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 NCUA promised enhanced examination planning procedures and scheduling changes for 2017, and outlined those changes in a letter to credit union sent in the final days of 2016. The extended cycle applies CUs that meet certain requirements.
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.