Regulatory & Compliance Updates

Visa and Mastercard Interchange Settlement Ramifications: On March 26, Visa and Mastercard reached a settlement agreement in principle resolving a lawsuit which was filed in 2005. 

​FinCEN Seeks Comments on Customer Identification Program Requirement: On March 28, the Financial Crimes Enforcement Network (FinCEN) issued a request for information (RFI) related to existing requirements for banks under the Customer Identification Program (CIP) Rule to collect a taxpayer identification number (TIN) from a customer prior to opening an account. 

FinCEN Administrative Ruling on Customer Identification Programs for IRAs: On March 15, FinCEN issued an administrative ruling on Customer Identification Programs (CIP) and Customer Due Diligence (CDD) requirements for designated beneficiaries of individual retirement accounts (IRA).

NCUA 2023 DEI Annual Report Released: On March 28, the NCUA released its Office of Minority and Women Inclusion (OMWI) Annual Report to Congress that revealed hard data behind the agency’s diversity, equity, inclusion and accessibility (DEIA) initiatives and programs through September 2023. 

​FTC Prohibiting Business and Government Impersonation Rule Effective: On April 1, the Federal Trade Commission announced that the effective date of its new rule on government and business impersonation went into effect.

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