The Financial Crimes Enforcement Network (FinCEN) seeks comments on information to be collected from certain authorized recipients – including credit unions – when requesting access to beneficial ownership information (BOI), consistent with the requirements of FinCEN’s final access and safeguards rule. The Corporate Transparency Act requires legal entities report BOI directly to FinCEN. That ownership …
FedNow, the Federal Reserve’s instant payment system, last week profiled HawaiiUSA Federal Credit Union and the impact of instant payments on credit unions and their members. In the profile, HawaiiUSA Federal Credit Union Vice President of Payment Operations Scott Young noted that, in his experience, FedNow has “leveled the playing field,” including by offering “the …
The Community Development Financial Institutions (CDFI) Fund postponed its webinar to help organizations understand the requirements of its revised CDFI Certification Application to Feb. 8. It was originally scheduled for tomorrow. The webinar will start at 1:30 p.m. Eastern Feb. 8 and will discuss updates to the Application FAQs, review new materials, and allow participants …
