WASHINGTON (5/28/15)--The spring 2015 Unified Agenda of Regulatory and Deregulatory Actions issued this week contains a number of updates on items of interest to credit unions from federal agencies.
While the timelines laid out in the agenda can change, it does provide a sense of the timing the agencies are hoping to have certain rules finalized or updated.
The U.S. Treasury’s Financial Crimes Enforcement Network’s (FinCEN) customer due diligence rule, proposed in August 2014, should be finalized sometime in August. The rule outlines a number of key elements for due diligence that include identity verification and ongoing monitoring.
CUNA, in its comment letter filed last October, expressed several concerns that the proposal could bring costs that would outweigh intended benefits. CUNA urged FinCEN to provide at least 18 months for implementation and strengthen anti-money laundering rules for other financial institutions.
The agenda also mentions two notices of proposed rulemaking from FinCEN in the coming months:
Two other items of note are included in the agenda:
The agenda in its entirety can be found here.
For more coverage of the unified agenda, see Wednesday’s story “Mortgages, prepaid products top CFPB spring rulemaking agenda” and a look at the NCUA’s agenda “MBL, FOM items part of NCUA spring rulemaking agenda” in today’s News Now.