Last week’s CUNA Governmental Affairs Conference brought 5,000 credit union leaders to Washington, D.C. During one of the breakout sessions, NCUA staff outlined where the agency is at regarding extending the examination cycle.
The Consumer Compliance Rating System is an interagency framework developed by the Federal Financial Institutions Examinations Council member agencies for evaluating an institution’s ability to manage consumer compliance risk and to prevent harm to consumers.
Once the Financial Crimes Enforcement Network’s new customer due diligence rule becomes effective May 11, 2018, credit unions will be required to identify and verify the beneficial owners of business-type accounts.
With tax season upon consumers once again, it’s also when they are most vulnerable to tax refund fraud. Since the methods for tax refund distribution generally go through financial institution, credit unions can battle tax refund fraud.
With the NCUA’s new member business lending rule is in effect, credit unions need to ensure they are in compliance and understand new requirements. CUNA’s CompBlog takes a closer detail and sheds some light on examiner expectations.
Do the new customer due diligence requirements mean credit unions have to change Bank Secrecy Act procedures to update member information regularly? CUNA’s compliance staff addressed this key question in a recent CompBlog entry.
With cybersecurity a top priority in 2017 for the financial services industry, CUNA’s compliance staff explored what credit unions should do in the event of a data breach at the institution or its service provider.
The second phase of Same Day ACH rollout has a Sept. 15 effective date, and a list of recommended action items to be performed has been released. All financial institutions must be prepared to receive by Sept. 15.
As Congress works this week to fund the government past April 28, CUNA will be engaged in the process as it seeks to see 2 particular issues addressed: funding for CDFIs and the CFPB's exemption authority.
CUNA stands ready to work with legislators to see regulatory relief enacted into law, and the CHOICE Act is a good first step, CUNA wrote to House Financial Services Committee leadership Tuesday in advance of a hearing on the bill.