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The Compass

  • FinCEN Guidance Re: BSA/AML due diligence requirements for hemp-related businesses

    Aug
    04
    FinCEN Guidance Re: BSA/AML due diligence requirements for hemp-related businesses

    The Financial Crimes Enforcement Network (FinCEN) recently issued Guidance (FIN-2020-G001) to address questions related to Bank Secrecy Act/Anti-Money Laundering (BSA/AML) regulatory requirements for hemp-related businesses.

    Posted By Bridget Bowles read more
  • Regulation Z annual inflation-based dollar amount threshold adjustments

    Aug
    04
    Regulation Z annual inflation-based dollar amount threshold adjustments

    The Consumer Financial Protection Bureau recently issued its annual inflation-based adjustments of certain dollar amount thresholds for transactions covered under Regulation Z/Truth in Lending.  The adjustments are based on the annual percentage change reflected in the Consumer Price Index in effect on June 1, 2020, and will become effective on January 1, 2021.

    Posted By Bridget Bowles read more
  • NCUA updates 2020 supervisory priorities

    Aug
    04
    NCUA updates 2020 supervisory priorities

    In a recent Letter to Federally-Insured Credit Unions (No. 20-CU-22), the National Credit Union Administration (NCUA) updated its 2020 supervisory priorities to reflect economic conditions that emerged in response to the COVID-19 pandemic, as well as various statutory and regulatory changes that have occurred since March 2020.

    Posted By Bridget Bowles read more
  • CCPA final rules

    Jul
    07
    CCPA final rules

    The Office of the California Attorney General (OCAG) recently issued final regulations to provide guidance and interpretation for the California Consumer Privacy Act (CCPA). Documents that were released with the final text of the proposed regulations, include:

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  • HMDA reporting for closed-end newly excluded

    Jul
    07
    HMDA reporting for closed-end newly excluded

    As reported in a May 2020 Compass article, the Consumer Financial Protection Bureau (CFPB) issued a final rule that increases the loan volume coverage thresholds for financial institutions reporting data under the Home Mortgage Disclosure Act (HMDA). 

    Posted By Bridget Bowles read more
  • CFPB launches pilot advisory opinion program

    Jul
    07
    CFPB launches pilot advisory opinion program

    The Consumer Financial Protection Bureau (CFPB) recently announced a new Pilot Advisory Opinion (AO) Program to publicly address regulatory uncertainty.  The program will allow credit unions seeking to comply with regulatory requirements to submit a request for clarification.  The CFPB will then select topics based on the program’s priorities and make the responses available to the public.  The pilot program will focus on four key priorities: 

    Posted By Bridget Bowles read more
  • NCUA guidance Re: serving hemp-related businesses

    Jul
    07
    NCUA guidance Re: serving hemp-related businesses

    In August 2019, the National Credit Union Administration (NCUA) issued NCUA Regulatory Alert No. 19-RA-02 to Federally Insured Credit Unions to provide interim guidance related to the passage of the Agriculture Improvement Act of 2018 (2018 Farm Bill).

    Posted By Bridget Bowles read more
  • Reg E remittance transfer threshold & estimate exceptions changes

    Jul
    07
    Reg E remittance transfer threshold & estimate exceptions changes

    The Consumer Financial Protection Bureau (CFPB) recently issued a final rule that amends Regulation E.  The final rule, which is effective July 21, 2020, increases the normal course of business safe harbor thres

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  • NCUA BSA webinar

    Jun
    02
    NCUA BSA webinar

    The National Credit Union Administration (NCUA) will host a “Bank Secrecy Act (BSA): Review and Reminders Webinar” on June 17 at 2 p.m. (Central).  Credit unions will receive valuable information on BSA program best practices and how to avoid non-compliance pitfalls. 

    Posted By Bridget Bowles read more
  • Unemployment benefits fraud

    Jun
    02
    Unemployment benefits fraud

    The U.S. Secret Service has received reports of a well-organized Nigerian fraud ring exploiting the COVID-19 crisis to commit large-scale fraud against state unemployment insurance programs. The primary state targeted so far is Washington, while there is also evidence of attacks in North Carolina, Massachusetts, Rhode Island, Oklahoma, Wyoming and Florida. It is extremely likely every state is vulnerable to this scheme and will be targeted if they have not been already.

    Posted By Bridget Bowles read more

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