New SDN List format
OFAC has announced the release of the Specially Designated Nationals (SDN) list in an XML data format that is based on the United Nations 1267/1988 Committee's Advanced Sanctions Data Model. This format gives sanctions lists new capabilities and will aid list users in executing their compliance obligations.
Click here for Frequently Asked Questions regarding this new format.
Users of the advanced xml file are welcome to provide comments about the new format to OFAC at O_F_A_C@do.treas.gov
Source: US Department of Treasury
NCUA Hosting Financial Literacy Webinar and Twitter Chat April 22
Credit unions interested in promoting greater financial literacy among their members, particularly young members, can get valuable information and discuss their ideas and activities on a webinar and a Twitter chat hosted by the National Credit Union Administration on Wednesday, April 22.
The webinar, “Your Mission in Action: Developing Youth Financial Literacy and Savings Programs,” is scheduled to begin at 2 p.m. The webinar is scheduled to last 90 minutes, and there is no charge.
Ken Worthey, Financial Literacy and Outreach Analyst in NCUA’s Office of Consumer Protection, will moderate the webinar. He will be joined by Gail Laster, Director of NCUA’s Office of Consumer Protection; NCUA Consumer Affairs Director Morgan Rogers; Louisa Quittman, Director of the U.S. Treasury’s Office of Financial Education; Gigi Hyland, Executive Director, National Credit Union Foundation; and Katie Bryan, Communications Director for the Consumer Federation of America.
Topics that will be discussed include:
- Strategies for developing new youth financial literacy programs or enhancing current programs,
- Research available on youth savings and financial literacy,
- Making outreach effective, and
- Financial literacy resources available from NCUA, other federal agencies and nonprofits.
Online registration is available here. Participants will also use this link to log into the webinar. Registrants should allow pop-ups from this website.
FHLB access among 5 CUNA-backed reg. relief bills winning House approval
WASHINGTON (4/14/15)--Five CUNA-supported regulatory relief bills sailed through the House Monday, including a stand-alone credit union relief measure that would correct a drafting error that has prevented some credit unions from accessing Federal Home Loan Bank membership.
"CUNA and credit unions could not be more appreciative that the House's first order of business after coming back to session after a two-week District Work Session is to vote favorably on a regulatory relief package that will help credit unions better serve their members," Ryan Donovan, CUNA Chief Advocacy Officer, said Monday after the votes.
"We look forward to working closely with Senate Banking Committee leadership to help these important statutory changes make their way through that chamber and onto the president's desk to be signed into law," he added.
The other CUNA-supported bills approved by resoundingly favorable votes in the House were:
- Helping Expand Lending Practices in Rural Communities Act (H.R. 1259), which would direct the Consumer Financial Protection Bureau (CFPB) to establish an application process for determining whether an area should be defined as "rural," which would impact products credit unions in those areas could offer. The bill was passed by the House during the last Congress and passed Monday with a 401-1 vote;
- Bureau Advisory Commission Transparency Act (H.R. 1265), which would open up meetings of the CFPB's Credit Union Advisory Council to the public. The bill passed with a vote of 401-2; and
- The SAFE Confidentiality and Privilege Enhancement Act (H.R. 1480) would allow state and federal regulatory officials with financial services industry oversight authority to access information provided to the Nationwide Mortgage Licensing System and Registry without the loss of confidentiality protections provided by federal and state laws. The bill passed Monday by a 401-0 vote.
Source: CUNA News Now
CFPB Files Suit Against Participants in RoboCall Debt Collection Operation
Last week, the CFPB filed a lawsuit against a robocall debt collection operation. The CFPB alleges that Marcus Brown and Mohan Bagga led a group of individuals and entities that threatened, harassed, and deceived consumers in order to collect phantom debt. Phantom debt is debt consumers do not actually owe or debt that is not payable to those attempting to collect it. According to the complaint, Brown and Bagga and those working with them used many fictitious names as they threatened consumers with arrest, wage garnishment, and “financial restraining orders.” The CFPB’s claims against these defendants are based on the Consumer Financial Protection Act and the Fair Debt Collection Practices Act. The CFPB’s complaint alleges that consumers were tricked into believing that the collectors were legitimate because the collectors verified consumers’ personal information, such as date of birth, social security number, the names of family members, and employment information. According to the complaint, Brown and Bagga purchased consumers’ personal information from debt brokers and lead generators. They then used a telemarketing firm, Global Connect, to automatically broadcast robocalls to millions of consumers. The calls alleged that the consumer had engaged in check fraud and threatened to contact the consumer’s employer. In response to the debt collectors’ threats and false statements, consumers provided credit or debit card payment information. The complaint alleges that once the debt collectors got consumers’ payment information; they would submit it to the payment processors, who enabled the collectors to access consumers’ bank accounts to withdraw money, despite the many indications of misconduct.
Source: CUNA News Now
NCUA Updates National Supervision Policy Manual regarding Approval of Secondary Capital
NCUA recently announced revisions to its National Supervision Policy Manual intended to make secondary capital processes easier for lowincome credit unions as well as investors. Specifically, the changes were aimed at achieving two goals: expediting the approval of secondary capital requests by regional offices and making it possible for credit unions that have secondary capital to return portions of the loans that no longer count towards net worth. The revised procedures can be found in the updated section of the agency’s National Supervision Policy Manual
Source: CUNA News Now