CUNA is reviewing the Consumer Financial Protection Bureau's interim final rule on Regulation C to determine if any regulatory changes can be made without amending the statute, and plans to include any recommendations on how the CFPB could limit the regulatory burden on credit unions in an upcoming comment letter. More
The Consumer Financial Protection Bureau has taken over authority of five financial rules, including Truth in Savings (Regulation DD) and Fair Credit Reporting (Regulation V). More
The National Credit Union Administration's proposed revisions to loan participation investment rules, which were released at the December monthly open board meeting, are now out for public comment, and the Association and CUNA are encouraging credit unions to weigh in on the proposal. More
CUNA has alerted credit unions, as well as the Consumer Financial Protection Bureau, of increasing instances of lawsuits being brought against credit unions and other financial institutions when ATM notices have been removed, damaged or destroyed. CUNA's Center for Professional Development also has re-released a spring audio conference on ATM fee disclosures to assist credit unions with issues. More
CUNA has urged the Consumer Financial Protection Bureau to suspend a duplicative automated teller machine notice requirement in an effort to help stop lawsuits being brought against credit unions and other financial institutions when the notices have been removed, damaged or destroyed. More
The Financial Crimes Enforcement Network (FinCEN) is announcing today that the deadline for financial institutions to utilize FinCEN's new Currency Transaction Report (CTR) and Suspicious Activity Report (SAR) for reporting purposes will be extended to March 31, 2013. More
The Treasury Department's Office of Foreign Assets Control (``OFAC'') has published the names of two entities that have been identified as entities in which the Zimbabwe Mining Development Corporation, a person whose property and interests in property are blocked, owns, directly or indirectly, a 50 percent or greater interest. Therefore, all property and interests in property of such entities are blocked. Read More.
FinCEN today issued a $25,000 Civil Money Penalty against a bank employee who unlawfully revealed the existence of a Suspicious Activity Report to the subject of the SAR. More