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Legal Briefs - Dec 28, 2011

December 29, 2011

Consumer Financial Protection Bureau (CFPB)

The CFPB released another series of updates to existing regulations to make amendments showing the transfer in authority of the regulations to the CFPB. The changes will be effective on Dec. 30, 2011, and have comment due dates of Feb. 21, 2011.

• Regulation B - Equal Credit Opportunity Act
• Regulation V - Fair Credit Reporting Act
• Regulations J, K, and L - Interstate Land Sales Registration Program
• Regulation P - Privacy of Consumer Financial Information
• Regulation DD - Truth in Savings

Financial Crimes Enforcement Network (FinCEN)

FinCEN has released advisory FIN-2011-A016. The advisory assists credit unions with identifying account takeover activity and reporting the activity by filing a Suspicious Activity Report.

Federal Trade Commission (FTC)

The FTC is seeking public comment on issues arising from the increased use of facial recognition software and personal privacy and security. Comments are due by Jan. 31, 2012.

National Labor Relations Board (NLRB)

Citing a federal court hearing, the NLRB has changed the mandatory date for posting of the NLRA Poster to April 30, 2012.

Washington State Division of Credit Unions (DCU)

The Washington State DCU has released the 1st quarter 2012 quarterly assessment sheet. The Automated Clearing House (ACH) debit will originate on Jan. 27, 2012.

 

Questions? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org.

Posted on 12/29/2011

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