Compliance Watch
Featured Post
Texas Court Invalidates DOL Overtime Exemption Salary Threshold Rule
A federal judge in Texas struck down the DOL's latest attempt to raise the minimum salary thresholds for the FLSA's white-collar overtime exemption, finding that the rule exceeded the agency’s statutory authority. Login Required.
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FinCEN Seeks Input on Modernizing AML/CFT Regime
FinCEN has issued a Request for Information seeking comments on ways to streamline, modernize, and update the anti-money laundering and countering the financing of terrorism (AML/CFT) regime of the United States. -
Complete NCUA’s Volunteer Credit Union Diversity Self-Assessment by Jan. 15
Federally insured credit unions are invited to complete the Voluntary Credit Union Diversity Self-Assessment before Jan. 15, 2022. -
CFPB Reports Finding Wide-Ranging Law Violations In 2021
The CFPB announced that its recently released Fall 2021 Supervisory Highlights report reveals legal violations identified in the Bureau's examinations in the first half of 2021. -
NCUA Awards $100,000 in Mentoring Grants
The NCUA announced in a recent press release that it has awarded $100,000 in grants to four minority depository institution credit unions to support mentoring programs with larger institutions. -
Reminder to Update Your Project ZIP Code Data
Here’s your friendly reminder to update your Project Zip Code software and upload your relevant member/constituent data. If you haven’t already done so, please make your updates by Jan. 14, 2022. -
Question of the Week
Question: Can a person presenting a Power of Attorney (POA) over a person that represents a trust as trustee exercise powers over that trust? Answer: No. A POA delegates powers that an individual could exercise over their own affairs. It cannot be used to transfer powers delegated to an individual by a trust document. -
Recovery Pro: Business Continuity Planning
Security, data recovery, and peace of mind are priceless when faced with a catastrophic loss. RecoveryPro guides credit unions through the creation, maintenance, and testing of robust business continuity plans (BCPs). -
FinCEN Issues Proposed Rule for Beneficial Ownership Reporting to Counter Illicit Finance and Increase Transparency
The Financial Crimes Enforcement Network recently issued a Notice of Proposed Rulemaking (NPRM) to implement the beneficial ownership information reporting provisions of the Corporate Transparency Act (CTA). -
FFIEC BSA/AML Exam Manual Updated
The Federal Financial Institutions Examination Council has updated sections and related examination procedures in the FFIEC Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. -
DOJ Issues Initiative to Combat Money Mule Scams
The Department of Justice and other federal agencies announced an initiative to combat money mule scams. A money mule is someone who receives and moves money that came from victims of fraud.
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