With privately insured credit unions that meet certain requirements eligible to join the FHLB program starting July 5, CUNA compliance staff has developed a final rule analysis with an overview of new requirements.
Credit unions have until July 1 to submit nominations for the 2nd annual CUNA Compliance Awards. CUNA encourages credit union compliance professionals to nominate peers, themselves and/or their credit unions for the awards.
NCUA has released its new call report form and accompanying instructions, which become effective Sept. 30. For credit unions engaged in commercial lending, most notable are the updates reflecting the January 2017 changes to the member business lending rule.
NCUA’s revised MBL rule has been in effect for more than 6 months now, and according to the agency, it has received a number of questions about the rule and its implementation, leading it to release some FAQs.
With the DOL announcing a “phased implementation” of its fiduciary rule through Jan. 1, what is required between the June 9 effective date and then? CUNA’s compliance staff examined what’s next for the rule in a recent CompBlog post.
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.
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.