CUNA hopes NCUA works to implement the recommendations released this week in a report from FFIEC agencies, part of a review of the agencies’ rules. The NCUA was not required to participate, but did so voluntarily.
The World Council of Credit Unions asked the Financial Action Task Force this week for clearer guidance on AML/CFT rules in order to reduce regulatory burdens. The FATF is the global standard setting body for AML/CFT rules.
The Financial Services Information Sharing and Analysis Center has named Heather McCalman its credit union council manager. CUNA, a member of FS-ISAC, has urged the security-minded organization to increase services for credit unions.
Following the first full day of 2017’s CUNA GAC, Tuesday’s events include a keynote speech from a former Secretary of State, as well as another slate of breakout sessions, a complete list of which can be found at cuna.org/gac.
The 2017 CUNA GAC kicks off Feb. 26, registration starts Sunday and leads into that evening’s ED (Filene) Talk, and continues Monday with the kickoff of the general session and a number of breakout sessions.
With this year’s CUNA GAC less than a week away, a number of key policymakers will address the more than 5,000 credit union leaders in attendance. A list of speakers and sessions can be found at cuna.org/gac.
Credit unions nationwide continue their local media pushes to highlight credit unions’ pro-consumer mindset, while highlighting additional benefits that would come with common-sense regulatory relief. This efforts coincide with CUNA’s Campaign for Common-Sense Regulation.
Once the Financial Crimes Enforcement Network’s new customer due diligence rule becomes effective May 11, 2018, credit unions will be required to identify and verify the beneficial owners of business-type accounts.
CUNA Chief Compliance Officer Jared Ihrig was joined by Tim Segerson, deputy director of the NCUA’s Office of Examination and Insurance, Thursday for a webinar on NCUA supervisory and examination priorities for 2017.
CUNA President/CEO Jim Nussle appeared on CNBC's Squawk on the Street Friday morning to discuss a number of issues facing the administration. Nussle served as director of the OMB from September 2007 to January 2009.
The U.S. Court of Appeals in Washington Thursday granted the CFPB's request to reconsider an October decision that ruled the bureau’s leadership structure is unconstitutional. CUNA supports replacing the single director with a 5-person commission.
It’s a light agenda for the NCUA’s Feb. 23 board meeting, the meeting will consist of a quarterly report on the National Credit Union Share Insurance Fund, and a continuation of the federal credit union loan interest rate ceiling.
The discussion boards on CUNA’s Compliance Community featured an interesting discussion last week: what is the difference between the terms “share draft” and “checking account”? The correct use is important since credit unions pay dividends, not interest.