Compliance & Regulatory News

CU Priorities for BCFP Raised at SBA Roundtable

CUNA participated in a roundtable Thursday led by the Small Business Administration's Office of Advocacy to discuss the latest Bureau of Consumer Financial Protection (BCFP) rule-making agenda, which was released last month.

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CUNA Attends Fed Faster Payments Town Hall

CUNA attended Friday’s Faster Payments Town Hall meeting in Minneapolis, part of the Federal Reserve’s series of town halls on the topic. The Fed is currently seeking comments on potential actions it can take to support interbank settlement of faster payments through Dec. 14.

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NCUA to vote on operating budget, bonds proposal Nov. 15

The National Credit Union Administration (NCUA) board will vote on the agency’s 2019-2020 budget at its Nov. 15 meeting, according to the agenda released Thursday. CUNA presented last month at NCUA’s budget briefing, and submitted written comments on the proposed budget as well.

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Judge Orders Stay of BCFP’s Payday Rule Implementation Date

A judge in the U.S. District Court for the Western District of Texas ordered a stay Tuesday of the implementation date of the Bureau of Consumer Financial Protection’s (BCFP) short-term, small-dollar lending rule. The rule is scheduled to go into effect in August 2019, but the bureau said Oct. 26 that it intends to issue a proposed rule in January.

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Reminder: Comments on NCUA's Appraisal Rule Due December 3rd

The NCUA board issued a proposed rule in September that would amend the agency’s regulation requiring real estate appraisals for certain transactions. Comments on the proposal ware due December 3rd. 

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FFIEC Reminds Financial Institutions to Review OFAC Requirements

Members of the Federal Financial Institutions Examination Council (FFIEC) issued a joint statement alerting all financial institutions including credit unions to the potential impacts recent actions taken by the Treasury Department's Office of Foreign Asset Control (OFAC) under its Cyber-Related Sanctions Program may have on risk-management programs.

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FASB to Address Additional CECL Concerns

During a Financial Accounting Standards Board's (FASB) Transition Resource Group for Credit Losses meeting Thursday, FASB staff indicated it would spend additional time working on certain operational challenges associated with the current expected credit loss (CECL) standard.

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BCFP Updates HMDA Compliance Guide with S. 2155 Changes

The Bureau of Consumer Financial Protection (BCFP) has updated its small entity compliance guide for the Home Mortgage Disclosure Act (HMDA) to reflect changes in the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) and the Bureau’s August interpretive rule.

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Due diligence for members that privately own ATMs

Privately-owned ATMs are typically found in convenience stores, bars, restaurants, grocery stores, or check cashing establishments. Fees and surcharges for withdrawals, coupled with additional business generated by customer access to an ATM, make the operation of a privately-owned ATM profitable. As a result, more credit unions are being approached to open accounts for the owners of these ATMs.

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BCFP Clarifies How to Take HMDA Partial Exemptions in Light of S.2155 Final Rule

Earlier this month, CUNA hosted a webinar in conjunction with the Bureau of Consumer Financial Protection (BCFP) on HMDA implementation, which focused on the more technical and operational aspects of the new HMDA rule following the August 30, 2018 final rule implementing the S.2155 changes.

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NCUA Awards $2M in Grants to 203 Low-income CUs

The National Credit Union Administration (NCUA) awarded $2 million in grants to 203 low-income credit unions, funding from the agency’s Community Development Revolving Loan Fund (CDRLF). CUNA and the state leagues strongly support full funding for the CDRLF and successfully fought to restore funding when the fund was zeroed out for fiscal year 2018 by the Trump administration.

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CUNA On-hand for Opening Arguments in Landmark ADA Case

CUNA staff attended opening arguments in Griffin v. DOL FCU Tuesday, an appellate-level case involving alleged noncompliance with the Americans with Disabilities Act (ADA).

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BCFP Updates Home Mortgage Disclosure Act Small Entity Compliance Guide

The Bureau of Consumer Financial Protection (BCFP) has updated the Home Mortgage Disclosure Small Entity Compliance Guide to reflect amendments made by Section 104(a) of the Economic Growth, Regulatory Relief, and Consumer Protection Act and the 2018 interpretive and procedural rule.

