Compliance Watch

The federal government has started disbursing stimulus money, either through direct deposit or by mail. Just like unemployment funds, there is the possibility of fraud occurring.

The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced that the Paycheck Protection Program (PPP) re-opened the week of Jan. 11 for new borrowers and certain existing PPP borrowers.

Any federal credit union with a multiple common bond field of membership may include in its field of membership, without regard to location, underserved communities as defined by the Federal Credit Union Act.

The CFPB opened the filing period for HMDA data collected in 2020 on Jan. 1, 2021.

Does your credit union compliance program fully comply with the Bank Secrecy Act and Office of Foreign Assets Control? If not, it may expose your credit union to unwanted regulatory scrutiny and extensive penalties.

With the passage of HR 133, credit unions will see (and most already are seeing) a rash of new deposits in their members’ accounts from the US Treasury. The question is, are these protected funds?

As previously mentioned, 2021 thresholds were updated within the Loans & Leasing Channel topics: Ability to Repay, HMDA and HOEPA.

The National Credit Union Administration Board (NCUA) has issued a notice of proposed rulemaking that would amend the agency’s Suspicious Activity Report (SAR) regulation.

OFAC has released the 2019 Terrorist Assets Report.

The Financial Crimes Enforcement Network (FinCEN) issued Notice FIN-2020-NTC4 yesterday to alert financial institutions about the potential for fraud, ransomware attacks, or similar types of criminal activity related to COVID-19 vaccines and their distribution.