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Michigan Credit Union League Home » Information Services » Publications » Reg Roundup

Governmental Affairs Contacts Marcia E. Hune - Vice President of Government and Public Affairs Jordan Kingdon - Director of Government Affairs Vicki Baron - State Legislative Affairs Coordinator Jami Meyer - Political Affairs Coordinator Regulatory Affairs Contacts Michael DeFors - Vice President of Information Services Veronica Madsen - Director of Compliance and General Counsel Jody Dabrowski - Compliance Helpline Consultant

Regulatory Roundup - August 2010 

NCUA LETTER TO CREDIT UNIONS

10-CU-12: State of the Credit Union Industry as of March 31, 2010
The purpose of this Letter is to report the analysis of credit union financial trends for the first three months of 2010 based on data compiled from first-quarter call reports.  The Letter also informs credit unions of the risks NCUA will continue to focus on throughout 2010. A copy of this Letter can be found at: http://www.ncua.gov/letters/2010/CU/10-CU-12.pdf.  The Letter’s Enclosure can be found at: http://www.ncua.gov/letters/2010/CU/10-CU-12attachment.pdf.

NCUA REGULATORY ALERTS

10-RA-09: Guidance on Filing Suspicious Activity Reports Regarding Home Equity Conversion Mortgage Fraud Schemes
The purpose of this Alert is to provide federally insured credit unions with resources to detect fraud schemes that are stripping consumers of their home equity.  This Alert is in response to the Financial Crimes Enforcement Network’s (FinCEN) recently issued advisory regarding reverse-mortgage fraud schemes potentially related to the Federal Housing Administration (FHA) Home Equity Conversion Mortgage (HECM) program. A copy of this Alert, including the FinCEN advisory, can be found at: http://www.ncua.gov/Resources/RegulatoryAlerts/Files/2010/10-RA-09.pdf.

10-RA-10: Potential Risks of Property Assessed Clean Energy Loans
The purpose of this Alert is to advise federally insured credit unions of the potential risks associated with certain energy retrofit lending programs, commonly known as Property Assessed Clean Energy (PACE) loans.  This Alert is in response to the Federal Housing Finance Agency’s (FHFA) statement on July 6, 2010 cautioning lenders of the potential for certain PACE loan programs to adversely affect a lender’s security interest in collateral securing residential and commercial mortgages. A copy of this Alert, including the FHFA statement, can be found at: http://www.ncua.gov/Resources/RegulatoryAlerts/Files/2010/10-RA-10.pdf.

OFFICE OF FOREIGN ASSETS CONTROL

OFAC Updates SDN List
Credit unions are reminded that the OFAC SDN lists have been updated through August 6, 2010 with the addition of one individual and one entity from Pakistan. The full 2010 listing as of August 6, 2010 can be found at: http://www.treas.gov/offices/enforcement/ofac/sdn/t11sdn.pdf.