Compliance News

FinCEN Guidance on Hemp-Related Customers

October 13, 2020

On June 29, 2020, the Financial Crimes Enforcement Network (FinCEN) issued long-awaited guidance to assist financial institutions with navigating the customer due diligence (CDD) requirements for banking hemp-related customers.


Updated Bank Secrecy Act: CIP Rule Exemption for Insurance Premium Finance Loans

October 12, 2020

The National Credit Union Administration, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, collectively the Federal Banking Agencies (FBAs), with the concurrence of the Financial Crimes Enforcement Network (FinCEN) have issued an Order granting an exemption from the requirements of the customer identification program (CIP) rules implementing section 326 of the USA PATRIOT Act for certain loans.


SBA, Treasury Announce Simpler PPP Forgiveness for Loans $50K or Less

October 12, 2020

The Small Business Administration (SBA), in consultation with the Treasury Department, Thursday released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. 


Bureau Issues RESPA Section 8 FAQs

October 08, 2020

Consumer Financial Protection Bureau has published guidance in the form of FAQs on Real Estate Settlement Procedures Act (RESPA) Section 8 topics.


Watch for These NCUA Exam “Hot Spots”

October 05, 2020

Jared Ihrig, CUNA's chief compliance officer & counsel explored NCUA exam “hot spots” during the 2020 CUNA Operations & Member Experience Council and CUNA Technology Council Virtual Conference.


CFPB Assessment of TRID Disclosure Rule

October 04, 2020

The CFPB has released a report to Congress on its formal five-year assessment of its Integrated Mortgage Disclosures Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z) Rule (the "TRID Rule"), which took effect October 3, 2015.


Federal Reserve Board Extends Temporary Actions Aimed at Increasing the Availability of Intraday Credit Extended by Federal Reserve Banks

October 01, 2020

The Federal Reserve Board on Thursday extended to March 31, 2021, temporary actions aimed at increasing the availability of intraday credit extended by Federal Reserve Banks on both a collateralized and uncollateralized basis.


Amended Field of Membership Application Requirements for Combined Statistical Area and Core-Based Statistical Area

September 28, 2020

On October 14, 2020, amendments to the NCUA’s chartering and field-of-membership rules (12 CFR Part 701 Appendix B) will go into effect.


FRB Adjusts ACH Implementation Dates

September 28, 2020

The Federal Reserve Board has announced that it is amending the implementation date for modifications to the Federal Reserve Systems' payment services to facilitate adoption of a later same-day ACH processing and settlement window and for corresponding changes to the Federal Reserve Policy on Payment System Risk.


FTC Requests Comments on Prescreen Opt-Out Notice Rule

September 21, 2020

The Federal Trade Commission has published [86 FR 59226] a notice of proposed rulemaking and request for public comment concerning its Prescreen Opt-Out Notice Rule.


Register Now for the BSA Coalition’s Regulatory Focus and Priorities Webinar on Sept. 24

September 21, 2020

The BSA Coalition will host a “Regulatory Focus and Priorities” webinar on Thursday, Sept 24, beginning at 10 a.m. Eastern. The focus of the webinar is potential regulatory changes and the status of initiatives in 2020.


Lattes & Learning: Findings Accountability Framework

September 21, 2020

In this master class we'll teach a structured process to help you manage the findings process so that audit findings are reliably resolved on time and as expected. 


FinCEN Ending AML Exemption for Banks Without Federal Regulator

September 15, 2020

To ensure consistent Bank Secrecy Act (BSA) coverage across the banking industry, the Financial Crimes Enforcement Network (FinCEN) has published [85 FR 57129] that requires minimum standards for anti-money laundering programs for banks lacking a Federal functional regulator.


CFPB Releases Outline of Proposals Under Consideration to Implement Small Business Lending Data Collection Requirements

September 15, 2020

The Consumer Financial Protection Bureau (Bureau) yesterday released its Outline of Proposals Under Consideration and Alternatives Considered for Section 1071 of the Dodd-Frank Act governing small business lending data collection and reporting.


Cooperative Credit Union Association Partners with Redboard

September 09, 2020

The Cooperative Credit Union Association announces a newly-formed partnership with Redboard, an audit and examination workflow platform.


NMLS Updates Policy Guidebook

September 08, 2020

The NMLS Policy Guidebook has been updated and posted to the NMLS Resource Center and the Regulator Resource Center.


Guidance on Deferring Payroll Tax Obligations

August 31, 2020

Treasury and the IRS have announced new guidance that allows employers to defer withholding and paying the employee's portion of the Social Security payroll tax.


Fannie and Freddie Extend COVID-19 Loan Flexibilities

August 27, 2020

The FHFA has announced that Fannie Mae and Freddie Mac will extend buying qualified loans in forbearance and other loan origination flexibilities until September 30, 2020.


Yesterday’s Ask the Regulators Webinar on SBA’s New PPP Loan Forgiveness Platform Rescheduled to Sept. 3

August 27, 2020

Due to unforeseen circumstances, yesterday’s Ask the Regulators webinar, “Basics of PPP Loan Forgiveness and the SBA PPP Loan Forgiveness Platform,” has been rescheduled.


CFPB Issues 2nd Analysis of HMDA Data Points

August 27, 2020

The Consumer Financial Protection Bureau (Bureau) has issued a new Home Mortgage Disclosure Act (HMDA) analysis of the 2019 HMDA Data. This data article is the second in a series and follows the first article published in June of this year.  


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