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
The Financial Crimes Enforcement Network (FinCEN) is announcing today that the deadline for financial institutions to utilize FinCEN's new Currency Transaction Report (CTR) and Suspicious Activity Report (SAR) for reporting purposes will be extended to March 31, 2013. More
The Treasury Department's Office of Foreign Assets Control (``OFAC'') has published the names of two entities that have been identified as entities in which the Zimbabwe Mining Development Corporation, a person whose property and interests in property are blocked, owns, directly or indirectly, a 50 percent or greater interest. Therefore, all property and interests in property of such entities are blocked. Read More.
FinCEN today issued a $25,000 Civil Money Penalty against a bank employee who unlawfully revealed the existence of a Suspicious Activity Report to the subject of the SAR. More
A federal credit union may invest in a credit union service organization (CUSO) established solely to act as a corporate trustee on deeds of trust for real estate loans made by another CUSO of the credit union. It also is permissible for a CUSO to form a subsidiary to function as the corporate trustee for its own real estate loans, said a National Credit Union Administration legal opinion letter. More
The Consumer Financial Protection Bureau (CFPB) launched a new Know Before You Owe project aimed at simplifying credit card agreements so that the prices, risks, and terms are easier for consumers to understand. The simplified credit card agreement is the third project in CFPB’s Know Before You Owe campaign, which includes efforts to improve the transparency of information about mortgages and student loans. Read More
The Bureau of Consumer Financial Protection (the CFPB) is requesting specific suggestions from the public for streamlining regulations it recently inherited from other Federal agencies. This document asks the public to identify provisions of the inherited regulations that the Bureau should make the highest priority for updating, modifying, or eliminating because they are outdated, unduly burdensome, or unnecessary. Read More