The Department of the Treasury 's Office of Foreign Assets Control (``OFAC'') published the name of 1 individual whose property and interests in property have been unblocked pursuant to the Foreign Narcotics Kingpin Designation Act (``Kingpin Act'') (21 U.S.C. 1901-1908, 8 U.S.C. Section 1182). Read more.
The National Credit Union Administration is seeking public comment on potential emergency liquidity regulations for federally-insured credit unions, and CUNA has asked credit unions to add their voices to a pending comment letter on this NCUA proposal. More
The enhanced management and investment rights given to some credit unions under the National Credit Union Administration's regulatory flexibility program will soon be extended to the 1,770 credit unions that are not covered under the RegFlex designation after the agency approved expansion of that program on Thursday. Read more.
The U.S. Department of the Treasury today announced the identification of Belarus-based JSC CredexBank (Credex) as a financial institution of primary money laundering concern under Section 311 of the USA PATRIOT Act (Section 311). Treasury took this action because it has reason to believe that Credex has engaged in high volumes of transactions that are indicative of money laundering on behalf of shell corporations, and has a history of ownership by shell corporations whose own lack of transparency contributes to considerable uncertainty surrounding Credex’s true beneficial ownership. Read More.
Concerned that another round of problems with the Internal Revenue Service's "automatic revocation process" for federal credit unions' tax exemption is about to occur, CUNA joined three other credit union groups in a bid to head off potential Form 990-T issues for credit unions. More
The U.S. Department of the Treasury 's Office of Foreign Assets Control (``OFAC'') published the names of four individuals whose property and interests in property have been blocked pursuant to the Foreign Narcotics Kingpin Designation Act (``Kingpin Act'') (21 U.S.C. 1901-1908, 8 U.S.C. 1182). Read more.
In a notice dated February 24, 2012, the Financial Crimes Enforcement Network (FinCEN) announced, that in an effort to improve efficiency; reduce government and industry costs; and enhance the ability of investigators, analysts, and examiners to gain better and more timely access to information; that it is adopting a requirement that all financial institutions subject to Bank Secrecy Act (BSA) reporting use electronic filing (E-Filing) for certain FinCEN reports beginning no later than July 1, 2012.
BSA E-Filing, which is provided free of charge, offers streamlined BSA information submission; faster routing of information to law enforcement; greater data security and privacy compared with paper forms; long-term cost savings to institutions, individuals, and the government; and ensures compatibility with future versions of FinCEN reports. Effective July 1, 2012, institutions must submit FinCEN reports electronically unless they are eligible to request a temporary exemption as identified in the final rule.
For more information about the benefits of using BSA E-Filing, please review the E-Filing Section on FinCEN's Web site. FinCEN is committed to working with financial institutions to increase their understanding of the value of E-Filing and has issued a brochure that highlights its benefits. For other technology-related questions specific to E-Filing, please call the BSA E-Filing Help desk at 1-866-346-9478.
FinCEN today issued an extension for the public comment period pertaining to its March 5th advance notice of proposed rulemaking (ANPRM) which solicited comment on a wide range of questions pertaining to the possible application of an explicit customer due diligence (CDD) obligation on financial institutions, including a requirement for financial institutions to identify beneficial ownership of their accountholders.
The comment period has been extended until 30 days after the Federal Register publishes the notice linked below. Publication is expected early next week. More
Credit unions and others that use consumer reports must have a "permissible purpose" to obtain them according to the Fair Credit Reporting Act, and CUNA Director of Compliance Information Valerie Moss has outlined the circumstances under which the FCRA allows a credit bureau to release a credit report to a credit union in the May issue of CUNA's Credit Union Magazine. More
The Consumer Financial Protection Bureau should consider meaningful exemptions for credit unions and other small financial institutions as it develops new mortgage servicing rules, American Southwest CU CEO Brian Barkdull said at a CFPB Small Business Regulatory Enforcement Fairness Act panel discussion held this week in Washington. More