The CFPB recently released a bulletin designed to protect consumers from potentially harmful production incentives. In a recent CompBlog entry, CUNA compliance staff examined the bulletin and addressed why it is important to have a robust compliance management system.
Section 314(b) of the USA PATRIOT Act, permits financial institutions and associations of financial institutions to voluntarily share information with one another, under a safe harbor, for identifying activities that may involve money laundering or terrorist activity.
CUNA hosted its annual Bank Secrecy Act Conference last week in conjunction with the National Association of State Credit Union Supervisors. Attendees heard from a variety of experts on the top BSA issues.
As the holidays approach, many credit unions have questions about consecutive day closings. For example, a credit union might like to close for Thanksgiving, Nov. 24 and remain closed until the following Monday, Nov. 28. Is that allowed?
CUNA’s compliance staff went back to basics in a recent CompBlog post highlighting what credit unions should do when they receive a garnishment notice. The entry covers 5 steps credit unions should follow.
The House Financial Services Committee will conduct a hearing on Rep. Jeb Hensarling’s (R-Texas) Financial CHOICE Act next week. CUNA President/CEO Jim Nussle said CUNA appreciated the effort to bring regulatory relief to credit unions and other institutions.