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The Financial Crimes Enforcement Network (FinCEN) has updated the BSA E-Filing System’s User Test System Web site to allow for testing submissions of batch and computer-to-computer filings of FinCEN’s new Currency Transaction Report (CTR) and Suspicious Activity Report (SAR).  Read more.

The Bureau of Consumer Financial Protection (CFPB) yesterday published a final rule amending the official commentary that interprets the requirements of Regulation C (Home Mortgage Disclosure) to reflect a change in the asset-size exemption threshold for depository institutions based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI–W).  The exemption threshold has been adjusted to increase to $41 million from $40 million.  Depository institutions with assets of $41 million or less as of December 31, 2011 are exempt from collecting data in 2012.  Read more.

The Bureau of Consumer Financial Protection (“CFPB”) today published its final rule amending Regulation E, which implements the Electronic Fund Transfer Act, and the official interpretation to the regulation, which interprets the requirements of Regulation E. The final rule provides new protections, including disclosures and error resolution and cancellation rights, to consumers who send remittance transfers to other consumers or businesses in a foreign country. The amendments implement statutory requirements set forth in the Dodd-Frank Wall Street Reform and Consumer Protection Act.  The Association will be preparing an InCompliance package for the final rule which takes effect February 7, 2013.  You can find the 116 page final rule here.

The CFPB also published today a proposed rule related to the remittance transfer final rule.  The proposal requests comment on whether a safe harbor should be adopted with respect to the phrase ‘‘normal course of business’’ in the definition of ‘‘remittance transfer provider.’’ This definition determines whether a person is covered by the rule.  The proposal also requests comment on several aspects of the final rule regarding remittance transfers that are scheduled in advance, including preauthorized remittance transfers. In developing the final rule, the CFPB believes that these issues would benefit from further public comment.  Comments on the proposal must be received by April 9th.  The 25 page proposed rule is available here.

Each year, the National Credit Union Administration reviews one-third of its regulations to identify any rule or provision that it deems 'outmoded, ineffective, insufficient, or excessively burdensome," and the agency just released its 2012 review list. More

The NCUA today published a proposal to amend its regulations to require federally insured credit unions (FICUs) to maintain written policies that address the management of loan workout arrangements and nonaccrual policies for loans, consistent with industry practice or Financial Institutions Examination Council (FFIEC) requirements. The proposed rulemaking includes guidelines set forth as an interpretive ruling and policy statement (IRPS) and incorporated as an appendix to the rule that will assist FICUs in complying with the rule, including the regulatory reporting of troubled debt restructured loans (TDR loans or TDRs) in FICU Call Reports. Read More

Today when West Virginia Credit Union League President/CEO Ken Watts testifies on behalf of the CUNA at a House subcommittee hearing, he will tell lawmakers that a proposed financial institutions examination reform bill would help strengthen the safety and soundness of the financial system by increasing the consistency and fairness of financial institution examinations. More

The National Credit Union Administration is seeking public comment on potential emergency liquidity regulations for federally-insured credit unions, and CUNA has asked credit unions to add their voices to a pending comment letter on this NCUA proposal.  More

New National Credit Union Administration interest rate risk regulations are "regulatory overkill" and only increase "the already hefty regulatory burden on credit unions," CUNA President/CEO Bill Cheney said following Thursday's NCUA open board meeting.  More

The Consumer Financial Protection Bureau will establish an advisory council for credit unions to help the agency gauge how its actions are impacting the credit union industry, CFPB Director Richard Cordray said during a Tuesday House Oversight and Government Reform subcommittee hearing.  More

Companies that process credit and debit card payments are required to submit the Internal Revenue Service's new Form 1099-K this tax season, CUNA reminds.  More