FinCEN Issues Sanction Evasion Alert

Sanctions Evasion Alert – FinCEN issued an Alert, advising all financial institutions to be vigilant against potential efforts to evade the expansive sanctions and other U.S.-imposed restrictions implemented in connection with the Russian Federation’s further invasion of Ukraine. The alert provides examples of red flags to assist in identifying suspected sanctions evasion activity and reminds financial institutions of their reporting obligations under the Bank Secrecy Act. 

NCUA Hosts Call Report Changes Webinar

Call Report Changes Webinar - To meet overwhelming demand for the “Call Report Changes” webinar held on Feb. 10, the NCUA will host a second presentation on March 8, beginning at 2 p.m. Eastern. Staff from the NCUA’s Office of Examination and Insurance will cover Call Report changes for natural person credit unions effective with the March 2022 reporting cycle, including new schedules for risk-based capital and the Complex Credit Union Leverage Ratio (CCULR), which became effective on Jan. 1.

From the CFPB

Updated RMS Manual – Section 1.1 of the Risk Management Manual of Examination Policies was updated to describe aspects of the continuous examination process used for certain banks. 

NCUA's CAMEL Becomes CAMELS

CAMELS - The NCUA Board approved a final rule that added the Sensitivity to Market Risk, or “S,” component to the existing CAMEL rating system and redefined the Liquidity Risk, or “L,” component. The effective date of the CAMELS final rule is April 1, 2022. 

NCUA Holds Overdraft Protection Webinar

ODP Webinar – On March 23, the NCUA is hosting a webinar where credit unions can learn more about overdraft protection programs and what market changes can mean. NCUA Chairman Todd Harper recently offered ideas to help credit unions transition away from overdraft programs. Relatedly, regulators have started looking more closely at fees, with the CFPB launching an inquiry into fees on consumer financial products.