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RDC Litigation Webinar Recording Now Available

CUNA members can now access a free recording of a webinar outlining the latest development in patent litigation brought against several credit unions involving remote deposit capture (RDC) technology. The live version of the webinar hit capacity with 1,000 credit unions registering to attend.

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CUNA Sets Free Webinar on RDC Litigation for Oct. 30

CUNA will conduct a webinar Tuesday to discuss letter received by certain credit unions from law firms calling for negotiation of a patent licensing deal for remote deposit capture (RDC). Registration is open for the webinar, which is scheduled for Oct. 30 from 3:30 to 5 p.m.

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Court Sets FOM Lawsuit Appeal Dates, NCUA Brief Due Dec. 5

The D.C. Circuit Court of Appeals has set a briefing schedule for the appeal of the field-of-membership lawsuit brought against the National Credit Union Administration (NCUA) by the American Bankers Association (ABA). CUNA fully supports NCUA in its appeal and plans to submit an amicus brief in the appellate litigation.

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BCFP Announces Coming Changes to Payday Lending Rule

The Bureau of Consumer Financial Protection (BCFP) expects to issue proposed rules in January reconsidering its short-term, small-dollar lending rule, it announced Friday. The Bureau stated it will make final decisions regarding the scope of the proposal closer to the issuance of the proposed rules, but it currently plans to propose revisiting only the ability-to-repay provisions, not the payments provisions.

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CUNA Recognizes NCUA Budget Improvements, Urges Continued Work

CUNA submitted additional written comments to the National Credit Union Administration (NCUA) Friday on the agency’s proposed 2019 operating budget. CUNA’s letter follows up CUNA Senior Economist Mike Schenk’s presentation to the board at its budget briefing earlier this month.

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Credit Union Journal: McWatters to credit unions: Not NCUA’s job to ‘hold your hand’

This week the Credit Union Journal reported on National Credit Union Administration (NCUA) Chairman Mark McWatters’ remarks as he fired back at claims from a former board member that the agency’s requests for third-party cybersecurity vendor oversight are merely duplicating work already being done by other regulators. McWatters’ remarks came during a Q&A session following remarks directed at community development credit union professionals attending the Inclusiv conference in Clearwater, Fla.

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NCUA to Host HMDA and Consumer Compliance Update Webinar

ALEXANDRIA, Va. – Credit unions can learn more about recent changes to the Home Mortgage Disclosure Act (HMDA) and other federal consumer financial protection laws and regulations during a Nov. 14 webinar hosted by the National Credit Union Administration (NCUA).

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CUNA Highlights League, CU Autodialer Suggestions to FCC

CUNA highlighted several credit unions and leagues emphasizing the critical importance of a narrow definition of an automated telephone dialing system (ATDS) in its reply comments to a Federal Communications Commission (FCC) petition Thursday. CUNA filed its original comments last week in response to the petition, which was issued by the FCC in light of a decision by the Ninth Circuit Court.

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CECL Delay Approved by FASB

The Financial Services Accounting Board (FASB) approved Wednesday several CUNA/league backed changes to its current expected credit losses (CECL) standard. CUNA and the state leagues pressed FASB to extend the implementation date for credit unions, and the board proposed the change earlier this year.

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FFIEC Launches New BSA/AML InfoBase Site

The Federal Financial Institutions Examination Council (FFIEC) launched a redesigned Bank Secrecy Act/Anti-Money Laundering (BSA/AML) InfoBase Web site last week, aimed at sharing financial institution examination procedure information with examiners, financial institutions, the public and other stakeholders.

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Final RBC Rule on NCUA’s Thursday Meeting Agenda

The National Credit Union Administration (NCUA) board will vote on finalizing changes to its risk-based capital at its Thursday meeting, according to the agenda released by the agency Thursday. CUNA supports the proposal, but has expressed numerous concerns about the agency’s RBC approach in general.

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Risk-Based Capital Rule to Become Effective in 2020; Asset Threshold Raised

Board Proposes Simplifying Bylaws, Adding Clearer Guidance

ALEXANDRIA, Va. – The National Credit Union Administration (NCUA) Board held its ninth open meeting of 2018 at the agency’s headquarters today and unanimously approved two items.

