Compliance Watch

A new topic, Subordinated Debt, has been added to the Investment channel in response to the NCUA’s subordinated debt rule which became effective on Jan. 1, 2022.

Recently, FinCEN issued a Statement Regarding Beneficial Ownership Information Reporting and Next Steps, noting that the comment period for the FinCEN Dec. 8, 2021, notice of proposed rulemaking requiring the reporting of beneficial ownership information (BOI) has closed.

The CFPB has published another blog article in its campaign to make consumers aware of a CFPB report that the nationwide consumer reporting agencies (NCRAs), including the Big Three—Experian, Equifax, and TransUnion—are failing to substantively respond to most consumer complaints filed with the Bureau and harming consumers and businesses in the process.

FinCEN announced it has issued a Fact Sheet on its Rapid Response Program (RRP), a collaborative partnership that leverages FinCEN’s relationships with law enforcement, U.S. financial institutions, and foreign financial intelligence units to help victims and their financial institutions recover funds stolen as the result of certain cyber-enabled financial crimes schemes, including business email compromise.

The CFPB has posted a blog article about the Homeowners Assistance Fund, which was established by the American Rescue Plan Act to help homeowners financially impacted by COVID-19 with housing-related costs.

Nacha has adopted a rule, effective in stages on Sept. 16, 2022, and March 17, 2023, designed to standardize the use of micro-entries as tools for account verification.

Don’t spend your time guessing.

Question: Can a member file a Regulation E dispute on a closed account?

Seasoned credit union advocates know that at the 2022 Oklahoma Governmental Affairs Conference, April 12–13, in Oklahoma City, you’ll receive critical industry updates, news on credit union priorities, and the opportunity to visit with lawmakers at the Capitol.

Question: We are a credit union with a low-income designation. We have a company that is wanting to make non-member deposits on behalf of other interested parties, but we want to make sure that the shares have passthrough share insurance coverage. How do we title our accounts? Answer: NCUA requires that these accounts meet two conditions...