July's
top compliance issues: Synthetic ID fraud, SSN verification service, disclosures
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
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
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.
$200.00 savings
ends Friday w/code RISKSAVINGS
NAFCU Risk Management Seminar
Better
identify, measure and mitigate risk
CFPB
reopens comments on HMDA threshold proposal
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
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
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
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.
