Newsroom
New on the Compliance Blog: BSA updates, email communication regulations under the debt collection rule more
As credit unions work to meet the needs of more than 127 million Americans, 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.
Here's a roundup of what's new this week:
'Tis the Season for BSA Updates: NAFCU Regulatory Compliance Counsel Nick St. John reviews the latest updates from regulatory agencies on the Bank Secrecy Act (BSA). In the blog, St. John looks at the Federal Financial Institutions Examination Council’s (FFIEC) updates to the BSA/AML examination manual, which includes a new section, as well as updates to three existing sections. Other updates include FinCEN’s Advanced Notice of Proposed Rulemaking related to real estate transactions and Notice of Proposed Rulemaking related to beneficial ownership requirements.
Emails and Bona Fide Errors Under Regulation F: NAFCU Senior Regulatory Compliance Counsel David Park continues NAFCU’s breakdown of the debt collection rule. Park looks at email communications and compliance issues related to the possibility that those communications might be received by third parties. The Fair Debt Collection Practices Act (FDCPA) and Regulation F generally prohibit debt collectors from communicating or attempting to communicate with third parties in connection with the collection of a debt. Park shares the type of individuals that debt collectors may communicate with in connection with debt collection, as listed under Section 1006.6(d)(1) which include the consumer, the consumer’s attorney, the creditor, and more.
NCUA Releases 2021 Q3 Quarterly Map Review: In today’s blog, NAFCU Regulatory Compliance Counsel Keith Schostag covers the NCUA’s newly released Quarterly U.S. Map Review for the third quarter. According to the press release, the review “tracks performance indicators for federally insured credit unions in all 50 states and the District of Columbia and includes information on two important state-level economic indicators: the unemployment rate and home prices.”
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.
Share This
Related Resources
Add to Calendar 2024-06-26 14:00:00 2024-06-26 14:00:00 Gallagher Executive Compensation and Benefits Survey About the Webinar The webinar will share trends in executive pay increases, annual bonuses, and nonqualified benefit plans. Learn how to use the data charts as well as make this data actionable in order to improve your retention strategy. You’ll hear directly from the survey project manager on how to maximize the data points to gain a competitive edge in the market. Key findings on: Total compensation by asset size Nonqualified benefit plans Bonus targets and metrics Prerequisites Demographics Board expenses Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public
Gallagher Executive Compensation and Benefits Survey
preferred partner
Gallagher
Webinar
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 2024 Mid-Year Fraud Review Listen On: Key Takeaways: [01:16] Check fraud continues to be rampant across the country. Card fraud is affecting everyone. [04:31] Counterfeit US passport cards are just another new toolbox in the bad actors’ toolbox. [07:21] Blocking the fallback is the only way to defeat counterfeit cards. [11:17] The best way is constant education to your members in as many channels as you can. [13:02] We are still seeing overdraft lawsuits. Make sure the programming you have at your credit union matches what you have displayed for the members. Web NAFCU digital@nafcu.org America/New_York public
2024 Mid-Year Fraud Review
Strategy & Growth, Consumer Lending
preferred partner
Allied Solutions
Podcast
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 The Evolving Role of the CISO in Credit Unions Listen On: Key Takeaways: [01:30] Being able to properly implement risk management decisions, especially in the cyber age we live in, is incredibly important so CISOs have a lot of challenges here. [02:27] Having a leader who can really communicate cyber risks and understand how ready that institution is to deal with cyber events is incredibly important. [05:36] We need to be talking about risk openly. We need to be documenting and really understanding what remediating risk looks like and how you do that strategically. [16:38] Governance, risk, compliance, and adherence to regulatory controls are all being looked at much more closely. You are also seeing other technology that is coming into the fold directly responsible for helping CISOs navigate those waters. [18:28] The reaction from the governing bodies is directly related to the needs of the position. They’re trying to help make sure that we are positioned in a way that gets us the most possibility of success, maturing our postures and protecting the institutions. Web NAFCU digital@nafcu.org America/New_York public
The Evolving Role of the CISO in Credit Unions
preferred partner
DefenseStorm
Podcast
AI in Action: Redefining Disaster Preparedness and Financial Security
Strategy
preferred partner
Allied Solutions
Blog Post
Get daily updates.
Subscribe to NAFCU today.