CUNA is seeking specific credit union information from Visa and MasterCard in the wake of the disclosure Friday that the companies are notifying card-issuing credit unions and banks of a massive data breach at a third-party payments processor, Atlanta-based Global Payments Inc. Read More
CUNA has urged the National Credit Union Administration to implement standards for "assessing the diversity policies and practices of entities regulated by the agency," as mandated by the Dodd-Frank Wall Street Reform Act, "in a manner that would minimize the information gathering and reporting burden on credit unions." More
Borrowers that do not receive Truth in Lending Act-mandated disclosures from mortgage lenders may cancel those loans, provided they inform the lender of their intent to cancel the loan within three years, the Consumer Financial Protection Bureau said in an amicus brief filed this week in Colorado. More
Faithful readers of the CUNA CompBlog will have seen already that recent technical changes approved by the National Credit Union Administration at its March meeting earlier this month require federal credit unions that offer mortgages to revise their Equal Housing Lender notices. More
The Department of the Treasury's Office of Foreign Assets Control amended the Iranian Transactions Regulations to redefine the term entity owned or controlled by the Government of Iran to substantially conform to the definition in the amended Iranian Financial Sanctions Regulations. Read more.
The Financial Crimes Enforcement Network ("FinCEN") has issued guidance to clarify, for currency transaction reporting purposes, the aggregation of multiple transactions conducted by businesses with common ownership. FinCEN received requests from financial institutions for further guidance. In particular, requestors were interested in guidance that addressed common ownership aggregation beyond the limited set of circumstances discussed in FinCEN Ruling 2001-2. That ruling was specific to an individual who owned three incorporated businesses with separate tax identification numbers and accounts, and who made a practice of using funds from one account to pay for the expenses associated with the other businesses.2 FinCEN is supplementing that ruling with the following additional guidance. Read more.
The Treasury Department's Office of Foreign Assets Control (``OFAC'') published the name of one individual 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).
In the latest legal opinion letter posted to the National Credit Union Administration website, the agency said it is permissible for a federal credit union and an ex-employee to have a contractual agreement that the person will never run for the board of directors or serve on the supervisory committee. More
The Financial Crimes Enforcement Network expressed concern that an increasing number of private parties, who are not authorized to know of the existence of filed Suspicious Activity Report (SARs), are seeking SARs from financial institutions for use in civil litigation and other matters. More
Credit unions can provide their own insights on how the Consumer Financial Protection Bureau's recently released remittance rule would impact their practices, and how compliance burdens caused by the rule could be mitigated, in a new CUNA comment call. More