Compliance Watch

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?

A few credit unions have recently inquired about annual payments on closed-end home equity loans.

How do I properly complete Part I on the FinCEN CTR for withdrawals from a joint account? What amounts do we show in Item 22 for each Part I?

With so much uncertainty surrounding the Consumer Financial Protection Bureau, where does that leave us with certain rules that have been finalized, but may be either held up in litigation or subject to further legislative action?

I heard that the Treasury Department announced the suspension of the enforcement of the Corporate Transparency Act (CTA). and its Beneficial Owner Information (BOI) requirements. Is this true?

As many of you travel to GAC next week, please remember the impact you, we, and our industry have on so many communities. Credit unions are not just a building in the community, they are the community.

Can you direct me to guidance on the Financial Institution Data Match programs by state?

The Consumer Compliance Outlook, published by the Federal Reserve System, recently shared an article focusing on the top-issued fair lending matters requiring immediate attention (MRIAs) and matters requiring attention (MRAs).