CUNA’s compliance team has released its annual Year in Review and Year in Review Checklist documenting compliance changes that took place during 2020. Federal agencies issued 39 new rules and amendments in 2020 directly in response to the pandemic.
The NCUA Board unanimously approved, by notation vote, a notice of proposed rulemaking that would permit NCUA to issue, on a case-by-case basis, exemptions from SAR filing requirements to federally insured credit unions.
NCUA’s latest Letter to Federal Credit Unions announces that the meeting flexibility measures put in place this year due to the pandemic will remain in place through 2021. CUNA has pushed for the flexibility in several recent meetings with NCUA.
Federal financial institution regulatory agencies issued a joint fact sheet clarifying compliance efforts to meet BSA due diligence requirements for customers that are charities and other nonprofit organizations.
CUNA's Compliance Community celebrated five years this month as a go-to compliance resource for credit union compliance professionals around the country. The community’s first year saw 318 threads, while so far in 2020 users have created more than 11,000 threads.
October marks Cybersecurity Awareness Month, and CUNA’s Compliance staff take a deep dive into the briefing received by the NCUA Board on what credit union boards should be asking credit union management and their respective IT/cybersecurity staff.
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.