The House voted 294-129 in favor of a bill Tuesday that would provide mortgage-related regulatory relief. The Community Institution Mortgage Relief Act of 2017 (H.R. 3971) was introduced in October by Rep. Claudia Tenney (R-N.Y.).
CUNA filed an amicus brief Tuesday supporting the president’s authority to appoint an interim CFPB director under the Vacancies Reform Act. CUNA and its members have a strong interest in ensuring that the CFPB operates under proper direction.
The House passed the CUNA-backed bill Monday that would prevent regulators from requesting termination of certain accounts without a material reason. The Financial Institution Consumer Protection Act is consistent with CUNA’s bipartisan, pro-consumer Campaign for Common-Sense Regulation.
While business accounts can be beneficial to credit unions, they also bring a measure of additional risk, attorney David Reed told the CUNA/NASCUS BSA conference, noting that additional due diligence can help avoid potential issues down the road.
CUNA offered comments on the Consumer Financial Protection Bureau’s interim final rule clarifying the written notice requirement for affected borrowers who have exercised their right to cease communication under the Fair Debt Collection Practices Act.
World Council of Credit Unions Vice President and General Council Michael Edwards provided an update on the international credit union regulatory environment Monday at the CUNA/NASCUS BSA Conference, including upcoming regulatory topics to be addressed.
Keeping up with the Bank Secrecy Act requires a culture of compliance, attorney David Reed told the CUNA/NASCUS BSA Conference. A credit union should have a board, committee or senior management employee in charge of the BSA program.
The basics of money laundering remain the same, but criminals are constantly evolving their techniques, Secret Service Special Agent Joseph Hall said Monday at the CUNA/NASCUS BSA Conference, explaining how BSA compliance is extremely helpful in investigations.
CUNA unveiled its analysis Monday of the Tax Cuts and Jobs Act (TCJA), released Nov. 9 by the Senate Finance Committee. The tax reform bill cuts taxes by approximately $1.5 trillion over 10 years, and makes significant changes to America’s tax laws.
CUNA will be engaged with tax reform legislation in both chambers of Congress this week, as well as a House Financial Services committee markup of several CUNA-supported regulatory relief bills starting Tuesday.
Credit unions now have less than six months to come into compliance with FinCEN's Customer Due Diligence rule, effective May 11, 2018, which includes provisions on identifying the beneficial owners of legal entity accounts.