Customer Identification Program and Modern Nomads

Question of the week: How does a credit union verify the identity of a minor when opening a new account?

OCC Provides Insight into Regulators’ 2020 Priorities

Regulators in 2020 may look at cybersecurity, BSA, underwriting practices, CECL, and more.

It’s Time to Think About Renewing Your Legal Entity Identifiers

LEIs are generally required to be renewed for Home Mortgage Disclosure Act (HMDA) reporting purposes.

U.S. Department of Labor Updates Overtime Regulations

Final rule allows employers to count a portion of certain bonuses and commissions toward meeting the salary level.

CFPB Issues Supervisory Highlights Volume 19

Question of the Week: What should a credit union do when an account owner passes away and a minor is named as beneficiary?

CFPB Issues Policies to Promote Innovation and Facilitate Compliance

Question of the Week: Evaluating third-party vendors.

FFIEC Encourages Standardized Approach to Assessing Cybersecurity Preparedness

A standardized approach improves progress tracking and information sharing.

NCUA Issues Final Rule Changes to Fidelity Bond Coverage

New changes go into effect next month and expand credit union board of director oversight of fidelity bond coverage.

NCUA Issues Guidance on Serving Hemp Businesses

Credit unions serving hemp-related businesses should review Regulatory Alert for guidance.

FHFA Redesigns and Reschedules URLA Mandatory Use

Delay allows industry participants to make necessary changes to the URLA and AUS data sets.

FCC Clarifies that Voice Service Providers can Block Robocalls by Default

The ruling clarifies that telecom providers may also offer their customers the choice to opt-in to tools that block calls.

The Office of Foreign Assets Control Releases Framework for Compliance Commitments

The Sanctions Compliance Program consists of five essential components.

NCUA Releases FAQ About the Impact of S. 2155 on Credit Unions

Changes include areas of member business lending, appraisals, and the Home Mortgage Disclosure Act.

WA DOR Assessing Fines for not Remitting Funds for Unclaimed Accounts Electronically

The DOR’s amendment affects the unclaimed property reports that are filed with the state by credit unions.