REGular Blog
In today’s financial services environment, keeping up with the regulatory compliance landscape is challenging, and takes an ever-increasing commitment of your credit union's time and energy. Our REGular Blog is designed to keep you informed of what’s happening in the regulatory compliance world by providing not only our thought leadership and perspective, but also linking you to helpful resources from other trade associations and industry groups. From Richmond to Alexandria to Washington, stay in the know on issues to help you stay one step ahead of the regulators.
- Adverse Action Notices and AI Underwriting: CFPB Weighs In
September 20, 2023Yesterday the CFPB issued guidance on the use of artificial intelligence in loan underwriting, specifically on how to properly issue an Adverse Action Notice (AAN) when you use AI or complex credit models in your decisioning process.
- FinCEN Releases Beneficial Ownership Small Entity Compliance Guide
September 19, 2023Hello everyone! As summer comes to a close tomorrow, it’s a stark reminder of how close to the end of the year we suddenly are. When the ball drops and rings in 2024, it will bring with it FinCEN's new beneficial ownership information (BOI) reporting rule!
- Regulatory Compliance Weekly Roundup: Sept. 15, 2023
September 15, 2023Happy Friday everyone! It's been a busy week here at the League! We hiked the hill in Washington D.C. with many of our credit unions on Monday and Tuesday, meeting with our lawmakers to share the ways Virginia's credit unions are helping their members and discussing legislative priorities. We had a number of productive meetings with the banking aides of our legislators, as well as with Sen. Mark Warner. Let's take a quick look at some stories this week from the world of Regulatory Compliance ...
- FFIEC Updates Filing Instructions, Supplemental Guides for Quarterly HMDA Filers
September 12, 2023The Federal Financial Institutions Examination Council (FFIEC) has updated the Home Mortgage Disclosure Act (HMDA) website. Regulation C requires lending institutions to report public loan data. In this section of the website, you can find out more about the regulation and its interpretation. The updated Filing Instructions Guide (FIG) and Supplemental Guide for Quarterly Filers for data collected in 2023 are now available.
- League Compliance Roundtable: Archived Webinar Now Available Online
September 7, 2023Your League’s 3Q2023 Compliance Roundtable is now available online. Join the League’s JT Blau (Chief Advocacy Officer) and attorney Jay Spruill (Woods Rogers Vandeventer Black PLC), who serves as lead attorney for the League's Compliance Hotline, for a deep dive into Fraud scams targeting member accounts and protective measures a credit union can take; NCUA’s new member expulsion rule; NCUA’s new cyber incident reporting requirement; FFIEC’s update of their examination manual; Recent IRS info on credit unions’ eligibility to claim the Employee Retention Credit; and the importance of reviewing your BSA policies, procedures and oversight.
- Regulatory Compliance Weekly Roundup: Sept. 1, 2023
September 1, 2023Let's take a look at some of the highlights of the week in regulatory compliance, including NCUA Chairman Todd Harper's latest call for third-party examination authority for the NCUA, actions by CFPB and an IRS memo on federal credit unions' eligibility to claim the Employee Retention Credit.
- IRS Weighs In on FCU Eligibility for the ERC
August 31, 2023In the last couple years, many credit unions have been exploring whether they were eligible to claim the Employee Retention Credit (ERC) that was part of the CARES Act. This law made credits available for eligible employers whose operations were fully or partially suspended due to orders from the government. Credit unions, auditors, and third party vendors began parsing through the limitations and restrictions of the legislation and guidance.
- League Compliance Roundtable Sept. 6; Register Now for Free Webinar
August 29, 2023Join us on Sept. 6 for the League’s free Quarterly Compliance Roundtable. Topics will include fraud scams targeting member accounts and protective measures a credit union can take; NCUA’s new member expulsion rule and NCUA’s new cyber incident reporting requirement.
- NCUA’s Harper Discuss Economic Outlook, the Need for Vendor Authority at NASCUS’s S3
August 28, 2023National Credit Union Administration Chairman Todd M. Harper spoke before the audience at NASCUS’s State System Summit in Nashville, Tennessee, yesterday afternoon. During his remarks, Chairman Harper discussed the economic and interest rate environment and their outlook, the importance of cybersecurity, the NCUA’s need for vendor authority and the agency’s other legislative priorities, and the promise and perils of artificial intelligence and real-time payment systems.
- Regulatory Compliance Weekly Roundup: Aug. 25, 2023
August 25, 2023Happy Friday, everyone! Time for a quick recap of some recent happenings in the regulatory compliance world!
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