Compliance Watch

Recently, CUNA Mutual Group went through a rebranding to unify its businesses under a single brand and has now effectively transitioned to TruStage.

FINRA announced that it has fined Merrill Lynch, Pierce, Fenner & Smith, Inc. $6 million for failing to establish and implement policies, procedures, and internal controls reasonably designed to cause the reporting of suspicious transactions as required by the Bank Secrecy Act.

NCUA Releases 2022 Annual MDI Report to Congress. Minority depository institution credit unions experienced growth in membership, assets, and loans in 2022, expanding access to financial services for their members and communities.

Credit unions can get valuable information on the National Credit Union Administration’s new cyber incident notifications rule on an Aug. 2 webinar hosted by the agency.

The Consumer Financial Protection Bureau joined the State of Maine to help ensure that consumers receive critical consumer protections when taking out loans.

As we make our way into the third quarter, it’s a good time to reflect on your compliance goals and course correct, if necessary.

We do not believe our credit union will be subject to the Consumer Financial Protection Bureau’s new Small Business Lending Data Collection Final Rule. Do we need to do anything at this time?

The Consumer Financial Protection Bureau ordered Bank of America to pay more than $100 million to customers for systematically double-dipping on fees imposed on customers with insufficient funds in their account, withholding reward bonuses explicitly promised to credit card customers, and misappropriating sensitive personal information to open accounts without customer knowledge or authorization.

The National Credit Union Administration released its annual Cybersecurity and Credit Union System Resilience Report to the Committee on Financial Services of the House of Representatives and to the Committee on Banking, Housing, and Urban Affairs of the Senate on Cybersecurity and Credit Union System Resilience.

Federal financial institution regulatory agencies today jointly issued a final policy statement on commercial real estate loan accommodations and workouts.