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NCUA Holds Budget Briefing

Yesterday, the National Credit Union Administration (NCUA) Board held its budget briefing for it's 2019-2020 proposed budget.

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Trump Administration Releases Fall 2018 Regulatory Relief Agenda

The Trump administration Wednesday released its fall 2018 agenda for regulatory and deregulatory actions. Over the past two years, federal agencies have issued 176 deregulatory actions that have contributed to some $33 billion regulatory compliance savings.

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Donovan Thanks NCUA for RBC Work, Says Additional Work Needed

The National Credit Union Administration (NCUA) board deserves thanks for its work on risk-based capital, but more work is needed, CUNA Chief Advocacy Officer Ryan Donovan wrote in Credit Union Times Tuesday. The board is scheduled to vote on the final RBC rule at its Thursday meeting.

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CUNA to Present at Wednesday’s NCUA Budget Briefing

CUNA Chief Economist Mike Schenk will present at the National Credit Union Administration (NCUA)’s budget briefing Wednesday at NCUA’s Alexandria headquarters. The briefing is scheduled to start at 10:00 a.m. and will be streamed live at NCUA.gov.

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UDAAP Clarity is Coming, Mulvaney Tells Mortgage Bankers

Bureau of Consumer Financial Protection (BCFP) Acting Director Mick Mulvaney said the Bureau is working on a rulemaking to better clarify its definition of unfair, deceptive or abusive acts or practices (UDAAP).

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Federal Trade Commission Makes Consumer Complaint Data More Accessible

The Federal Trade Commission (FTC) hears from millions of consumers each year about fraud, identity theft, and other problems, allowing us to warn other consumers about scams they should watch out for, while also providing the agency with an important source of information to support our enforcement actions.

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CUNA Schedules Free Webinar on RDC Litigation for Oct. 30

CUNA will conduct a webinar Oct. 30 to discuss a letter received by certain credit unions from law firms calling for negotiation of a patent licensing deal for remote deposit capture (RDC).

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Reminder: NCUA Budget Briefing Scheduled for Tomorrow

Briefing to be Livestreamed; Public Comment Period Open Until Oct. 26

ALEXANDRIA, Va. – The National Credit Union Administration (NCUA) will hold its 2019-2020 budget briefing on Wednesday, Oct. 17, at 10 a.m. Eastern in its Central Office boardroom.

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BCFP’s TDP Proposal Backed, Improvements Offered

CUNA and the state leagues generally support the Bureau of Consumer Financial Protection (BCFP)’s policy to encourage Trial Disclosure Programs (TDP) but recommends any Bureau-approved programs be narrow in scope and not excessively deviate from traditional disclosure standards.

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CUNA, BCFP Present HMDA Partial Exemption Info, Resources

CUNA hosted a webinar Wednesday with Bureau of Consumer Financial Protection (BCFP) staff on changes to Home Mortgage Disclosure Act (HMDA) reporting requirements. A recording of the webinar is available for free to CUNA members, and will be available shortly.

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It’s National Cybersecurity Awareness Month

October is spooky enough with its ghouls and goblins. National Cybersecurity Awareness Month is here to remind us how to stay safe and secure from real (and maybe even scarier) threats – malware and scammers.

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NCUA Webinar Will Discuss Using a Narrative for Community Charter Applications

ALEXANDRIA, Va. – Credit unions can get valuable information about using a “well-defined local community” field-of-membership narrative for community charter applications on an Oct. 24 webinar hosted by the National Credit Union Administration (NCUA).

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FOM Narrative Approach, NCUA Offers Guidance

The National Credit Union Administration (NCUA) released a letter to federal credit unions (18-FCU-02) Tuesday that provides guidance on how credit unions can use a written narrative to establish a well-defined local community. The narrative approach falls under the NCUA's second field-of-membership (FOM) rule, which became effective Sept. 1.

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Reg Agencies Address Benefits of BSA Collaboration; NJCUL Provides Members Affordable BSA Training for Staff and Boards

The Treasury’s Financial Crimes Enforcement Network (FinCEN) joined federal financial regulators, including the National Credit Union Administration (NCUA), last week to issue a joint statement on sharing Bank Secrecy Act (BSA) resources. The statement addresses the benefits of financial institutions entering into collaborative arrangements to help manage their BSA and anti-money laundering (AML) obligations more efficiently and effectively.

