After 60 days of national availability, more than 250 credit unions are using either Credit Union Compliance Management System™, a CUNA or League member benefit, or Credit Union Compliance Management System PLUS™, the for-fee solution.

The FFIEC has made several updates to the BSA/AML Examiner’s Manual. CUNA’s compliance staff have detailed the changes on CompBlog. They are unrelated to the coronavirus disease (COVID-19) pandemic, nor do they include any new requirements.

Top threads from the CUNA Compliance Community.

FinCEN requests financial institutions affected by the COVID-19 pandemic to contact FinCEN and their functional regulator as soon as practicable if a COVID-19-affected financial institution has concern about any potential delays in its ability to file required Bank BSA reports. 

Bank Secrecy Act compliance touches challenges ranging from elder abuse to human trafficking.

FinCEN issued a ruling last week to clarify CTR Form 112 filing obligations when reporting transactions involving sole proprietorships. A recent CUNA CompBlog entry details exactly what the ruling means for credit unions.

CUNA has updated its Military Lending Act credit card fee spreadsheet for the first quarter of 2019, a necessary resource as a credit union may exclude a bona fide credit card fee from the MAPR if the fee is considered “reasonable,” under the MLA rule.

Update your policies and procedures to reflect new ID technology and security features.

The CFPB announced last week it intends to establish a new category of materials that are similar to previous compliance materials but will now be designated “Compliance Aids.” to provide the greater clarity regarding the legal status and role of the materials.

CUNA’s 2019 Year in Review Checklist is now available to help credit unions review and update policies and procedures to reflect regulatory changes of 2019. The checklist is designed to accompany CUNA’s 2019 Year in Review document.