The Currency Transaction Report available on the Bank Secrecy Act e-filing system will be updated in August, FinCEN announced last week. These changes are defined in a Federal Register notice published by FinCEN in February.
CUNA’s compliance staff was recently asked about a garnishment order for a member’s that receives federal benefits. The credit union determined the member did not have enough and the member asked the order be paid in full using those funds.
NCUA’s member business lending rule has been in effect for more than 5 months now, and credit unions are still working on implementing the rule’s changes. This month’s compliance feature examines new requirements in section 723.5 of the regulation.
NCUA’s latest legal opinion letter addresses contiguous geographic boundaries, recognizing that several Hawaiian islands can be contiguous for the purposes of the agency’s rural district regulation, despite being separated by a body of water.
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.
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 NCUA provided guidance on updated compliance risk indicators, which incorporate the principles of the Consumer Compliance Rating System. The updated compliance risk indicators detailed in NCUA's recent letter focus on three areas and specific factors within each area.
CUNA’s compliance staff continued its look into the NCUA’s new member business lending rule last week with a CompBlog entry looking at personal guarantees. The removal of the personal guarantee requirement became effective in May 2016.