Compliance Watch

The Office of Foreign Assets Control has announced an upgrade of its sanctions list search tool. The fuzzy logic has been made more resource efficient.

The SBA has added FAQs 54–56 to its Paycheck Protection Program (PPP) FAQs to clarify that the Financial Crimes Enforcement Network’s April 2020 PPP FAQs still apply to second-draw PPP loans.

The Financial Crimes Enforcement Network has again issued FAQs confirming identical FAQs issued by SBA in connection with the Paycheck Protection Program. The SBA recently re-issued its PPP FAQs, adding two interpreting application of FinCEN regulations to Second Round PPP loans.

The Consumer Financial Protection Bureau has posted an article on its blog announcing an updated 2021 list of consumer reporting companies.

As our members shift to more remote solutions, providing apps that allow our members to exercise financial choices is quickly becoming the prevailing way we do business.

Well-capitalized, federally insured credit unions could count subordinated debt as capital for risk-based net worth purposes under a new rule approved by the NCUA Board at its meeting in December.

A new title has been bestowed on the newest member of the three-member board for the NCUA, who is now “vice chairman,” according to a release from the agency.

A 2021 budget of $341.4 million – with an overhead transfer rate (OTR) of 62.3% -- was approved by the NCUA Board on a split vote of 2-1 at its meeting in December, with barely two weeks to go until that budget takes effect for the new year.

Question: If we have a potential member that is a business organization with another business as an owner, such as an LLC owning part of an LLC, on whom do we collect beneficial ownership information?

The Ability to Repay topic in the Loans channel has been updated to reflect the recent changes to general qualified mortgage and the new seasoned qualified mortgage. These changes become effective March 1, 2021.