Regulatory & Compliance Updates

Financial Action Task Force Upgrades U.S to Largely Compliant with FATF Recommendation 24: Today, the Financial Action Task Force (FATF)—the global standard-setting body for anti-money laundering, countering the financing of terrorism, and countering proliferation financing (AML/CFT/CPF)—announced that the United States has been upgraded to “largely compliant” with FATF Recommendation 24, which relates to beneficial ownership transparency for legal persons. 

NCUA 2023 Annual Report and 2024 DEI Summit in Minneapolis: On March 25, the National Credit Union Administration (NCUA) released its 2023 Annual Report highlighting the agency’s activities, policy initiatives, and accomplishments for the year. 

​NCUA Updates Simplified CECL Tool: On the same date, the NCUA also released its March 2024 update of its Simplified CECL Tool. 

​Navy Federal and Credit Card Late Fees Rule Lawsuits: On March 23, Navy Federal Credit Union (Navy) has filed a motion to dismiss the class action lawsuit based upon racial discrimination against the Plaintiffs for failing to give notice as a member of their field-of-membership (FOM) intent to file a lawsuit against Navy. 

​Comment On CFPB Proposed Rule for Immediately Rejected Transactions: On March 25, the Minnesota Credit Union Network and America’s Credit Unions separately filed comment letters objecting to the Bureau’s proposed ‘preventative’ rule against charging NSF fees on instantly rejected transactions. 

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