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10 Credit Unions Agree to Late-Filing Penalties for First Quarter of 2018

ALEXANDRIA, Va. – 10 federally-insured credit unions subject to civil monetary penalties for filing late Call Reports in the first quarter of 2018 have agreed to penalties totaling $4,133, the National Credit Union Administration (NCUA) announced.

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CUNA’s Nussle, Schenk Talk CU Regulatory Climate at CEI

CUNA President/CEO Jim Nussle and Deputy Chief Advocacy Officer for Policy Analysis Mike Schenk addressed the state of credit unions and opportunities for the future Thursday at the Competitive Enterprise Institute (CEI). Nussle and Scheck discussed the need for regulatory relief, credit union history, the Community Reinvestment Act and other topics.

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FinCEN and Federal Regulators Issue CIP Exemption Order

FinCEN, the National Credit Union Administration (NCUA) and the federal banking regulators jointly issued an exemption from the Customer Identification Program (CIP) requirements for certain property and casualty finance contracts provided by financial institutions to small businesses (referred to as premium finance loans or premium finance lending).

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NCUA Letter to Credit Unions (18-CU-03): Merger Rule Provisions Including the Member-to-Member (MTM) Communications Process

ALEXANDRIA, Va. - NCUA sent a Letter to Credit Unions (18-CU-03) that explains various key provisions of the recently revised NCUA Regulation affecting federally insured credit union mergers. The changes are effective October 1, 2018 and apply to proposed merger applications received by the NCUA or the applicable State Supervisory Authority on or after this date.

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Reg. CC Rule Includes Presumption of Alteration

The Federal Reserve has published a final rule amending subpart C of Regulation CC (Availability of Funds and Collection of Checks) to address check alteration disputes when the paper check is unavailable for inspection.

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Federal Regulators, FinCEN Issue CIP Exemption Order
ALEXANDRIA, Va. – The NCUA jointly issued an exemption for the Customer Identification Program requirements, Section 748.2 of the NCUA’s Rules and Regulations, for certain property and casualty finance contracts provided by credit unions to small businesses. Credit unions must still comply with all other regulatory requirements of the Bank Secrecy Act including the requirement to file suspicious activity reports as applicable.
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New High Intensity Drug Trafficking Areas Designated, New Jersey Among Those Named

 The White House’s James Carroll, Deputy Director of the Office of National Drug Control Policy, announced the designation of 10 new areas across Kentucky, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, and West Virginia as High Intensity Drug Trafficking Areas (HIDTAs). Credit unions should beware that with increase in drug traffic within a geographic area comes an increase in attempts to flow illicit monies through financial institutions.

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Appeals Court Decision Complicates “Autodialer” Issue

A Ninth Circuit U.S. Court of Appeals decision last week expanded the definition of an "autodialer," keeping it in line with the definition adopted by the Federal Communications Commission (FCC) in a series of rulings from 2003 to 2015, which was invalidated in March.

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LEIs Could Have Value, Shouldn’t be Mandatory, World Council Says

While World Council of Credit Unions does not support a requirement for credit unions to obtain “Legal Entity Identifiers” (LEIs) it sees some potential value in encouraging increased use of this system, the World Council wrote to the Financial Stability Board (FSB).

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CUNA Updates MLA Card Fee Spreadsheet

CUNA has updated its Military Lending Act (MLA) credit card fee comparison spreadsheet for the third quarter, updated as of September 2018. The updated resource can be found in the CUNA Compliance Community’s “Compliance Resources” tab, and under the “Resources” tab in CUNA’s MLA e-Guide.

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CUNA Commends NCUA Proposal to Amend Appraisal Requirements

The National Credit Union Administration (NCUA) board issued a proposed rule that would amend the agency’s regulation requiring real estate appraisals for certain transactions.

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Proposed Rule Would Change Appraisal Requirement Threshold, Exempt Some Transactions

Share Insurance Fund Posts $32.5 Million in Net Income in Second Quarter

ALEXANDRIA, Va. – The National Credit Union Administration (NCUA) Board held its eighth open meeting of 2018 at the agency’s headquarters yesterday and unanimously approved two items.

