Compliance News
Community Charter, Remittance, Compensation Changes OK'ed By NCUA | Friday, 18 November 2011

The National Credit Union Administration on Thursday approved an expanded community credit union charter, and separate final rules that correct its golden parachute and indemnification rule and add remittance transfers to the list of international electronic funds transfers that may be offered by federal credit unions. Read More

Agencies Issue Statement For Federal Consumer Financial Laws | Thursday, 17 November 2011

A statement that explains how the total assets of an insured bank, thrift or credit union will be measured for purposes of determining supervisory and enforcement responsibilities under the Dodd-Frank Wall Street Reform and Consumer Protection Act was issued today by five federal financial supervisory agencies. Read More

CUNA Says Allow BSA E-Filing Exemptions | Thursday, 17 November 2011

Credit unions with less than $50 million in assets should be exempt from the Financial Crimes Enforcement Network's new Bank Secrecy Act electronic filing requirements, and those that that demonstrate substantial core-processing or system costs should also be allowed to waive the rules, CUNA said in a comment letter.  Read More

FinCEN Releases Guidance Documents | Wednesday, 16 November 2011

FinCEN released Two Guidance Documents, 2011-A014 and 2011-A015, to Financial Institutions Based on the Financial Action Task Force Public Statements on Anti-Money Laundering and Counter-Terrorist Financing Risks.  Read More

NCUA Says It 'Meets Or Exceeds' Obama Reg Review Order | Tuesday, 15 November 2011

CUNA is reviewing the National Credit Union Administration's claim that it "already meets or exceeds the key principles" of an Obama administration executive order that called on federal agencies to review their existing regulations and ensure they are compatible with economic growth, job creation, and competitiveness. Read More

CFPB Begins Mortgage Closing Form Revisions | Wednesday, 09 November 2011

The Consumer Financial Protection Bureau has begun the process of combining the federal Truth in Lending Disclosure and the HUD-1 mortgage closing settlement statements into a single document, entering the second phase of its Know Before You Owe project.  Read More

CFPB May Give Some Financial Offenders 'Early Warning' | Tuesday, 08 November 2011

The Consumer Financial Protection Bureau on Monday said it plans to give individuals and institutions that will be subject to potential agency action an "early warning" before legal or regulatory proceedings are taken. Read More

Bank Transfer Day Momentum Sure To Continue | Monday, 07 November 2011

Bank Transfer Day was Saturday, but the benefits for credit unions, demonstrated both on that day and in the lead up, are likely to continue.  Read More

FinCEN Proposes Anti-Money Laundering/Suspicious Activity Reporting Rules | Friday, 04 November 2011

The Financial Crimes Enforcement Network (FinCEN) today proposed regulations that would require government-sponsored enterprises (GSEs) Fannie Mae, Freddie Mac and the Federal Home Loan Banks to develop anti-money laundering (AML) programs and file suspicious activity reports (SARs) with FinCEN.  Read More

Durbin Asks CFPB For New Checking Disclosures | Friday, 04 November 2011

Sens. Richard Durbin (D-Ill.) and Jack Reed (D-R.I.) in a Thursday release asked the Consumer Financial Protection Bureau to require financial institutions to post on their websites a standardized disclosure form that lists the fees and key terms associated with checking accounts.  Read More

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