FinCEN Director Kenneth A. Blanco Friday announced several leadership changes impacting the bureau. Blanco announced he will depart FinCEN on April 9, after serving as the organization’s director since December 2017.
Reps. Tom Emmer (R-Minn.) and Ed Perlmutter (D-Colo.) introduced a bill Thursday that would modernize the Federal Credit Union Act to update the credit union member expulsion process while ensuring a fair procedure for reinstatement.
The U.S. Supreme Court ruled in favor of CUNA’s position in Facebook v. Duguid Thursday, supporting a narrow scope for the Telephone Consumer Protection Act’s definition of an automated telephone dialing system.
The CFPB announced Wednesday it is rescinding seven policy statements issued last year that provided temporary flexibilities to financial institutions in consumer financial markets including mortgages, credit reporting, credit cards, and prepaid cards.
Five federal financial regulatory agencies, including NCUA and the CFPB seek information on how financial institutions use AI in their activities, including fraud prevention, personalization of customer services, credit underwriting, and other operations.
The Senate last week approved legislation extending the Paycheck Protection Program through May 31, a week after the House approved the same extension. The PPP was reauthorized at $284 billion earlier this year and was scheduled to expire March 31.
New provisions of the Anti-Money Laundering Act of 2020 will likely result in much activity around its implementation. National examination and supervisory priorities are expected to be established by July 1, with implementing regulations to follow before the end of the year.
The NCUA Board unanimously approved by notation vote a 30-day extension of the comment period for its proposed rule on credit union service organizations, Part 712. The new due date will be published in the Federal Register in the near future.