The site includes information regarding the process, qualifying vendors, training, and the RON notice form.
The updated priorities include BSA and CARES Act compliance, consumer financial protection, credit risk management, cybersecurity, and more.
Credit unions should provide all pertinent and available information regarding scams in SARs.
The guidance identifies types of information financial institutions can collect from those businesses to comply with regulatory requirements.
The guidance promotes flexibility when examining financial institutions affected by COVID-19.
The FAQ comes in addition to a previously issued statement informing lenders of credit reporting requirements.
A series of joint initiatives will help credit unions better understand EXIM loans and resources.
The update provides more details on the four focus areas examiners will review amid the pandemic.
Credit unions should review Letter to Credit Unions 20-CU-17 as it applies to off-site exams during COVID-19.
Nancy Degrandi, CUCE, BSACS, breaks down eligible TDRs amid the pandemic.
More information is available to credit unions on the IRS website.
The update includes information on payments sent to incarcerated individuals, non-resident aliens, or those who died before the payment was received.
Credit unions will not be criticized by examiners for providing relief to borrowers as long as such efforts are conducted with proper controls and management oversight.
Credit unions can read a detailed overview of the law as well as a FAQ that covers common questions.