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Changes to the Internal Revenue Service's (IRS) 1042-S reporting requirements will create a new compliance burden for credit unions, CUNA Deputy General Counsel Mary Mitchell Dunn has warned.  More

The U.S. Department of the Treasury 's Office of Foreign Assets Control (``OFAC'') published the name of one individual whose property and interests in property has 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.

The Consumer Financial Protection Bureau is considering revising Regulation Z so that a current 25%-of-available-credit limit would apply only to fees that are charged at account opening. More

CUNA has urged the Consumer Financial Protection Bureau to suspend a duplicative automated teller machine notice requirement in an effort to help stop lawsuits being brought against credit unions and other financial institutions when the notices have been removed, damaged or destroyed.  More

In this month's National Credit Union Administration Report, Director of Examinations and Insurance Larry Fazio said NCUA examiners and credit union management "can both take a lot of specific steps to contribute to a conducive exam environment."  Read More

The Consumer Financial Protection Bureau Tuesday said it is considering a series of new mortgage rules that aim to increase transparency and accountability in the market. More

The Treasury Department's Office of Foreign Assets Control (``OFAC'') yesterday published the names of 3 individuals whose property and interests in property are blocked pursuant to Executive Order 13573 of May 18, 2011, ``Blocking Property of Senior Officials of the Government of Syria.''  Read more.

Federal Reserve approves final rule to simplify administration of reserve requirements and reduce costs for depository institutions and Federal Reserve Banks. Read More

Examination improvements and a continued focus on regulatory relief are two areas that the Credit Union National Association urged the National Credit Union Administration to focus on in the coming months, with particular emphasis on implementing exam improvement procedures now, rather than waiting for legislation to be enacted.  Read More

The large-scale data breach revealed Friday at Atlanta-based card processor Global Payments Inc. has prompted CUNA Mutual Group to send its credit union bond policyholders a Risk Alert with advice on what they should do.  Read More