FinCEN's new customer due diligence requirements for business accounts are effective May 18, 2018, and CUNA’s compliance staff has received a number of questions. A recent CompBlog post examines CDD procedures and requirements.
CUNA's compliance staff receives a number of questions about TRID rule, leading to publication of a recent CompBlog post addressing means of delivery and timing requirements for the Loan Estimate and Closing Disclosure forms.
The second phase of same day ACH rollout begins Friday, and even credit unions not planning to originate same-day debits need to be prepared, as all financial institutions must be prepared to receive same-day ACH debits.
FinCEN released an advisory to provide information on money laundering risks associated with certain real estate transactions that can serve as an attractive way for criminals to launder illegal proceeds, as well as revised GTOs.
For credit unions, the Electronic Signatures in Global and National Commerce Act of 2000 means information required to be made available can be delivered electronically, as long as the credit union complies with its requirements.
CUNA’s final rule analysis of the CFPB changes to the TRID rule is now available. The rule, published in the Federal Register this week is effective Oct. 10, with a mandatory compliance date of Oct. 1, 2018.