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Appendix E to 12 CFR §1002 Subpart B has amended the sample collection form for demographic information about principal owners for reporting.
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is issued a Sept. 8 alert warning of a prominent virtual currency investment scam called “pig butchering.”
Network Legal Compliance Outreach Meeting: MnCUN continues its in-person series of legal compliance outreach meetings to discuss new laws and their implications as well as Q&A on contemporaneous topics raised by attendees.
CFPB Final Rule Section 1071 Update: On August 31, eight senators recently issued a letter to the CFPB to stay the effective date of July 31, 2024 for its 1071 business reporting rule for all credit unions and FDIC-insured banks. Chief Examiner’s Reminders: During the MnCUN’s monthly meeting with Department of Commerce’s Chief Examiner, Aeton de Long-Hersh, provided a reminder to credit unions.
Combining Periodic Statements: The official commentary from the Consumer Financial Protection Bureau for residential mortgage periodic statements allows credit unions to include “combined disclosures” onto the mortgage periodic statement, unless other state and federal laws prohibit. FFIEC Releases Updates to BSA/AML Examination Manual: The FFIEC members have reorganized some existing sections of the Manual to create new, individual sections based on specific regulations.
Department of Commerce, Department of Treasury and Department of Justice Issue Tri-Seal Compliance Note for Voluntary Self Disclosure (VSD) of Potential Violations: The three agencies issued to US businesses a compliance note on July 26, to guide VSD when potential violations of compliance with (administrative or criminal violations) sanctions, export controls, and other national security laws. On August 7, the NCUA issued a Letter to Credit Unions providing additional guidance on the agency’s “cyber incident notification requirements rule.”
Recording Available: We had great participation on the Recreational Marijuana and Credit Union Implications webinar last week.
NCUA Contingency Funding Plans: On July 23, the NCUA issued new guidance in a letter to federally insured credit unions with an addendum to the Interagency Policy Statement on Funding and Liquidity Risk Management: Importance of Contingency Funding Plans. Compliance and Legal Outreach in Duluth: Members Cooperative Credit Union will be hosting the next Network compliance and legal outreach on August 22 at their Spirit Valley location in Duluth. Final Rule on Governance Modernization: The NCUA will meet on July 20 to discuss the final rule amending federal credit union bylaws regarding member expulsion implementing the Credit Union Governance Modernization Act (CUGMA), which was signed into law in March 2022.
Fraud Exception in Reg CC: Section 229.13 of Regulation CC provides six exceptions allowing credit unions to extend the hold period for deposits that carry a higher risk to the institution due to their size, collectability, or the member’s deposit history (or lack thereof) and do not apply to cash or electronic payments. MnCUN to Host Legal & Compliance Meetings: As part of the Minnesota Credit Union Network's work to build the trade association of the future, Network 2.0, we are pleased to announce a new outreach program bringing legal and compliance meetings to our members throughout the state.
Recreational Marijuana Law and Credit Union Implications Webinar: Join MnCUN on July 27 starting at 2:00 p.m. Can Minors Vote at Credit Unions Annual Meetings? NCUA Simplified CECL Tool Updated: The National Credit Union Administration released the June 2023 update of its Simplified CECL Tool. |
The PulseThe Pulse is MnCUN's newsletter that keeps credit union professionals and board members updated on current news and information. Archives
September 2023
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