NCUA Financial Innovation Rule: On September 21, the NCUA issued a bulletin for its final rule on Financial Innovation intended to provide federally insured credit unions more freedom to take advantage of advanced technologies and opportunities offered by Fintech.
Business Ownership Interest (BOI) Reporting Exemption for Credit Unions: FinCEN’s new BOI rule effective January 1, 2024, exempts federally insured credit unions from reporting requirements pursuant to 12 U.S.C. 1752 in its new Small Entity Compliance Guide. NCUA Update to Simplified CECL Tool: On September 25, the NCUA released its updated simplified CECL tool with the latest weighted average remaining maturity, factors and other enhancements for reporting effective January 1, 2023. Comments are closed.
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