Compliance Watch

On a CTR, is it acceptable to indicate terms such as “homemaker,” “retired,” or “unemployed” as descriptions for occupations?

The Federal Deposit Insurance Corporation, the Federal Reserve Board, the National Credit Union Administration, the Office of the Comptroller of the Currency, and state financial regulators (collectively, the agencies), recognize the serious impact of Hurricane Idalia on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision.

The NCUA is hosting a Women Recruitment virtual event on Sept. 22, 2023.

In October, millions of federal student loan borrowers will have a payment due on their loans for the first time since March 2020.

Comments on Proposed Reconsiderations of Value of Residential Real Estate Valuations Guidance Comments must be received by Sept. 19.

Can a lender be held liable for third-party appraisal valuations?

Here is a summary of some of the agency rules that provide flexibility and ease of burden for smaller institutions. While the list is not all-inclusive, it’s a starting point to make sure you are taking advantage of some of this relief.

The IRS recently released a memorandum regarding the applicability of the employee retention credit (ERC) to federal credit unions. In short, FCUs are not eligible to claim the ERC for wages paid during the period between March 12, 2020, through Dec. 31, 2020.

To help provide further clarity on U.S. sanctions requirements, OFAC has launched a series of short videos that provide background on our sanctions programs along with practical suggestions on how to comply effectively.

Four federal agencies will host a roundtable discussion Sept. 12, at 3 p.m. EDT regarding the availability of special purpose credit programs to help meet the credit needs of eligible individuals. The event will be open to the public via livestream.