Compliance Watch

The Treasury Department recently announced that, building on OFAC's earlier designation of a virtual currency exchange for facilitating transactions for ransomware actors, additional steps have been taken to help the virtual currency industry prevent exploitation by sanctioned persons and other illicit actors.

OFAC has posted a notice that it has published a brochure, "Sanctions Compliance Guidance for the Virtual Currency Industry," as a resource to help members of the virtual currency industry navigate and comply with OFAC sanctions.

Back in 2019, the CFPB published information regarding the discontinuation of LIBOR, indicating that it is expected to be discontinued.

The National Credit Union Administration is hosting a 60-minute webinar on the NCUA’s Automated Cybersecurity Evaluation Toolbox (ACET) beginning at 3 p.m. ET on Thursday, Oct. 28. It will be followed by a question-and-answer session.

Question: Can you explain to me a little bit about how Regulation E disputes work? How much is the member liable for? Answer: Reg E liability limits the amount that a member loses when either an access device is stolen, an unauthorized transaction occurs, or there is another sort of error that causes the member’s balance to be reduced.

Regardless of a credit union’s size or complexity, the compliance officer’s responsibilities span every department and all the products and services offered.

The Consumer Financial Protection Bureau issued new technical specifications for the credit card agreement submission process.

The NCUA is hosting a webinar on homeownership, the wealth gap, and bias in home appraisals beginning at 2 p.m. Eastern on Wednesday, Oct. 27.

On Dec. 13, 2018, the Federal Communications Commission released the Reassigned Numbers Order, establishing a single, comprehensive Reassigned Numbers Database to address the problem of unwanted calls to consumers with numbers reassigned from a previous consumer.

The NCUA’s Diversity, Equity, and Inclusion Summit is a three-day event Nov. 2–4, 2021, where credit union and industry professionals who are committed to advancing diversity, equity, and inclusion within the credit union system will gather to share best practices, address challenges to advancing diversity, and learn how the NCUA can support the industry in its efforts.