Alerts Now Service




  

 

Financial Crimes Enforcement Network: Customer Due Diligence Requirements for Financial Institutions; Extension of Comment Period

Issue Date:
5/10/2012
 
Agency:
FinCEN
 
Highlights:
• Extension of comment period for Advance Notice of Proposed Rulemaking published concerning customer due diligence requirements for financial institutions
 
Action:
Extension
 
Reference:
RIN 1506-AB15
 
 
Detail

FTC Opinion Letter Affirms Consumers' Rights under the Holder Rule

Issue Date:
5/10/2012
 
Agency:
FTC
 
Highlights:
• FTC advisory opinion affirming that the Holder in Due Course Rule does not limit or preclude a consumer's right to recovery other than to restrict awards to monies paid under a contract

• Prepared in response to a request by consumer groups concerned by court decisions

• States that the plain language of the Rule is clear and does not limit affirmative recovery to those circumstances where rescission is warranted or where the goods or services sold to the consumer are worthless
 
Action:
Opinion Letter
 
Reference:

Press Release 5/10/12

Opinion Letter 5/3/12

Staff Guidelines on HDC Rule

 
 
Detail

NCUA Implements New Supervision Manual and Consistent Exam Standards

Issue Date:
5/10/2012
 
Agency:
NCUA
 
Highlights:
• NCUA staff completed comprehensive training that will result in more consistent supervision and examination standards for credit unions across America

• Trainers outlined a new National Supervision Policy Manual intended to ensure that credit unions are treated more consistently from region to region
 
Action:
Exam Manual Update
 
Reference:
Press Release 5/10/12
 
 
Detail

The SAR Activity Review

Issue Date:
5/10/2012
 
Agency:
FinCEN
 
Highlights:
• Issue #17 of SAR Activity Review - By the Numbers

• Issue #21 of FinCEN's SAR Activity Review - Trends, Tips & Issues
 
Action:
Publication
 
Reference:

SAR Activity Review - TTI Issue 21

SAR Activity Review - By the Numbers 17

 
 
Detail

Consumer Financial Protection Bureau considers rules to simplify mortgage points and fees

Issue Date:
5/9/2012
 
Agency:
CFPB
 
Highlights:
• CFPB will propose rules to implement the loan originator compensation provisions of the Truth in Lending Act

• Will amend rules applicable to compensation in mortgage loan transactions, and "help level the playing field" in connection with regulation of mortgage loan originators under SAFE Act

• CFPB intends to finalize rules on these topics by 1/21/13
 
Action:
Outline of Proposal
 
Reference:

Press Release 5/9/12

Small Business Review Questions

Small Business Review Outline

 
 
Detail

Interest Rate Risk Policy and Program Requirements

Issue Date:
5/9/2012
 
Agency:
NCUA
 
Highlights:
• Beginning 9/30/12, certain federally insured credit unions (FICUs) will be required to adopt a written policy on interest-rate risk (IRR) management and a program to implement it effectively

• Providing flexibility for credit union managers and board members to develop their own policy - provides Q&As
 
Action:
Requirements
 
Reference:

12-CU-05

Examination Questionnaire

 
 
Detail

New Document Custodian Requirements

Issue Date:
5/9/2012
 
Agency:
Fannie Mae
 
Highlights:
• New requirements for document custodians with respect to compliance audits and certification practices

• Document custodians must engage third-party auditors to conduct an annual assessment of eligibility and operational compliance
 
Action:
New Requirements
 
Reference:
SVC-2012-08
 
 
Detail

BSA E-Filing Updated Technical Specifications

Issue Date:
5/8/2012
 
Agency:
FinCEN
 
Highlights:
• FinCEN Webinar recording and presentation file on E-Filing specifications for FinCEN’s new formats for the CTR, SAR, and Designation of Exempt Person report; the BSA E-Filing Test site and Testing Process, and; FAQs about the E-Filing specifications
 
Action:
Webinar
 
Reference:

BSA E-Filing Webinar Recording

BSA E-Filing Webinar Presentation Materials

 
 
Detail

Treasury Targets Leading Figures of Sinaloa Cartel

Issue Date:
5/8/2012
 
Agency:
Treasury, OFAC
 
Highlights:
• Designation of 4 key Sinaloa Cartel operatives, including two sons of Sinaloa drug lord Joaquin “Chapo” Guzman Loera
 
Action:
Additions to SDN List
 
Reference:

Treasury Press Release tg-1576

OFAC Recent Actions 5/8/12

 
 
Detail

Allocation of Mortgage Insurance Premiums

Issue Date:
5/7/2012
 
Agency:
IRS
 
Highlights:
• Explains how to allocate prepaid qualified mortgage insurance premiums to determine the amount of the prepaid premium that is treated as qualified residence interest each taxable year
 
Action:
Final Rule
 
Reference:
5/7/12; 77 FR 26698
 
 
Detail