Stop by Daily for What's Hot Right Now in Compliance & Risk for Credit Unions & Banks

The NCUA has approved a new financial innovation rule which provides clarification on the NCUA's current regulations and codifies several supervisory guidance letters on third-party due diligence, indirect lending, and loan participations. [9/21/23]

NAFCU's compliance blog discusses combined periodic statements as well as tax liability. [8/31/23]

NAFCU's compliance blog discusses the NCUA's letter to credit unions regarding cyber incident notification requirements and when to send a revised loan estimate. [8/24/23]

NAFCU's compliance blog discusses ATMs and checks as well as CFPB Supervisory Highlights. [8/17/23]

The NCUA has been working to offer assistance to credit unions affected by the wildfires in Maui. [8/17/23]

NAFCU's compliance blog discusses credit card applications, solicitations and required disclosures, as well as automated underwriting. [8/3/23]

The NCUA released a letter last week detailing the importance of a strong and viable contingency funding plan. [8/3/23]

The Federal Open Market Committee ended its two-day meeting with a decision to hike the federal funds rate target to 5.25 to 5.50 percent. [7/27/23]

NAFCU's compliance blog covers FCU bylaws and record retention for ID's. [7/27/23]

Call reports for the June 30, 2023 call report cycle are due July 30. [7/27/23]

NAFCU's compliance blog gives an overview of Regulation CC collectability exceptions, as well as the compliance risk associated with multiple NSF fees. [7/20/23]

NAFCU's compliance blog covers a minor's right to vote in credit union elections as well as indirect lending compliance risk. [7/13/23]

Federal agencies have announced an extension for giving favorable consideration under the CRA regulations to institutions affected by Hurricane Maria. [9/21/23]

FinCEN has assessed a $15 million civil money penalty against Bancredito International Bank and Trust Corporation for failure to implement and maintain an AML program, failure to report suspicious transactions in a timely manner, and failing to maintain a due diligence program. [9/21/23]

ABA discusses the future of compliance driven by digital technology. [9/14/23]

The OCC will host two workshops in October to discuss risk governance and capital markets. You can register on the OCC's website now. [9/14/23]

Over the next three months, the FDIC is marketing $33 billion in commercial real estate loan portfolio from the former Signature Bank. Interested parties can contact Newmark & Company Real Estate, Inc. [9/7/23]

The FDIC has released a report detailing banking metrics during the second quarter of 2023. [9/7/23]

The OCC has released a notice of proposed rulemaking that would require certain large baking organizations and certain insured depository institutions to issue and maintain an outstanding minimum amount of long-term debt. [8/31/23]

The Acting Comptroller of the Currency joined the FDIC's board meeting where he cast his support in favor of proposed rulemakings to improve financial stability and resolvability of large banks. [8/31/23]

ICBA has written a comment letter to regulators regarding automated valuation models. [8/24/23]

The OCC has updated the Bank Accounting Advisory Series to include responses to frequently asked questions and clarifications on accounting standards. [8/17/23]

The FDIC published its annual risk review which discusses the U.S. economy, financial markets, and banking industry. [8/17/23]

The OCC has released a bulletin providing banks with guidance regarding the legal lending limit to purchased loans. [8/8/23]

The CFPB has issued guidance regarding legal requirements that lenders must adhere to when using artificial intelligence and other complex models when taking adverse action against consumers. [9/21/23]

FinCEN has published a Small Entity Compliance Guide in order to the assist small business community in complying with the beneficial ownership information reporting rule. [9/21/23]

Nacha has released its 11th edition of the ACH Compliance Manual. [9/7/23]

The CFPB has published a new spotlight which highlights the impacts of Big Tech companies' policies and practices that are in control of payments on mobile devices. [9/7/23]

Multiple federal agencies have released a statement encouraging institutions operation in areas affected by the hurricane to meet the needs of their communities. [9/7/23]

Multiple credit repair brands, including Lexington Law and CreditRepair.com, have been charged with illegally collecting advance fees for credit repair services through telemarking. The CFPB has proposed a settlement whereby the companies would pay $2.7 billion in redress, $64 million in civil penalties, as well as ban telemarking services for 10 years. [8/31/23]

FinCEN hosted a FinCEN Exchange last week focusing on how to counter the abuse of the digital ecosystem by the Democratic People's Republic of Korea. FinCEN emphasized the importance f communication among itself, law enforcement agencies, and financial institutions. [8/31/23]

Four federal agencies will be hosting a roundtable on September 12, 2023 to discuss the availability of special purpose credit programs. This event will be open to the public via livestream. [8/31/23]

Federal agencies have released a joint statement regarding the Hawaii wildfires. [8/24/23]

CFPB has sued Heights Finance Holding Company for illegal loan practices which harvest hundreds of millions in loan costs and fees. [8/24/23]

FinCEN issued a notice calling attention to an increase in payroll tax evasion and insurance fraud in the real estate construction industries. [8/17/23]

The FFIEC has updated six sections within the BSA/AML Examination Manual. [8/3/23]