Regulatory & Compliance Updates: Dec. 20, 2023

CFPB Open Banking Comment Deadline: The CFPB’s proposed rule for open banking calls for consumers to have control over data about their financial lives and would gain new protections against companies misusing their data. 

Fraud Warning: Maximus, Inc. Cyber Breach: In May this year, a breach occurred involving the MOVEit file transfer service.

​​BOI Policies for Business Members: FinCEN’s new Business Ownership Interest (BOI) reporting rule effective January 1, 2024, exempts credit unions from direct reporting requirements. 

Final NCUA Board Meeting of 2023: The NCUA board met for the final time this year on December 14.

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