November’s legislative recap is available here.
The American Bankers Association released a guidebook and companion to the FFIEC IT Information Security Booklet, which reformats the exam booklet into a checklist with direct links to cross-referenced statutes, regulation and guidance. Passwords to access the blog posts, and blog posts are only for CSG owners and retained clients. These should not be shared outside of the organization. Blog … Read More
The White House announced that the president has signed H.J. Resolution 111, striking down the CFPB’s Arbitration Rule. The Rule will not take effect on March 19, 2018, and a similar rule cannot be enacted without specific authorizing legislation. This does not change any state specific requirements or restrictions regarding arbitration clauses. Passwords to access the blog posts, and blog … 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 financial institutions to schemes commonly … Read More
October’s Recap is now available here. Passwords to access the blog posts, and blog posts are only for CSG owners and retained clients. These should not be shared outside of the organization. Blog posts generally contain only a summary of any requirements, and do not represent all potential impact on the organization. For further details on any blog post, contact … 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 take greater control of their … Read More
The NCUA proposed changes to its advertising requirements under 740.5, which includes: Removing the requirement to include the official advertising statement on annual reports and statements of condition; Allowing the use of another short title “Insured by NCUA”; Increasing the exemption from 15 seconds to 30 seconds for radio and television advertisements. Comments are due by December 4, 2017 740.5 … Read More
The Banking Brotherhood (FRB, FDIC, NCUA and OCC) released a list of frequently asked questions regarding the new accounting standards that introduced the Current Expected Credit Losses (CECL) methodology. The intent of releasing the questions is to help institutions and examiners understand and abide by the new requirements. The new FAQs, which join 23 others originally published in 2016, cover … 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 debit cards. A website is … 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 serious threat Hurricane Irma poses … Read More
