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June 2017
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InfoSight Highlight: Customer Due Diligence and Beneficial Ownership
Friday, June 30, 2017 7:00 AM

On May 11, 2016, FinCEN published a final rule regarding Customer Due Diligence (CDD) Requirements for Financial Institutions. This rule amends the Bank Secrecy Act regulations and formalizes several existing practices related to the monitoring of customer activity, and it also adds new requirements that covered financial institutions establish and maintain written procedures that are reasonably designed to identify and verify the beneficial owners of legal entity customers. Financial institutions must comply with this new rule by May 11, 2018.

Pending Regulatory Comment Calls
Friday, June 30, 2017 6:55 AM

The following table shows pending regulatory proposals quickly coming to deadline. Cornerstone and Credit Union National Association will be submitting comments. Credit unions are encouraged to use PowerComment to file comment letters with regulators. 

Cornerstone Credit Unions Hike the Hill in Washington, DC
Friday, June 30, 2017 6:50 AM

This week, more than 40 credit union advocates, including five young professionals (YPs) thanks to generous support from Catalyst Corporate Federal Credit Union, Co-Op Financial Services and CUNA Mutual Group, traveled to Washington, D.C. to attend Hike the Hill. Hike the Hill is Cornerstone’s annual advocacy event that includes meetings with members of Congress and representatives from key regulatory agencies.

Raddon: Conditions Favorable for Business Lending
Friday, June 30, 2017 6:45 AM

Credit unions this year have a big opportunity to expand their business lending, according to Raddon, but a lot of that will depend on the performance of frontline staff.

Shared Branching: The Value of Convenience
Friday, June 30, 2017 6:40 AM

Picture your life without your “a-ha” conveniences. Those are the conveniences that allow us to go through life without worrying about the details.

Register Now for Foundation's Train-the-Trainer Workshops
Friday, June 30, 2017 6:35 AM

Online registration is open for the Cornerstone Credit Union Foundation's FOCUS Train-the-Trainer workshops for the following dates and locations.

The People's FCU Announces Passing of Board President Jim Mitchusson
Thursday, June 29, 2017 7:00 AM

Jim Mitchusson, president of the board of directors for The People’s Federal Credit Union, passed away on May 17, 2017.

Honor a Legacy with a Gift to Your Cornerstone Credit Union Foundation
Thursday, June 29, 2017 6:55 AM

Memorials and honorariums are a special and unique way to keep someone’s memory and legacy alive. As donations, they celebrate lives while benefitting the credit union community. Your gift to the Cornerstone Credit Union Foundation Endowment fund can create a legacy and touch many people by providing ongoing funds for credit union development, financial well-being, and disaster relief.

CUNA Files Brief in Support of NCUA in FOM Suit
Thursday, June 29, 2017 6:50 AM

Credit Union National Association and two other organizations jointly filed an amicus brief Wednesday in defense of National Credit Union Administration's revised field-of-membership (FOM) rule. The brief supports NCUA's cross-motion for summary judgment and was filed with the U.S. District Court for the District of Columbia, where the American Bankers Association brought suit against the FOM rule.

Subcommittee Examines the BSA/AML Regulatory Compliance Regime
Thursday, June 29, 2017 6:45 AM

The Financial Institutions and Consumer Credit Subcommittee held a hearing Wednesday to examine the federal government’s anti-money laundering (AML) efforts under the Bank Secrecy Act (BSA). The primary focus of the hearing was to understand compliance challenges facing financial institutions, including compliance trends, the effectiveness of current reporting requirements, and opportunities to improve and enhance the federal government’s ability to combat money laundering and terrorist financing.

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