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Pending Regulatory Comment Calls

CUNA plans to comment on the following pending regulatory proposals. For comment letters to have the greatest impact, consider whether and how these proposals would affect your credit union and contact the CUNA staff listed below for each proposal with your feedback. Also, feel free to contact the CUNA staff listed if you would like more information on how to send your own letter. 

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CUNA Reiterates Push for QA2 Withdrawal in Letter to DOD

CUNA continued its push for Military Lending Act (MLA) clarity for credit unions Thursday with a letter to the Department of Defense (DoD). CUNA’s letter continues its call for the withdrawal of Question and Answer 2 (QA2) from DoD’s guidance on the MLA.

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Appraisals Proposal Tops NCUA’s Agenda Today

The National Credit Union Administration (NCUA) is poised to issue a proposed rule on real estate appraisals at its regular monthly Board meeting today. The agency's real estate appraisals rule was included on its spring rule-making agenda released in May.

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CUNA Backs Senate GUIDE Compliance Act for Guidance Clarity

CUNA wrote in support of a Senate bill designed to standardize regulatory guidance Tuesday, thanking Sen. Orrin Hatch (R-UT) for introducing the Give Useful Information to Define Effective (GUIDE) Compliance Act (S. 3443). A House version of the bill (H.R. 5534) passed the House Financial Services Committee last week.

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Proposed Paid Sick Leave Regulations Issued; Free NJCUL Webinar on NJ Employers Requirements this Friday

Under legislation signed into law by Gov. Phil Murphy in May (A1827, now P.L. 2018, c.10), effective October 29, 2018 most private sector employers will be required to provide at least 40 hours of paid sick leave in a 12-month period to every New Jersey employee for their own diagnosis, treatment, or preventative care, or, for that of a family member.

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CECL Changes Backed, FASB Asked to Keep Eye on Future Relief

CUNA recognized the improvements proposed by the Financial Accounting Standards Board (FASB) in its current expected credit losses (CECL) standard, CUNA wrote to the board Monday. CUNA’s comment letter was sent in response to a FASB proposal that would make several CUNA-backed changes to the standard, a proposal that CUNA understands was at least in part due to a May letter from CUNA raising concerns.

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CECL is Coming, Is Your CU Ready?

CECL is coming and credit unions need to prepare now in order to gather and validate the historical data needed to comply by the due date. While the details are changing, even now (see CUNA Advocacy Update article titled "FASB Makes Clarifying Changes to CECL"), CECL is not going away.

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Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by Hurricane Florence

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the state regulators recognize the serious impact of Hurricane Florence on the customers, members, and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision. The agencies encourage institutions operating in the affected areas to meet the financial services needs of their communities.

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FinCEN grants permanent exceptive relief from Beneficial Ownership Rule

FinCEN issued a ruling [FIN-2018-R003] granting permanent exceptive relief from Beneficial Ownership requirements for legal entity customers for certain account rollovers, renewals, modifications and extensions. The permanent relief, issued hours before a previous temporary exceptive ruling was due to expire, broadened somewhat the scope of relief provided by the temporary ruling, but maintains strict definitional limits on which accounts are affected. Financial institutions will continue to be required to identify and verify the identity of beneficial owners of legal entity customers at the initial account opening of all accounts (including those affected by the exceptive relief) occurring on or after May 11, 2018.

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Supervisory Guidance is Not Law, Says Regulators in Joint Statement

Supervisory guidance does not have the force and effect of law, NCUA and other federal financial regulatory agencies said Tuesday in a joint statement. The statement comes from the Bureau of Consumer Financial Protection, Federal Reserve Board, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency, in addition to NCUA.

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NJCUL Holds ReliaMax Surety Company Liquidation Webinar

HIGHTSTOWN, N.J. – The New Jersey Credit Union League (NJCUL) held a virtual networking session Thursday for credit unions affected by the ReliaMax Surety, Co. Liquidation announced in June.

