America’s Credit Unions is actively engaging the NCUA on its call report changes that would require certain credit unions to report fee income derived from overdraft and nonsufficient funds (NSF) fees. The organization has raised concerns directly with NCUA Chairman Todd Harper, and also wrote a letter to the agency calling on it to refrain …
The Beneficial Ownership Information (BOI) database established under the Corporate Transparency Act (CTA) should provide significant and important relief for credit unions from the Financial Crimes Enforcement Network’s (FinCEN) customer due diligence (CDD) requirements, America’s Credit Unions wrote Friday. Comments were sent in response to FinCEN’s proposed information collection regarding BOI requests. America’s Credit Unions’ …
Updating anti-money laundering and countering the financing of terrorism (AML/CFT) rules and regulations would relieve significant—and increasing—compliance burdens on credit unions, America’s Credit Unions wrote to the Financial Crimes Enforcement Network (FinCEN) Friday. The comments were sent in response to a FinCEN request for comment on Currency Transaction Report (CTR) filing. “The current CTR threshold …
This week, America’s Credit Unions remains hard at work for the credit union industry while Congress is in recess. Additionally, comments are due to the CFPB today for the bureau’s proposed rule to cap overdraft fees for financial institutions with more than $10 billion in assets. The proposed rule offers three options for those financial …
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