Regulatory & Compliance Updates: Nov. 27, 2024

2025 Department of Commerce Examinations and Priorities: The Minnesota Credit Union Network recently met with the Department of Commerce Director of Credit Unions, Aeton de Long-Hersh, on what state-chartered credit unions could anticipate with examinations starting in January 2025. 

​FinCEN Joints Public-Private Partnership to Combat Frauds and Scams: On November 25, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced it has joined a multi-sector national task force dedicated to the prevention of fraud and scams. 

Federal Reserve Announces 2025 Service Rates: On November 22, the Board of Governors of the Federal Reserve System announced service rates and pricing effective January 1, 2025, for Federal Reserve Banks provide to banks and credit unions, such as the clearing of checks, automated clearing house (ACH) transactions, instant payments, and wholesale payment and settlement services. 

CFPB Publishes Personal Financial Data Rights Final Rule: The Consumer Financial Protection Bureau (CFPB) recently published its final rule to carry out the personal financial data rights (“open banking”) established by the Consumer Financial Protection Act of 2010 (CFPA) in the Federal Register. 

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