Thursday, September 02, 2010Last Update: 10:01 PM PT

     WASHINGTON (CN) - The Department of Veterans Affairs now has limited authority to stop collections on certain VA benefit debts after the debtor dies, if the death is related to war. The hostilities involved must have occurred on or after Sept. 11, 2001.
     The VA also may refund amounts collected after the individual's death.
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     WASHINGTON (CN) - Businesses with at least $60 million in assets and transactions per year no longer will have to report certain transactions between U.S. parent companies that are banks, bank holding companies, or financial holding companies and their bank foreign affiliates, according to a proposed change to the Commerce Department's quarterly survey of U.S. direct investment abroad.
     The change is to bring U.S. reporting requirements in-line with international standards and eliminate duplication of reporting as the Treasury Department collects permanent debt and related interest payments by U.S. reporters through the Treasury International Capital System.
     The threshold, raised from $40 million per year, was last set in 2006 and is stated in terms of the foreign affiliate's assets, sales, and the absolute value of net income-either positive or negative.
     The Bureau of Economic Analysis, U.S. Department of Commerce, conducts the survey to gather information on international capital flows and information related to international investment and trade in services. The bureau then computes and analyzes the U.S. balance of payments and the employment and taxes of U.S. parent and affiliate companies.
     The bureau is asking for public comment on the proposed changes.
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     WASHINGTON (CN) - The U.S. Department of the Navy allows an attorney practicing under the Judge Advocate General to disclose a client's condition when the attorney reasonably believes that a client has diminished capacity and is at risk of substantial physical harm to him or herself unless immediate action is taken, according to a new Navy regulation.
     The attorney may consult with those who have the ability to take action to protect the client, and the attorney may reveal information to the extent reasonably necessary to protect the client's interests.
     The update aligns the Navy's policy with the American Bar Association Model Rules of Professional Conduct on "Client with Diminished Capacity".
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     WASHINGTON (CN) - The Federal Trade Commission has proposed revisions to three key information documents that credit ratings agencies and credit providers must give to consumers. The documents are a summary of consumer rights, a notice of responsibilities for people who furnish information to consumer reporting agencies, and a notice of responsibilities for people who obtain consumer reports from consumer reporting agencies.
     One major change to the documents would require credit providers who use consumer credit reports to grant or deny credit to provide risk-based pricing notices if they extend credit to a particular consumer on less favorable terms than they offer to others. These pricing notices explain the basis of the decision and the circumstances under which the consumer might qualify for better terms.
     The revised documents also would describe new processes by which a consumer may dispute information on the credit reports. Previously, consumers had to file a dispute with the credit reporting agency, but in July 2009, the FTC and other federal agencies issued the Furnisher Direct Dispute Rule, which allows consumers to dispute the accuracy of their consumer report directly with the furnisher of that information as well as with the credit reporting agency.
     The FTC requests public comment on the proposed revisions. The documents were last revised in 2004 to reflect changes required by the Fair and Accurate Credit Transactions Act.
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