Compliance Watch

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...

When you have a question, it’s important to be able to find the answers quickly. InfoSight has enhanced the Search function to include all FAQs across the entire site into the search results.

Because credit unions need to be better prepared to protect themselves from cyber threats, we have updated the Security Channel in InfoSight by adding Cybersecurity as its own topic and providing additional information.

NCUA issued two regulatory alerts on credit union requirements for submission of Home Mortgage Disclosure Act (HMDA) data.