Banking & Financial Services E-Note - September 30, 2013

In This Issue:

- NCUA Drafts Rule Subjecting Big Credit Unions to Stress Tests Report Finds FDIC Has Filed as Least 32 D&O Lawsuits This Year

- CFPB Cracks Down on "Furnishers" Giving Credit Report Information

- CFPB Begins Writing Debt Collection Agency Regulations

- Cordray Says Mortgage Lenders Prepared for New Rules

- CFPB Says Employers Can't Require Workers to Use Payroll Cards

- Excerpt from NCUA Drafts Rule Subjecting Big Credit Unions to Stress Tests Report Finds FDIC Has Filed as Least 32 D&O Lawsuits This Year:

Big credit unions may soon join megabanks in undergoing annual examinations of theirability to survive a downturn, a step that could force financial cooperatives to raise feesor pay less in interest to their members. The National Credit Union Administration said itis drafting a rule to subject credit unions with more than $10 billion in assets to stresstests, which would determine whether the institutions have adequate capital to withstand economic shocks.

Please see full E-Note below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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