortgage servicing rules, or to refrain from applying provisions to credit unions in the proposals that do not implement a specific statutory requirement.  Read More
SARs Regarding Foreclosure Rescue Scams Increase
Suspicious activity reports (SARs) regarding foreclosure rescue scams continued to grow in the first half of 2012, even as the total number of SARs indicating mortgage loan fraud declined, the Financial Crimes Enforcement Network (FinCEN) announced today in its latest Mortgage Loan Fraud Update. This update to FinCEN’s prior reports looks at SAR filings from April through June 2012 (2012 Q2).  For more information see links below:

• News Release
• Mortgage Fraud SAR Datasets 
• Mortgage Loan Fraud Update
International cyber crooks are working together and planning a major malware attack to steal money from online accounts of consumers at 30 or more major U.S. banks as part of a large-scale orchestrated crimewave campaign, warned security firm RSA Thursday.  Read More
While many credit unions may be avoiding undertaking a full review of the Consumer Financial Protection Bureau's extensive mortgage lending regulation proposal, thinking the regulations only apply to first mortgage loans, CUNA has warned that portions of the regulations do apply to subordinate liens.  Read More
A series of regulatory relief proposals that could potentially benefit credit unions were approved by the National Credit Union Administration on Thursday, including proposals that would expand definitions of small credit unions and rural areas, and give credit unions greater investment authority.  Read More
FinCEN will host a roundtable discussion to continue gathering information on the Advance Notice of Proposed Rulemaking (ANPRM) on customer due diligence (CDD) requirements for financial institutions, published in the Federal Register on March 5, 2012. The meeting will be held Friday, Sept. 28 at the U.S. Commodity Futures Trading Commission in Chicago. The meeting will consist of two sessions – a morning session for futures commission merchants and introducing brokers and an afternoon session for all other interested financial institutions.  More information is available Here .