Regulatory & Compliance Updates: Nov. 29, 2023

FHFA Comprehensive Report: The Federal Housing Finance Agency (FHFA) released its comprehensive report on the Federal Home Loan Bank (FHLBank) system on November 8. 

​Customer Identification Program (CIP) Refresher: The PATRIOT Act and federal regulations require each credit union to implement a written CIP that includes certain minimum requirements found in section 748.2(b)(2) of the NCUA regulations and section 1020.220(a)(2)(i)(A) of the FinCEN regulations. 

NCUA Reinstating Call Report Penalties: The National Credit Union Administration (NCUA) announced that it will reinstate assessing civil money penalties for credit unions failing to submit NCUA Form 5300 Call Report on time, effective January 1, 2024.

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