WASHINGTON (3/30/16)--CUNA supports most proposed changes to the layout of the Bank Secrecy Act Currency Transaction Report. In a comment letter filed with the U.S. Treasury’s Financial Crimes Enforcement Network, CUNA also noted that any regulatory changes--even absent additional requirements--may cause credit unions to expend time and resources to comply with a change.
WASHINGTON (1/25/16)--CUNA is concerned by the U.S. Treasury’s Financial Crimes Enforcement Network’s position that financial institutions must absorb the regulatory costs associated with its customer due diligence proposal.
WASHINGTON (1/4/16)--Alleged violations of federal anti-money laundering laws led the U.S. Treasury’s Financial Crimes Enforcement Network to assess a $200,000 civil money penalty against a Los Angeles precious metals dealer
The U.S. Treasury’s Financial Crimes Enforcement Network should weigh the costs and benefits of its proposal to prescribe minimum standards and reporting requirements, CUNA told the agency in a letter sent Oct. 30.
Persons or entities issuing physical or digital certificates of ownership of precious metals are classified as money transmitters, according to an administrative ruling by the U.S. Treasury’s Financial Crimes Enforcement Network.
Since CUNA’s compliance staff compiled a list of changes in mortgage interest reporting under the IRS’s Form 1098, several questions have arisen. CUNA’s compliance staff has been able to connect with a coalition of consumer mortgage lenders to provide answers.
Following its groundbreaking comprehensive study on regulatory burden, CUNA released its new Regulatory Burden Calculator that allows individual credit unions to assess the impact of regulation on their operations.
After months of advocacy by CUNA, the CFPB Thursday wrote to CUNA announcing it will initiate a rulemaking this summer to address issues with the bureau’s Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosures rule.