Newsroom

As credit unions work to meet the needs of more than 127 million Americans during the coronavirus pandemic, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog every Monday, Wednesday, and Friday.

This roundup features the latest blog posts from the previous week, as well as today’s post. Due to NAFCU’s offices being closed for the Thanksgiving Holiday, there will only be one Compliance Blog post this week. 

FinCEN Updates and Rescinds Previous Ransomware Advisory: NAFCU Regulatory Compliance Counsel Keith Schostag details a recent advisory issued by the Financial Crimes Enforcement Network (FinCEN) earlier this month regarding ransomware and the use of ransomware payments. The advisory updates and rescinds a previous advisory published in October 2020, as a result of “the increase of ransomware attacks in recent months” and to share new information regarding ransomware trends and the role of intermediaries in ransomware payments. The advisory addresses FinCEN’s concerns about financial institutions because of the role they play in collecting ransom payments. 

Consumer Compliance Outlook Publishes Third Issue of 2021: NAFCU Regulatory Compliance Counsel Justin White breaks down a quarterly report published by The Philadelphia Reserve that reviews promulgated rules that may have an impact on the financial services industry. The third issue of the report, titled Consumer Compliance Outlook, discusses consumer privacy, Regulation X, and Regulation Z. 

NCUA Extends Virtual Meeting Flexibility for 2022: Credit unions across the industry welcomed the long-anticipated NCUA Letter to Credit Unions providing an extension of the virtual meeting flexibility due to the COVID-19 pandemic. NAFCU Regulatory Compliance Counsel Rebecca Tetreau provides an overview of the letter, which reminds credit unions that they may “adopt at any time, by a two-thirds vote of the board of directors, the  provided bylaw amendment to Article IV without additional approvals by the NCUA.”

NCUA CUSO Rule Changes Poised to Go into Effect: In today’s blog, NAFCU Vice President of Regulatory Compliance and Senior Counsel Brandy Bruyere goes over the NCUA Board’s final rule that grants credit union service organizations (CUSOs) more flexibility to offer loan products, which was announced at its October Board meeting. Starting Nov. 26, 2021, CUSOs will be able to offer any kind of loan a FCU can offer. A recap of October’s meeting can be found here. 

Sign up to receive the latest Compliance Blog post in your inbox. Access additional compliance resources, including a compliance calendar, numerous final regulation summaries and more here.