Links in “Proposals, Requests, & Comments”

The number of federal legislators calling for the CFPB to use its authority to better protect credit unions rose to at least 330 signers, and counting. The letter has driven support from both sides of the aisle. [3/10/16]

FINRA is proposing a rule change that would permit 15-day holds (or longer) to be placed on accounts belonging to individuals 65 or over if the institution believes that the individual is being financially exploited. Although FINRA rules do not apply directly to credit unions, many credit unions offer investment products through third party brokerages that have agreements with FINRA members. The rule would also permit holds on accounts for individuals over 18 if the institution reasonably believes that the individual is mentally or physically impaired and not able to protect his or her own financial interests. [2/25/16]

The CFPB is proposing a new information collection, “Application Process for Designation of Rural Area under Federal Consumer Financial Law.” Comments are invited concerning ways to enhance the quality and clarity of the collected information, as well as ways to minimize the burden of collection for respondents. [2/19/16]

The OCC issues its 2015 annual report, recapping the progress of legislative proposals to provide regulatory relief. Among the proposals are extending the examination cycle for community banks and exempting community banks from the Volcker rule. [2/9/16]

Pursuant to the Paperwork Reduction Act of 1995, the OCC is soliciting comments regarding extension of  its current information collection entitled "Privacy of Consumer Financial Information." [2/9/16]

In a letter to key members of Congress, 53 state banking associations urge an investigation of the tax implications of the NCUA's field of membership proposal. Here's what they said. [2/9/16]

The Financial Crimes Enforcement Network has published a Notice and Request for Comments on proposed revisions to the Currency Transaction Report (CTR) to allow for alternative reporting models that have developed since the current CTR was created in 2011. This notice does not propose any new regulatory requirements or changes to the requirements related to currency transaction reporting, but rather seeks input on technical matters designed to improve the layout and reporting of the CTR. Written comments on the proposal will be accepted through April 4, 2016. [2/3/16]

HUD announced its consideration in implementing a new rule which would assess whether individuals and families residing in public housing still require housing assistance in cases where their incomes grow well beyond the levels required for their initial admission. Public comments regarding methods to address this new rule are invited via mail or electronic submission. [2/3/16]

Beginning Oct. 3, 2016, lenders must determine the military status of all their applicants for many forms of consumer credit. One way to do this is through queries to the Defense Manpower Data Center website. The deadline for expressing an interest in direct access to the database is Feb. 1, 2016. That's Monday, folks. Financial institutions didn't even hear about the option until Jan. 12, 2016. Several trade groups are requesting an extension on the connectivity option to March 1, 2016. [1/28/16]

FinCEN took 15 months to assess comments on its proposed customer due diligence rules, then dumped its publication in the Federal Register on Christmas Eve with only a 30-day public comment period. The proposed rule would require financial institutions to identify beneficial owners who hold a 25% or greater ownership stake in the legal entity. [1/28/16]