Learn how to contact law enforcement in the case of a cybersecurity incident; your question answered about posting the FBI sticker; plus this week’s legal briefs.
FinCEN recently issued an advisory to financial institutions, laying out guidelines that can help foster a strong culture of BSA/AML compliance. Also in the Compliance Center: legal briefs and the question of the week.
On Tuesday June 24, the Washington State Department of Financial Institutions (DFI) along with the Washington State Liquor Control Board (WSLCB) hosted an open forum on banking the legal marijuana industry. Also in today’s Anthem: Legal Briefs, and the Question of the Week: “What is our liability if we offer a ‘two-signatures required’ account?”
Recent settlements involving unfair and deceptive marketing practices should serve as reminders that credit unions need to pay close attention to complying with the Unfair, Deceptive or Abusive Acts or Practices rules.
Mortgage Broker Targeting U.S. Service Members Will Pay Record $7.5 Million to Settle Alleged Telemarketing Violations
The FTC cracked down on a mortgage broker by imposing a multi-million dollar fine. As today’s Compliance Update details, Mortgage Investors Corporation allegedly violated the “do not call” list and misrepresented terms of its loan products.
Rumors that Department of Homeland Security agents are allowed access to safe deposit boxes without first presenting a warrant or a subpoena authorizing entrance have resurfaced online, but according to the NWCUA’s David Curtis, DHS “has issued no such memo, and we don’t expect that we will see anything even remotely similar to this in the future.”
The Financial Institutions Security Task Force (F.I.S.T.) is a cooperative effort aimed at reducing crimes committed against financial institutions. The group includes representatives from banks, savings and loans, and credit unions, as well as from local, state and federal law enforcement.
The federal registration component of the Nationwide Mortgage Licensing System and Registry was updated last week to accommodate the collection of information about certain disciplinary, enforcement, and other actions against a mortgage loan originator.
Proactive work combatting fraud and identity theft has often left BECU, the nation’s fourth-largest credit union, unfairly associated with such cases in the media.
Credit union employees are often the first line of defense protecting elders from financial abuse. New Oregon legislation protects senior citizens while improving law enforcement’s ability to investigate and prosecute such cases.
The unauthorized disclosure of a SAR is a violation of federal law, and both civil and criminal penalties may be imposed for SAR disclosure violations, including fines of up to $250,000 and up to five years in prison.
Your weekly rundown on the regulatory landscape.
Your weekly update on the regulatory landscape.
Agencies Issue Statement to Clarify Supervisory and Enforcement Responsibilities for Federal Consumer Financial Laws
The federal financial supervisory agencies issued a policy statement to explain the measure and schedule to determine an institutionâ€™s asset size for purposes of determining supervisory and enforcement responsibilities under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Your update on the regulatory landscape.
The Consumer Financial Protection Bureau recently released a manual to aid the agencyâ€™s examiners as they oversee financial services firms.
The NCUA’s new Office of Consumer Protection became effective on february 1. In addition to its obvious consumer protection role, one division of the new office will be responsible for consumer compliance policy, program and rulemaking, fair lending examinations, financial literacy programs and more.
Your update of the regulatory landscape.