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Bureau of Consumer Financial Protection Releases Latest Supervisory Highlights

WASHINGTON — The Bureau of Consumer Financial Protection (BCFP) released its 17th edition of Supervisory Highlights. The report covers Bureau supervision activities generally completed between December 2017 and May 2018, and shares observations in the areas of auto loan servicing, credit card account management, debt collection, mortgage servicing, payday lending, and small business lending.

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NCUA Releases Q2 2018 Credit Union System Performance Data

ALEXANDRIA, Va. – Data on the financial performance of federally-insured credit unions for the quarter ending June 30, 2018, are now available from the National Credit Union Administration (NCUA).

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NCUA Chairman McWatters Letter on Credit Union Supervision

The National Credit Union Administration (NCUA) Board Chairman J. Mark McWatters wrote a response letter to the Financial Institution Sub-committee Chairman Blaine Leutkemeyer on credit union supervision. The letter from McWatters discusses NCUA's supervisory program and the appropriate ways the NCUA uses agency guidance documents. The letter went on to share information with Chairman Leutkemeyer of some of the agency’s programs and initiatives the NCUA has established to provide regulatory relief designed to minimize the burdens facing credit unions. Click here to read the letter, dated August 14, 2018, in full.

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CU Times: NCUA SIF Could Take Hit as NCUA is Left with Melrose Taxi Loans
According to a September 5th Credit Union Times article, Teachers Federal Credit Union (TFCU) did not acquire the taxi loans that contributed to the downfall of Melrose Credit Union when it merged with the credit union—a development that could leave the NCUA Share Insurance Fund on the hook for any losses from those troubled loans.
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CUNA Calls for $3B Threshold for Extended Exam Cycle Eligibility

The National Credit Union Administration (NCUA) should work to fix a regulatory disparity that leaves credit unions with an uneven playing field when it comes to an extended examination cycle, CUNA President/CEO Jim Nussle wrote to NCUA Chairman Mark McWatters Monday. The recently enacted Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) increases the asset limit below which depository banks are eligible for an 18-month exam cycle to $3 million, while credit unions must fall under $1 billion in assets to be eligible.

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S. 2155 HMDA Relief Provisions Clarified

The Bureau of Consumer Financial Protection issued an interpretive final rule Friday, clarifying the Home Mortgage Disclosure Act (HMDA) partial exemptions contained in the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). CUNA wrote to Acting Director Mulvaney this summer urging the Bureau to quickly effectuate the regulatory relief in S. 2155, especially the changes to HMDA.

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NCUA Provides CDD, Beneficial Owner Rule Info

NCUA’s latest supervisory letter (SL-18-01) addresses compliance with the new Bank Secrecy Act (BSA) customer due diligence (CDC) and beneficial ownership rules. According to the agency, once the BSA Questionnaire and consumer compliance violations citations have been added to AIRES, expected in September, field staff will begin evaluating credit union compliance with the new CDD rules.

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CUNA, Organizations team with FS-ISAC for paper on ATM scams

CUNA has teamed with other financial services organizations to create a white paper, “Understanding ATM Attacks,” explaining how cybercriminals conduct such attacks and how financial institutions can protect consumers. The paper was released by the Financial Services Information Sharing and Analysis Center (FS-ISAC), and is a joint effort between CUNA, FS-ISAC, the American Bankers Association and the Independent Community Bankers Association.

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Comments on CECL reg. relief due in September

Comments on the Financial Accounting Standards Board's (FASB) proposal of a CUNA-backed change to implement its current expected credit loss (CECL) standard is due in September. CUNA called for FASB to make clarifications to the implementation date, and the board agreed to issue the proposal at its July meeting.

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CUNA submits comments on RBC proposal

WASHINGTON – The National Credit Union Administration (NCUA) Board unanimously issued its proposed Risk-Based Capital (RBC) rule at its August meeting. Comments on the RBC Supplemental Proposal are due September 7 and yesterday, the Credit Union National Association (CUNA) submitted a comment letter for consideration.

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325+ NJ CU Professionals and Volunteers Participate in NJCUL BSA Virtual Training

HIGHTSTOWN, N.J. – Since the program’s launch in April, over 325 management, staff, and volunteers of New Jersey Credit Union League (NJCUL) member credit unions have taken the NJCUL’s Bank Secrecy Act (BSA) virtual training to fulfill annual regulatory requirements.

