On July 9, 2012, FinCEN announced the first of an intended series of public hearings to continue gathering information on its Advance Notice of Proposed Rulemaking (ANPRM) on Customer Due Diligence (CDD) Requirements for Financial Institutions, published in the Federal Register on March 5, 2012. The original Notice for the hearing is available here; and the final agenda for the July 31 public hearing is available here.
For individuals interested in viewing the portion of the hearing that is available via webcast, the live webcast of the hearing is available HERE. Upon completion of the hearing, FinCEN will shortly thereafter make available the outlines of the testimonies given, as well as a general summary of the hearing.
The NCUA has seen such an increase in credit unions with assets between $250 million and $500 million showing “some degree of financial stress”, it has lowered the threshold for joint exams from $500 million to $250 million. As a result, the time NCUA examiners spend participating in joint exams has nearly doubled to 120,000 hours per year. Read More