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.
NCUA issued a Regulatory Alert (21-RA-05) last week that covers the Consumer Financial Protection Bureau's February 17 final rule expanding the exemption from establishing escrow accounts for higher-priced mortgage loans.
The FFIEC Thursday released updates to four sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual, which provides instructions to examiners for assessing the adequacy of a credit union’s BSA/AML compliance program.
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.