News & Info for Northwest Credit Unions
From Northwest Credit Union Association

Legal Briefs

Your weekly update on the regulatory landscape.

Consumer Financial Protection Bureau (CFPB)

The CFPB has released a new interactive online tool to help consumers understand financial products and services. The CFPB database contains over 350 questions and answers organized into definitions, explanations, and situations.
The CFPB is seeking public comment on payday lending. Public input will be taken until April 23, 2012.


Office of Foreign Assets Control (OFAC)

The OFAC SDN list was updated again. Last update: March 27, 2012.


Oregon Department of Consumer and Business Services (DCBS)

The DCBS is planning on hosting several financial information seminars in April. A variety of speakers from the DCBS, the Senior Health Insurance Benefits Assistance (SHIBA) program, the Oregon Department of Justice (DOJ), and AARP Oregon will each share a 10-minute presentation followed by questions.


Federal Trade Commission (FTC)

The FTC has issued a final report that sets forth best practices for businesses to protect the privacy of American consumers and give them greater control over the collection and use of their personal data. The report calls for companies to protect consumer privacy by design, through simplified choice for businesses and consumers, and with greater transparency.


Washington State Division of Credit Unions (DCU)

The second quarter 2012 Quarterly Asset Assessment Worksheet for Washington State-Chartered Credit Unions is available on the DCU webpage. The Automated Clearing House (ACH) debit for the second quarter will be originated on April 27, 2012.


Oregon Department of Justice (DOJ)

The DOJ has filed an amicus brief in an Oregon foreclosure lawsuit that is pending before the 9th U.S. Circuit Court of Appeals. The “friend of the court” brief reviews Oregon law that allows foreclosures to be conducted outside the courthouse only if every transfer of the loan documents has been properly recorded with the county.

 

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

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