Compliance Watch

As many of you are aware, Kaseya, an IT management service provider, was hit with a ransomware attack which has impacted about 1,500 organizations.

Question: Can a POA be used to close a safe deposit box? Answer: Yes. Depending on the kind of powers granted in a power of attorney, just about any aspect of a person’s financial powers can be delegated to another person.

A lack of clarity can devalue, diminish, or even disrupt your virtual meetings.

Question: Does the creation of a new power of attorney automatically revoke all previous powers of attorney? Answer: No. For a new power of attorney to revoke a previous POA, the new POA must include language revoking previous POAs.

There will be NO NEWSLETTER NEXT WEEK (July 8, 2021).

The Consumer Financial Protection Bureau issued the 2021 Mortgage Servicing COVID-19 Final Rule earlier this week.

The Financial Crimes Enforcement Network (FinCEN) announced that it has issued the first government-wide priorities for anti-money laundering and countering the financing of terrorism (AML/CFT) policy (the “Priorities”), following consultation with other relevant Department of the Treasury offices, as well as Federal and State regulators, law enforcement, and national security agencies.

The National Credit Union Administration announced that it had issued its eighth annual report to Congress on the composition and financial performance of the minority depository institutions (MDI) supervised by the NCUA in 2020.

NACHA rule, Limitation on Warranty Claims effective June 30, 2021, limits the length of time in which a Receiving Depositary Financial Institution (RDFI) is permitted to make a claim against the Originating Depositary Financial Institution’s (ODFI’s) authorization warranty.

The NCUA met recently and as indicated in the agency’s board action bulletin unanimously approved the three items on its agenda...