Compliance Watch

Question: Do we need to close in recognition of Juneteenth (or the Friday prior as observed this year), which was just signed into law as the newest Federal holiday? Answer: It’s a business decision.

Make sure you check out the recently added Cannabis- and Hemp-Related Accounts topic under the Accounts channel in InfoSight!

From History.com, “Juneteenth (short for “June Nineteenth”) marks the day when federal troops arrived in Galveston, Texas, in 1865 to take control of the state and ensure that all enslaved people be freed.

June 15 was designated as “World Elder Abuse Awareness Day” back in 2006, and in 2018 Congress provided the first federal definition of “financial exploitation of senior citizens” when it passed the “Immunity From Suit for Disclosures of Financial Exploitation of Senior Citizens” law.

The Consumer Financial Protection Bureau issued an interpretive rule this week that explains the basis for its authority to examine supervised financial institutions for risks to active duty servicemembers and their dependents (i.e., military borrowers) from conduct that violates the Military Lending Act (MLA).

The CFPB has posted a series of eight FAQs on unauthorized electronic fund transfers and error resolution under Regulation E on a new Electronic Fund Transfers compliance resource webpage.

The CFPB has published its Spring 2021 Regulatory Agenda, which is part of the Unified Agenda of Federal Regulatory and Deregulatory Actions.

The IRS has announced it has posted two new, separate sets of frequently-asked-questions to assist families and small and midsized employers in claiming credits under the American Rescue Plan (ARP).

With the possibility of legislation passing and to better assist credit unions with resources to open cannabis- and hemp-related accounts, we have developed new content and resources from our League partners.

Changes in business processes and technology, increased terrorism concerns, recent catastrophic natural disasters, and of course, COVID-19 have revealed the critical need for effective business continuity planning.