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The Compass

  • Operation Corrupt Collector

    Oct
    05
    Operation Corrupt Collector

    The Consumer Financial Protection Bureau (CFPB), along with the Federal Trade Commission (FTC) and more than 50 federal and state law enforcement partners, announced a nationwide law enforcement and outreach initiative to protect consumers from phantom debt collection and abusive and threatening debt collection practices.

    Posted By Bridget Bowles read more
  • MERIT scheduled for 2021 rollout

    Oct
    05
    MERIT scheduled for 2021 rollout

    The National Credit Union Administration (NCUA)  provided an update regarding the Modern Examination and Risk Identification Tool (MERIT) at its September Board Meeting.   The new tool will eventually replace the Automated Integrated Regulation Examination System (AIRES). 

    Posted By Bridget Bowles read more
  • SAR confidentiality reminder

    Oct
    05
    SAR confidentiality reminder

    The Financial Crimes Enforcement Network (FinCEN) recently issued the following statement, “FinCEN is aware that various media outlets intend to publish a series of articles based on unlawfully disclosed Suspicious Activity Reports (SARs), as well as other sensitive government documents, from several years ago.  As FinCEN has stated previously, the unauthorized disclosure of SARs is a crime that can impact the national security of the United States, compro

    Posted By Bridget Bowles read more
  • HCUA Compliance Conference a success!

    Oct
    05
    HCUA Compliance Conference a success!

    The 2020 Compliance Conference was held virtually on August 26 (after in-person events were rescheduled due to the COVID-19 pandemic).  Approximately 67 employees from 37 Missouri and Kansas credit unions participated.    

    Topics such as Cannabis-related accounts (including medical marijuana, hemp and HR-related), ATM v. ITM compliance, deceased member accounts, compliance update from CUNA, and NCUA exam priorities were covered. 

    Posted By Bridget Bowles read more
  • Joint agency statement regarding BSA enforcement

    Sep
    02
    Joint agency statement regarding BSA enforcement

    The federal banking agencies recently issued a joint statement updating existing guidance to enhance transparency regarding how they evaluate enforcement actions that are required by statute when financial institutions fail to meet Bank Secrecy Act/Anti-Money Laundering (BSA/AML) obligations.

    Posted By Bridget Bowles read more
  • Dormant/inactive and unclaimed account FAQs – Missouri UPDATED

    Sep
    02
    Dormant/inactive and unclaimed account FAQs – Missouri  UPDATED

    As reported in the August Compass CompCorner, Senate Bill No. 599 revised Missouri Revised Statute 370.260 and Missouri credit unions are now allowed to charge a bad address fee quarterly, effective August 28, 2020.

    Posted By Bridget Bowles read more
  • New legal opinion available

    Sep
    02
    New legal opinion available

    The HCUA Compliance Department, on behalf of our member credit unions, recently requested a legal opinion regarding Trust Loans & Accounts.

    Posted By Bridget Bowles read more
  • 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

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