FinCEN issued advisory designed an assist U.S. individuals and businesses in efforts to combat ransomware scams and attacks, which continue to increase in size and scope, while OFAC issued an advisory on potential sanctions risks for facilitating ransomware payments. 

More than 500 credit unions are now using Credit Union Compliance Management System™ after just six months of national availability. The solution has been adopted by credit unions of every asset size, from below $50 million to over $10 billion.

The Treasury’s Financial Crimes Enforcement Network issued a final rule last week amending Bank Secrecy Act/Anti-Money Laundering regulations for non-federally insured credit unions. The rule is effective Nov. 16 of this year and has a compliance date of March 15, 2021.

Learn about trends in leadership, compliance, and more.

NCUA and other federal banking agencies have issued a joint statement updating their existing enforcement guidance to enhance transparency regarding how they evaluate enforcement actions that are required by statute when financial institutions fail to meet BSA/AML obligations.

Compliance plays a big role in our mission to help credit unions serve their members.

CUNA has updated its Military Lending Act credit card fee spreadsheet for the second quarter of 2020, necessary because a credit union may exclude a bona fide credit card fee from the military annual percentage rate if the fee is considered “reasonable,” under the MLA rule.

FinCEN issued an advisory July 30 to alert financial institutions to potential indicators of cybercrime and cyber-enabled crime observed during the COVID-19 pandemic. Many illicit actors are engaged in fraudulent schemes that exploit vulnerabilities created by the pandemic, according to FinCEN.

NCUA sent a letter to credit unions (20-CU-22) this week updating the agency’s 2020 supervisory priorities to reflect economic conditions emerging in the wake of the COVID-19 pandemic, as well as other statutory and regulatory changes.

FinCEN has issued guidance to address questions related to Bank Secrecy Act/Anti-Money Laundering regulatory requirements for hemp-related business customers. This covers hemp-related businesses, not marijuana-related businesses, which are covered by FinCEN’s 2014 guidance.