WASHINGTON (9/15/14)--The Credit Union National Association's CompBlog has published its monthly Wrap-Up, which contains the top compliance issues that came up over the month of August.
The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has estimated its new customer due diligence proposal could result in an additional 20 minutes to open an account. CompBlog staff wonders if that is too much for credit unions.
The rule requires credit unions to establish written procedures to identify and verify owners of certain legal entity members. Individuals opening accounts must fill out a new certification form which is meant to help the credit union certify the information provided is correct.
Credit unions will be required to maintain the certification form and other identifying information for five years.
CUNA staff is collecting comments from credit unions about whether they agree with FinCEN's estimation that the new rule will add 20 minutes to account opening, and how any additional time will impact a credit union's business.
Other items included in the Wrap-Up include:
The wrap up also includes links to several question and answer sessions from CUNA compliance staff on Operation Choke Point, advertising, the Bank Secrecy Act, home equity lines of credit, the Internal Revenue Service, mortgage loans and mortgage servicing.
Use the resource link below to access the full Wrap-Up.