Regulatory & Compliance Updates: Jan. 29, 2025

​Department of Commerce ATM Reminder: The Minnesota Department of Commerce’s Director of Credit Unions, Aeton de Long-Hersh, issued a reminder for credit unions to follow regarding ATM preventive security measures against break-ins. 

OFAC Transaction Record Retention Period Extended: The Office of Foreign Asset Control (OFAC) published its interim final rule extending recordkeeping requirements for certain transactions from five to 10 years effective March 12, 2025.
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​FTC CARS Rule Overturned: The Federal Trade Commission (FTC) Combating Auto Retail Scams (CARS) rule effective date, which was paused due to litigation in 2024, has now been overturned by the Fifth Circuit Court of Appeals for not providing proper notice of rulemaking in a 2-1 split decision.

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