Newsroom

As credit unions work to meet the needs of more than 135 million Americans, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog every Monday and Wednesday.

Here's a roundup of what's new this week:

Two Officers Walk into a Credit Union Without Legal Process: Regulatory Compliance Counsel JaMonika Williams details best practices for how to handle an instance where law enforcement appears at a credit union to retrieve supporting documents of a suspicious activity report (SAR) without a search warrant or subpoena. Williams says credit unions should first determine if the officer is legitimate, with appropriate credentials to request evidence of a crime. Additionally, resources from the Financial Crimes Enforcement Network (FinCEN) explain the legal process is not applicable “when the financial institution provides the financial records or information to FinCEN or a supervisory agency” when exercising its regulatory functions, or “when FinCEN or an appropriate law enforcement or supervisory agency requests either a copy of a SAR or supporting documentation underlying the SAR.”

Taking Care of Business: Recent Developments in Commercial Lending: Director of Regulatory Compliance Nick St. John explains two recent developments from the CFPB and their impacts on commercial lending. St. John notes the bureau released a final rule to implement section 1071 of the Dodd-Frank Act and “will require credit unions which made 100 or more ‘covered loans’ in each of the two preceding calendar years to collect and report on certain data points relating to loans they make to small businesses.” St. John also highlights the CFPB’s recent Preemption Determination, which indicates commercial lending disclosure laws in California, New York, Utah, and Virginia are not preempted by the Truth in Lending Act.

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