Compliance Watch

Our highly requested Compliance Update videos (formerly “Compliance Connection” videos) are BACK!

The 2022 edition of the Guide to HMDA Reporting: Getting it Right Is now available. The guide is a valuable resource for assisting all institutions in their HMDA reporting.

The Treasury Department recently announced that OFAC has designated 21 entities and 13 individuals as part of its crackdown on the Kremlin’s sanctions evasion networks and technology companies, which are instrumental to the Russian Federation’s war machine.

The Financial Crimes Enforcement Network recently announced a $275,000 civil money penalty on A&S World Trading, Inc., d/b/a Fine Fragrance (A&S) for willful violations of the Bank Secrecy Act and its implementing regulations.

According to a recent press release from the FBI, the Bureau recently conducted a coordinated effort to disrupt business email compromise (BEC) schemes that intercept and steal wire transfers sent by businesses and individuals.

In July 2021, the NCUA announced the implementation of Phase 1 of its phased approach to returning to onsite operations in Letter to Credit Unions, 21-CU-06.

Question: When a member on a POD account dies, can we setoff against the funds in the account before the POD beneficiary makes a claim on the funds? Answer: It depends on state law.

InfoSight’s newest exclusive products have launched. The Account Insurance Estimator (AIE) allows your credit union to estimate the maximum federal insurance (NCUSIF) coverage of funds in any member’s account(s) for the 10 most popular types of coverage.

NCUA Risk Alert 22-RISK-01 reminds credit unions of the ongoing threat of social engineering and phishing attacks and reiterates the continued importance of educating employees and members on how to avoid these threats.

The CFPB has posted a blog article to announce the Bureau is extending to April 11, 2022, the deadline for the public to provide input on its Request for Information on "exploitive junk fees."