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Creation of ‘Cyber Lexicon’ Supported by World Council

The World Council of Credit Unions supports the Financial Stability Board’s (FSB) initiative to develop a “cyber lexicon” but urges the board to take a proportional approach that does not impose additional compliance burdens on credit unions and other community-based financial institutions. The World Council submitted its letter in response to a consultative document from FSB on developing a cyber lexicon to address cybersecurity and cyber resilience in the financial sector.

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NCUA Provides Examination Guidance for Bank Secrecy Act Customer Due Diligence and Beneficial Ownership Compliance

The NCUA issued examination procedures to field staff regarding customer due diligence and beneficial ownership provisions that are part of the Bank Secrecy Act/Anti Money Laundering Rules (BSA/AML). A Letter to Credit Unions (18-CU-02) sent to credit union Board Chairs and management provides all federally insured credit unions with the examination expectations provided to the NCUA examiners regarding the review of a credit union’s compliance with these areas. This includes new examination procedures that will be incorporated into the Federal Financial Institutions Examination Council (FFIEC) Bank Secrecy Act/Anti-Money Laundering Examination Manual.

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Analysis of New UBIT Guidance Available

The Internal Revenue Service (IRS) released guidance this month regarding certain Unrelated Business Income Tax (UBIT) in the Tax Cuts and Jobs Act of 2017 (TCJA). The guidance is online, and will be published September 4 in Internal Revenue Bulletin 2018-36.

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NCUA Issues Third Quarter Newsletter

Read the latest issue of The NCUA Report online

ALEXANDRIA, Va. – The National Credit Union Administration (NCUA) released the third quarter edition of its online newsletter.

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FASB Proposes Changes to CECL Implementation

The Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) today that would amend the transition requirements and scope of the credit losses standard issued in 2016. Stakeholders are encouraged to review and provide comment on the proposal by September 19, 2018.

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Beneficial Owner Relief Extended through Sept. 8

The Treasury’s Financial Crimes Enforcement Network (FinCEN) has extended the Beneficial Ownership Rule’s limited exception for rollover and/or renewal of certain accounts for an additional 30 days. It was scheduled to expire Aug. 9, and now will be in place up to and including Sept. 8.

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TCPA Regulatory Relief Needs Outlined for Senate Commerce Committee

Credit unions need regulatory relief regarding the Telephone Consumer Protection Act (TCPA), CUNA wrote to the Senate Commerce Committee Tuesday. CUNA sent it's letter for the record of the committee’s hearing on oversight of the Federal Communications Commission (FCC).

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FinCEN Issues Exceptive Relief Regarding Beneficial Ownership Requirements

Last week, the Financial Crimes Enforcement Network (FinCen) issued an ‘Extension of Limited Exception from Beneficial Ownership Requirements for Legal Entity Customers of Certain Financial Products and Services with Rollovers and Renewals On May 16, 2018”.  FinCen’s 90-day limited exceptive relief covers financial institutions from the obligations of the Beneficial Ownership Rule for Legal Entity Customers (Beneficial Ownership Rule) for certain financial products and services (i.e., certificate of deposit or loan accounts) that were established before the Beneficial Ownership Rule’s Applicability Date, May 11, 2018.

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FFIEC Provides Update of Examination Modernization Project

The members of the Federal Financial Institutions Examination Council (FFIEC) announced an update on its Examination Modernization Project that was undertaken as a follow-up to the review of regulations under the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA).

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Comments on NCUA Risk-Based Capital Rule Due Sept. 7

NCUA’s risk-based capital proposed rule has been published in the Federal Register, and comments will be due Sept. 7. CUNA called the proposal a step in the right direction, but still questions the need for such a rule.

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Pending Regulatory Comment Calls

It is important for credit unions to exercise their right to provide input on proposed or changing regulation. For comment letters to have the greatest impact, consider whether and how these proposals would affect your credit union; including unintended consequences. One easy way to submit your comments is through the League sponsored PowerComment. If you have a login, it just takes a few seconds to get access to a comprehensive look at upcoming or pending regulations and then use the sample comment letter to make it your own, then just hit send! If you don’t, take a few minutes to register for a login and to get alerts directly to you.

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