Compliance Watch

We thought we’d provide some options to jumpstart the month of April and enhance your knowledge of InfoSight! It’s never too late!

On March 30, 2021, President Biden signed the PPP Extension Act of 2021 to extend the covered period for the Paycheck Protection Program (PPP) through June 30, 2021 (previously March 31).

In a joint press release, the Fed, CFPB, FDIC, NCUA, and OCC have announced they are seeking information from the public on how financial institutions use artificial intelligence (AI) in their activities, including fraud prevention, personalization of customer services, credit underwriting, and other operations.

The NCUA Board has unanimously approved by notation vote a 30-day extension of the comment period for its proposed rule on credit union service organizations (CUSOs) Part 712.

The FTC has announced it is sending payments totaling nearly $50 million to more than 147,000 University of Phoenix students who may have been lured by allegedly deceptive advertisements.

The Financial Crimes Enforcement Network (FinCEN) has issued a report on its Innovation Hours Program, a key element of FinCEN’s broader Innovation Initiative.

With the passage of HR 1319, the American Rescue Plan of 2021, our members have started to receive their $1,400 (and most times more) stimulus payments. Can we offset against past-due or charged-off loans or recoup deficiencies in a deposit account?

On March 18, the Small Business Administration issued a new Paycheck Protection Program interim final rule.

OFAC has announced it has published 86 FR 14534, a final rule amending its regulations to implement for 2021 the Federal Civil Penalties Inflation Adjustment Act of 1990.

The items discussed at the March meeting of the NCUA Board included...