Newsroom
This week in compliance: Latest developments on BSA/AML, CCPA, payroll tax deferral
As credit unions work to meet the needs of their members and communities amid the coronavirus pandemic and restore normal operations, NAFCU's award-winning Regulatory Compliance Team is keeping the industry informed of the latest developments and available resources via the Compliance Blog every Monday, Wednesday, and Friday.
Missed this week's blog posts? Here is a roundup of the latest on the Compliance Blog:
Joint Statement on BSA CDD Requirements for PEPs: In Monday's blog post, NAFCU Regulatory Compliance Counsel David Park details that latest developments related to Bank Secrecy Act/Anti-Money Laundering. Park highlights a joint statement from federal financial regulators, including the NCUA, on customer due diligence requirements for politically exposed persons.
CCPA Regulations Are Final, the Employment/B2B Exemption is Extended, and the Saga Continues: Last month, the California Office of Administrative Law approved final regulations which implemented the California Consumer Protection Act (CCPA). NAFCU Senior Regulatory Counsel Elizabeth LaBerge summarizes the final regulation and provides credit unions with some updates on California privacy law.
IRS Issues Guidance on Payroll Tax Deferral; NAFCU Annual Survey: Last week, the Treasury Department and the Internal Revenue Service (IRS) released guidance to clarify the implementation of an executive order allowing employers to defer withholding and payment of an employee's portion of the payroll tax if the employee's wages were below a certain amount. In today's blog, NAFCU Vice President of Regulatory Compliance Brandy Bruyere breaks down the guidance and details what credit unions should know. Bruyere also encourages NAFCU member credit unions to participate in the association's Annual Survey, available until Sept. 16.
NAFCU's offices will be closed Monday in observance of Labor Day. New posts on the Compliance Blog will resume Wednesday. Access additional compliance resources, including a compliance calendar, final regulation summaries, and more here.
Looking to connect with other credit union compliance professionals across the country? The NAFCU Compliance, Risk & BSA Network offers an online community where those responsible for compliance, risk and BSA/AML at member credit unions can access behind-the-scenes insights, troubleshoot problems, and connect with others.