Industry Outreach event offers updates on Multifactor Authentication and decision-making for cybersecurity.
Another Elder Fraud Scheme
A Glendive woman admits to stealing $119,000 from a man she was helping with bills after his wife passed away.
Do You Have Junk Fees?
White House and CFPB teaming up to combat overdraft and other consumer fees they label as confusing.
Overdraft Recording Available
CUNA Mutual Group releases an on-demand webinar to explain continuing overdraft/NSF fee litigation trends.
SCRA Allegations Costly
GM agrees to pay the Justice Department over $3.5M for wrongly repossessing servicemember vehicles.
Crypto Poses Financial Risks
Regulator group recommends new safeguards for growing and unregulated crypto market stability.
Sign Up for Cyber Info
NCUA offers new subscription specific to cybersecurity information and related events on their website.
Cyber Resource Guide
The FFIEC updates their cybersecurity resource guide to reflect ransomware and other continuing threats.
FinCEN Beneficial Ownership Rule(s)
Changes are coming, but not as quickly as we had once expected
FinCEN released a final regulation to implement part of the January 2020 Anti-Money Laundering Act. This fact sheet details how entities will register beneficial ownership information directly with the agency starting in January 2024. New organizations will have 30 days after forming to register, and existing entities will be given until Jan. 2025 to complete their filing. Any changes will also need to be filed within 30 days to be compliant.
FinCEN has two more changes to propose before anything shifts with your credit union's current requirement to collect beneficial ownership information.
First, the agency will develop a mechanism for financial institutions, law enforcement, and others to access its database (BOSS: Beneficial Ownership Secure System) to confirm information that has been registered with FinCEN.
Second, FinCEN needs to revise or eliminate the customer due diligence rule that requires collection and verification of beneficial information at the account level when you open an account for an entity. Until that happens, the collection of the information directly by FinCEN will not change your requirement.
We anticipate that these changes will be proposed in the near future and that efforts to assist businesses toward compliance will begin.
Additional guidance and outreach efforts are expected as this effort moves closer to the Jan. 2024 effective date.
Back to Basics Compliance Series
We're starting 2023 with an 8-part webinar series. The sessions will run about 45 minutes, are free, and feature yours truly discussing the topics below. Register now to get it on your calendar (go to the date on our Events Calendar to see the registration link). The webinars will be recorded with notice to registrants on availability after the live date.
Jan. 10: Account Ownership
Jan. 24: Death of a Member
Feb. 9: Truth in Savings & Advertising
Feb. 21: Reg CC and Check Holds
Mar. 7: Fiduciary Relationships
Mar. 21: Garnishment & Levies
Apr. 11: NCUA Share Insurance
Apr. 25: Business Account Basics
A Few Thoughts...
Where has 2022 gone? We are officially in the holiday season now, and I think most of you probably have your snow shovels out and warmed up. For me, the end of fall means in-state travel and BSA training season are winding down. The 10-day email series is still coming (starting Dec. 5), and the staff pre-recorded BSA webinar will be available soon.
Make sure you sign up to take advantage of the Back to Basics Compliance Webinar series (see article above). There is no cost, and sometimes getting back to a few basics is a great way to engage your team with understanding why some of your policies and procedures require what they do.
Have a great week, stay warm, and don't hesitate to reach out if you have questions.
