Washington DFI Creates Resource Page for Managing Finances After a Natural Disaster

Northwest credit unions may wish to share the following resources with members in all three states.

CFPB Announces Settlement Actions Regarding Mortgage Companies’ Deceptive Advertising

The bureau found the advertisements either contained false, misleading, and inaccurate statements or failed to include required disclosures.

New Joint Statement Outlines BSA Due Diligence Requirements for Politically Exposed Persons

Financial institutions have an obligation to identify and report suspicious activity, including transactions that may involve the proceeds of corruption.

NCUA Issues Joint Statement with Other Regulators on BSA Enforcement

FinCEN also issued a statement describing factors used determine the appropriate enforcement response to actual or possible BSA violations.

NCUA Issues New Risk Alert on COVID-19-Related Fraud

Credit unions should contact the respective federal agencies to report fraud and file Suspicious Activity Reports as appropriate.

FFIEC Releases Joint Statement on Additional Loan Accommodations Related to COVID-19

The statement provides prudent practices for credit unions to work with borrowers in a safe and sound manner as loans near the end of accommodation periods.

Oregon Secretary of State Launches Webpage on Remote Online Notarization

The site includes information regarding the process, qualifying vendors, training, and the RON notice form.

FinCEN Issues Alert on Twitter Convertible Virtual Currency Scam

Fraudsters are compromising Twitter accounts of public figures, organizations, and financial institutions to solicit payments to CVC accounts.

NCUA Updates its 2020 Supervisory Priorities

The updated priorities include BSA and CARES Act compliance, consumer financial protection, credit risk management, cybersecurity, and more.

FinCEN Issues Advisory on Imposter Scams and Money Mule Schemes Related to COVID-19

Credit unions should provide all pertinent and available information regarding scams in SARs.

FinCEN Issues Guidance on BSA Due Diligence Requirements for Hemp-Related Businesses

The guidance identifies types of information financial institutions can collect from those businesses to comply with regulatory requirements.

NCUA, State and Federal Banking Regulators Issue Interagency Examiner Guidance

The guidance promotes flexibility when examining financial institutions affected by COVID-19.

Consumer Financial Protection Bureau Issues FAQ on Credit Reporting Under the CARES Act

The FAQ comes in addition to a previously issued statement informing lenders of credit reporting requirements.

NCUA Partners with EXIM to Help Credit Unions Support Small Businesses

A series of joint initiatives will help credit unions better understand EXIM loans and resources.