Regulatory & Compliance

A loan to construct a boat that will be used for commercial purposes is still subject to additional compliance requirements within NCUA's member business lending, the agency recently said.

The Federal Reserve Board recently adopted a final amendment to Regulation E regarding consumer authorization requirements for electronic fee collection for items returned as unpaid. In related news, the board has also asked for comment on a proposal that would eliminate a requirement for receipts for small dollar transactions.

The IRS recently announced a formula that business and tax-exempt organizations can use to estimate their federal telephone excise tax refunds.

Three prominent female bankers associated with the three major banking trade associations have been named to fill an open spot on the Federal Reserve Board.

Even before there has been much time to discuss implementing regulations, America's Community Bankers is raising concerns about the provision in the Department of Defense reauthorization to cap interest rates to military personnel at 36%.

Amongst all the hoopla over banks venturing into real estate, the Office of the Comptroller of the Currency issued an interpretive letter (#1072) last month, permitting an undisclosed bank to lease out a branch it is replacing.

NAFCU is preparing to host a Webcast on Dec. 6 covering the Financial Services Regulatory Relief Act, NCUA's Final Suspicious Activity reporting rule, and taking "A Look Ahead" to 2007.

The Financial Crimes Enforcement Network, FDIC, and the New York State Banking Department last week announced a civil money penalty of $12 million against Israel Discount Bank of New York for violations of federal and state anti-money laundering laws and regulations.