Compliance Center: CFPB Releases 2017 and 2018 HMDA File Specifications

What you need to know about upcoming HMDA file specs; your question answered about opening accounts for Single Member LLCs; plus this week’s legal briefs.

Legal Briefs

Your weekly update on the regulatory landscape.

NCA Security & Technology Insight: FTC Warning on Sharing Files in the Cloud

In this week’s contribution from a Strategic Link business solutions partner, Network Computing Architects, Inc. (NCA) shares some do’s and don’ts on cloud file sharing.

Compliance Question of the Week

What happens if a merchant accidentally charges a credit card surcharge when they weren’t supposed to?

Reminder: Certification of Exemption from Foreclosure Mediation Due by January 31

Credit unions in Oregon and Washington have until the end of the month to renew the certifications to avoid the mandatory mediation clauses in the foreclosure statutes. The NWCUA’s compliance team has uploaded templates of the certifications online.

Credit Unions Still Receiving IRS Threats to Tax Status

Credit unions that receive a letter from the IRS notifying them of a possible revocation of their tax-exempt status should not ignore the letter—even though it may have been sent erroneously.

NCUA Cancels Third Open Meeting, Delays CUSO Final Rule

The NCUA vote scheduled for today on the proposed rule requiring all CUSOs to submit financial reports to the NCUA has been cancelled, likely moving to next month a possible decision.

What to Do if Your Tax Exemption Was Automatically Revoked by the IRS

The IRS has created a section of its website for credit unions who mistakenly received a letter notifying them of the automatic revocation of their tax exempt status.

FinCEN Releases Test Site for the New CTR and SAR

FinCEN has updated its BSA E-Filing System’s User Test System website to allow for testing submissions of batch and computer-to-computer filings of FinCEN’s new CTR and SAR. The site also offers a preview of the PDF versions of the new reports.