Also: NAFCU's economist reacts to Fed's rate cut; BSA Blast features email scams, OFAC compliance



NAFCU TODAY | The News You Need Daily.

August 1, 2019



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July's top compliance issues: Synthetic ID fraud, SSN verification service, disclosures [ [link removed] ]
NAFCU's award-winning compliance team offers resources to all federally insured credit unions, keeping the industry informed of the ever-changing regulatory environment. Each month, the team answers hundreds of compliance-related questions from NAFCU members and also publishes three blogs weekly on key issues. Here were the five most popular topics in July.


FOMC cuts rates, ends balance sheet adjustments [ [link removed] ]
The Federal Open Market Committee (FOMC), as expected, cut interest rates by 25 basis points Wednesday at the conclusion of its two-day monetary-policy setting meeting. The committee also announced that it would cease to adjust the size of its balance sheet in August – two months earlier than previously indicated.


Email scams, OFAC compliance expectations in new BSA Blast [ [link removed] ]
The July edition of NAFCU's BSA Blast – now available for download – highlights fast-growing business email compromise (BEC) scams and the Treasury Department's Office of Foreign Assets Control's (OFAC) recently released framework for compliance commitments.






CFPB reopens comments on HMDA threshold proposal [ [link removed] ]
The CFPB has reopened the comment period on its proposal to raise the Home Mortgage Disclosure Act's (HMDA) transactional and institutional reporting thresholds. Comments are reopened until Oct. 15 to allow the public to review the Federal Financial Institutions Examination Council's national loan level data set and the CFPB's review of that data – which are expected to be released later this summer – and provide additional comments on the proposal.


New grant opportunity for low-income CUs [ [link removed] ]
The NCUA Wednesday announced that the agency is offering grants of up to $25,000 as part of a new pilot mentoring program for small low-income credit unions that are designated as minority depository institutions (MDI).


CFPB makes annual TILA threshold adjustments [ [link removed] ]
The CFPB today published a final rule revising dollar amounts for certain regulations falling under Regulation Z that implement the CARD Act, HOEPA and the ability-to-repay/qualified mortgage provisions of the Dodd-Frank Act. All adjustments will be effective Jan. 1, 2020.


NCUA bans 7 from future work in FIs [ [link removed] ]
The NCUA in July issued two prohibition orders and five prohibition notices, which prohibit individuals previously associated with credit unions from any future participation in the affairs of a federally insured financial institution.



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