CFPB and FinCEN to Host Elder Abuse Webinar on June 7


The Bureau of Consumer Financial Protection and the Financial Crimes Enforcement Network (FinCEN) will host a webinar on the Joint Memorandum  to encourage coordination among financial institutions, law enforcement, and adult protective service agencies (APS) to protect older adults from financial exploitation. The webinar will be held on Thursday, June 7, from 2:00 -3:30 PM EDT. Registration is required to attend.

The webinar will focus on the importance of Suspicious Activity Reports (SARs) and the role that they may play in aiding law enforcement’s investigation of elder financial exploitation cases with an emphasis on collaboration.

Speakers include:

  • Jenefer Duane, Senior Program Analyst, Office for Older Americans, Bureau of Consumer Financial Protection
  • Laura Richardson, Section Chief, Intelligence Division, FinCEN, US Department of Treasury
  • Peter Gallagher, Deputy Attorney General, New Jersey Department of Justice
  • Elaine Dodd, Executive Vice President, Fraud Division, Oklahoma Bankers Association
  • Steve Vallejo, Senior Vice President – Corporate Security Director Corporate Security Investigations, Bank of the West

For information about the Office for Older Americans, visit For information about FinCEN, visit

Question of the Week

What policies are we required to have, and which ones need to be approved by the board of directors?

The listed policies should be board approved and reviewed once a year with documentation in the board minutes.

Required Policies – Per NCUA AIRES checklists:

  • Bank Secrecy Act
  • General Lending – Real Estate Lending (including appraisals), Indirect Lending, Business Lending, Agricultural Lending, Construction Lending, Credit Cards
  • Member Business Lending
  • Loan Participations
  • Allowance for Loan and Lease Loss
  • Liquidity Management
  • Privacy
  • Office of Foreign Asset Controls (OFAC)
  • Overdraft
  • Fair Housing Act
  • Investments
  • Truth in Savings Act (TISA)
  • Consumer Reports – Address Discrepancies, Records Disposal
  • General Information Systems and Technology
  • Personnel – the only mention of this is in the IT Policy requirements
  • Plans, Programs, Other
    • Disaster Recovery Plan
    • Security Program
    • Records Preservation
    • Vendor Due Diligence
  • Unlawful Internet Gambling Enforcement Act
  • Risk Based Pricing Notices
  • Red Flags
  • Interest Rate Risk (for credit union’s over $50 million, or those between $10 and $50 million with exposure to IRR)
  • Loan Workout
  • Loan Non-accrual

The other policies that you have but may not need include your annual board review, but it is a best practice to regularly review your policies and procedures to ensure that they are current.

Related Links:

Legal Briefs

National Credit Union Administration (NCUA)

The NCUA announced its streamlined application period for CDFIs will open on June 4th and will run through June 22, 2018.

Consumer Financial Protection Bureau (CFPB)

The CFPB released a statement detailing the Congressional Review Act resolution signed into law regarding the CFPB’s guidance on indirect auto lending and the ECOA. The guidance was put into place in 2013 and applied to both depository institutions and nonbank institutions.

Federal Reserve Board (FRB)

The FRB has released the minutes of the May 1, 2018 Federal Open Market Committee.

The FRB released its Report on the Economic Well-Being of U.S. Households in 2017. The report indicates that more individuals believe they are managing financially and would be able to handle a small, unexpected expense in 2017, compared to previous years.

Federal Housing Finance Agency (FHFA)

The FHFA released its First Quarter 2018 Prepayment Monitoring Report.

The FHFA issued its 2017 Report to Congress, which details the actions taken by the agency to fulfill its statutory requirements, including the a description of the safety and soundness of the entities regulated by the FHFA.

Office of Foreign Assets Control (OFAC)

OFAC has updated the SDN list as of May 22, 2018. The last update prior to this was May 18, 2018.

Questions? Contact the Compliance Hotline: 1.800.546.4465;

Posted in Compliance News.