Compliance News
CUNA Warns Reg Z Changes Threaten Consumers | Wednesday, 13 June 2012
CUNA in a comment letter agreed that the Consumer Financial Protection Bureau lacks the authority to regulate card fees charged before an account is opened, such as an application fee, but also warned that the CFPB's decision to only regulate fees charged after account opening could subject consumers to potentially abusive fees from non-credit union lenders.  Read More
CUs Hear From IRS on Form 990 Issues | Wednesday, 13 June 2012
In a communication that appears to respond to credit union and CUNA concerns regarding recent Form 990 issues, the U.S. Internal Revenue Service has advised any state credit unions that have received letters claiming to revoke their tax exemption, or whose tax status has been actually revoked, on how best to address this issue. Read More
FinCEN Issues Guidance for CTR Exemptions | Wednesday, 13 June 2012
CUNA’s Comp Blog reported that the Financial Crimes Enforcement Network ("FinCEN") issued guidance to help institutions determine whether a "customer" is eligible for an exemption from currency transaction reporting requirements.  The new guidance provides examples and answers to commonly asked questions regarding the final rules that FinCEN issued in December, 2008 and June, 2012, which amended the currency transaction report ("CTR") exemption requirements. Click here for FIN-2012-G003.
OFAC Updates List With New Entity | Wednesday, 13 June 2012
The Treasury Department's Office of Foreign Assets Control ("OFAC") published the name of a newly-designated entity whose property and interests in property are locked pursuant to Executive Order 13382 of June 28, 2005, ``Blocking Property of Weapons of Mass Destruction Proliferators and Their Supporters.''  Read more.
CFPB Issues ANPR On Prepaid Cards | Friday, 25 May 2012

The Bureau of Consumer Financial Protection (CFPB) has issued an Advance Notice of Proposed Rulemaking seeking comments from the financial industry and the public about prepaid debit cards.  In its announcement, the CFPB notes that the federal rules that protect consumers which apply to debit cards that access accounts do not apply to prepaid cards.  The CFPB is seeking comments about the costs, benefits and risks of these types of cards so it can determine if Regulation E should be amended.  Read the CFPB public announcement and access the ANPR.

OFAC Updates SDN/Blocked Persons Lists | Friday, 25 May 2012

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.

All CUs Get Some RegFlex | Friday, 25 May 2012

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.

Treasury Identifies “Primary Money Laundering Concern” | Wednesday, 23 May 2012

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.

CUNA Contacts IRS on Tax Revocations | Tuesday, 22 May 2012

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

OFAC Adds Names to SDN/Blocked Persons Lists | Thursday, 17 May 2012

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.

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