Compliance Watch

If we need to contact FinCEN regarding a Bank Secrecy Act-related reason, is there a phone number we can reach them at?

On March 28, the Consumer Financial Protection Bureau announced that it will not prioritize enforcement or supervision actions regarding the payday lending rule.

Can we offset a delinquent credit card debt from funds on deposit?

On March 28, the Consumer Financial Protection Bureau announced that it will not prioritize enforcement or supervision actions regarding the payday lending rule.

We have a member who is behind on payments on his credit card line, and we wish to terminate that line. Do we have to send an adverse action notice?

This week, the National Credit Union Administration released the March 2025 update of its Simplified CECL Tool. The update provides the latest life-of-loan—or Weighted Average Remaining Maturity—factors.

The Financial Crimes Enforcement Network has issued an interim final rule removing the requirement for domestic reporting companies to file their beneficial ownership information directly with the agency.

I have heard that the collection of data requirement under the Beneficial Ownership Information (BOI) rule has been removed. What does this mean for credit unions?

With the constant changes happening in our industry, it seems we are all on edge and wondering how the future will unfold. Despite that uncertainty, there are a few constants that we need to continue to focus on.

I have a member who has presented documentation to prove they are on active duty. When I look on the SCRA website, they do not show as currently being on active duty. Am I required to accept written or verbal verification from the servicemember?