The Federal Deposit Insurance Corporation (FDIC) recently reissued its Request for Information regarding its Official Sign and Advertising Requirements and Potential Technological Solutions. The reissue now also addresses the misuse of the FDIC Official Sign and logo, which was not included in the original request. As a recap, on February 26, 2020, the FDIC published a notice in the… Read More »
On May 11, the CFPB issued its Final Rule on Regulation E’s remittance transfers requirements, effective July 21, 2020. In advance of the expiration of a statutory exception in July 2020, the Final Rule amendments allow financial institutions to provide estimates of certain fees and the exchange rates related to remittance transfers if they meet… Read More »
Unless the CFPB extends or removes the expiration of allowing estimates for remittance transfers, financial institutions will need to make sure their disclosures reflect the actual terms of any remittance transfer. Remind me The requirements for remittance transfer disclosures, under Regulation E, include the ability to estimate certain information included on the pre-payment, receipt, or… Read More »
On January 4, 2018 the DCU released (revised) Bulletin B-17-17 and Revised Interpretive Letter I-17-04, regarding virtual and hybrid annual or special membership meetings. The Bulletin and Interpretive Letter were originally released on November 20, 2017, and then immediately pulled from the DCU’s website. The new releases amend the information regarding these types of meetings,… Read More »
The Department of the Treasury announced yesterday afternoon that FinCEN has issued a final rule under Section 311 of the USA PATRIOT Act that severs Bank of Dandong, a Chinese bank that acts as a conduit for illicit North Korean financial activity, from the U.S. financial system. FinCEN also issued an Advisory to further alert… Read More »
The CFPB released its outline of principles for protecting consumers when they authorize third party companies to access their financial data to provide certain financial products and services (think – digital wallets). The principles are intended to help foster the development of innovative financial products and services, increase competition in financial markets, and empower consumers to… Read More »
From CUNA: Credit unions have until Sept. 14 to file a claim for payment under the settlement reached between plaintiffs and Home Depot in that data breach lawsuit. CUNA, as well as leagues and credit unions, are among the plaintiffs in the lawsuit, which stems from a 2014 data breach that compromised 56 million credit and… Read More »
The National Credit Union Association released the following, in preparation for Hurricane Irma. While, thankfully, we are not inline for Irma, those of us in the Pacific Northwest do occasionally experience disasters. NCUA Has Disaster Resources for Areas Affected by Hurricane Irma ALEXANDRIA, Va. (Sept. 7, 2017) – The National Credit Union Administration recognizes the… Read More »
The Federal Financial Institutions Examination Council (FFIEC) announced the launch of a new Industry Outreach website designed to share information about financial institution supervision with financial institutions, regulators, the public and other stakeholders, and to provide updates to supervisory guidance and regulations. The website also provides access to upcoming FFIEC-sponsored webinars and includes archived webinars,… Read More »
On August 22, 2017, FinCEN issued Geographic Targeting Orders directed at title insurance companies and properties in areas of Texas, Florida, New York, California and Hawaii. While financial institutions have no requirements related to this GTO, FinCEN simultaneously issued FIN-2017-A003, Advisory to Financial Institutions and Real Estate Firms and Professionals. FinCEN’s press release explains that… Read More »
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