FinCEN announced the launch of its Global Investigations Division, which will investigate and target terrorist finance and money laundering threats and work more closely with foreign counterparts to coordinate actions against such threats.
NCUA finalized changes to its fidelity bonds rule in July, and the changes go into effect Oct. 22. The Federal Credit Union Act requires that certain credit union employees and elected officials have fidelity bond coverage.
The FHFA published a final rule in August that presents the standards, criteria and process that Fannie Mae and Freddie Mac will use to validate and approve third-party credit score models. The final rule is effective Oct. 15.
CUNA maintains more than 60 comprehensive e-Guides on federal laws and regulations that impact credit union operations and regulatory compliance, and many have been updated recently, including on Regulation E, telemarketing and BSA.
The Consumer Financial Protection Bureau released an updated frequently asked questions document on its Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosure (TRID) rule. The document was previously updated in May.
NCUA issued a risk alert this week describing business email compromise fraud schemes, which also consists of information on reporting to law enforcement and how report and recover from business email compromise fraud.