Regulatory & Compliance Updates: June 5, 2024

CFPB Finalizes Open Bank Standards Rule: Today, the Consumer Financial Protection Bureau (CFPB) finalized a rule outlining the qualifications to become a recognized industry standard-setting body, which can issue standards that companies can use to help them comply with the CFPB’s upcoming Personal Financial Data Rights Rule

OFAC Announces Interim Final Rule on Record Keeping and Electronic Filing: On May 10, the Office of Foreign Assets Control (OFAC) published an interim final rule amending recordkeeping and reporting requirements. 

June is the NCUA’s Minority Depository Institution Awareness Month: The National Credit Union Association (NCUA) will feature activities and events highlighting the essential role MDIs play in their communities. 

FinCEN Corporate Transparency Act Enforcement Priorities: On June 3, The Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki provided remarks on beneficial ownership information reporting pursuant to the Corporate Transparency Act (CTA), a bipartisan law meant to curb illicit finance by requiring many companies to report basic information to the Federal government about who ultimately owns or controls them effective January 1, 2024. 

America’s Credit Unions Advocates Against Amendment to NDAA: On June 2, America’s Credit Unions issued a letter outlining its concerns for amendment #645 submitted to the House Rules Committee for consideration as a part of H.R. 8070, the FY 2025 National Defense Authorization Act (NDAA).

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