In today’s financial services environment, keeping up with the regulatory compliance landscape is challenging, and takes an ever-increasing commitment of your credit union's time and energy. Our REGular Blog is designed to keep you informed of what’s happening in the regulatory compliance world by providing not only our thought leadership and perspective, but also linking you to helpful resources from other trade associations and industry groups. From Richmond to Alexandria to Washington, stay in the know on issues to help you stay one step ahead of the regulators.
- FFIEC Updates Filing Instructions, Supplemental Guides for Quarterly HMDA Filers
September 12, 2023
The Federal Financial Institutions Examination Council (FFIEC) has updated the Home Mortgage Disclosure Act (HMDA) website. Regulation C requires lending institutions to report public loan data. In this section of the website, you can find out more about the regulation and its interpretation. The updated Filing Instructions Guide (FIG) and Supplemental Guide for Quarterly Filers for data collected in 2023 are now available.
- League Compliance Roundtable: Archived Webinar Now Available Online
September 7, 2023
Your League’s 3Q2023 Compliance Roundtable is now available online. Join the League’s JT Blau (Chief Advocacy Officer) and attorney Jay Spruill (Woods Rogers Vandeventer Black PLC), who serves as lead attorney for the League's Compliance Hotline, for a deep dive into Fraud scams targeting member accounts and protective measures a credit union can take; NCUA’s new member expulsion rule; NCUA’s new cyber incident reporting requirement; FFIEC’s update of their examination manual; Recent IRS info on credit unions’ eligibility to claim the Employee Retention Credit; and the importance of reviewing your BSA policies, procedures and oversight.
- Regulatory Compliance Weekly Roundup: Sept. 1, 2023
September 1, 2023
Let's take a look at some of the highlights of the week in regulatory compliance, including NCUA Chairman Todd Harper's latest call for third-party examination authority for the NCUA, actions by CFPB and an IRS memo on federal credit unions' eligibility to claim the Employee Retention Credit.
- IRS Weighs In on FCU Eligibility for the ERC
August 31, 2023
In the last couple years, many credit unions have been exploring whether they were eligible to claim the Employee Retention Credit (ERC) that was part of the CARES Act. This law made credits available for eligible employers whose operations were fully or partially suspended due to orders from the government. Credit unions, auditors, and third party vendors began parsing through the limitations and restrictions of the legislation and guidance.
- League Compliance Roundtable Sept. 6; Register Now for Free Webinar
August 29, 2023
Join us on Sept. 6 for the League’s free Quarterly Compliance Roundtable. Topics will include fraud scams targeting member accounts and protective measures a credit union can take; NCUA’s new member expulsion rule and NCUA’s new cyber incident reporting requirement.
- NCUA’s Harper Discuss Economic Outlook, the Need for Vendor Authority at NASCUS’s S3
August 28, 2023
National Credit Union Administration Chairman Todd M. Harper spoke before the audience at NASCUS’s State System Summit in Nashville, Tennessee, yesterday afternoon. During his remarks, Chairman Harper discussed the economic and interest rate environment and their outlook, the importance of cybersecurity, the NCUA’s need for vendor authority and the agency’s other legislative priorities, and the promise and perils of artificial intelligence and real-time payment systems.
- Regulatory Compliance Weekly Roundup: Aug. 25, 2023
August 25, 2023
Happy Friday, everyone! Time for a quick recap of some recent happenings in the regulatory compliance world!
- League's Blau Featured in Podcast 'With Flying Colors'
August 22, 2023
Our Chief Advocacy Officer J.T. Blau is featured in this week's episode of "With Flying Colors". Here is what he has to say about it. "I recently sat down with Mark Treichel to record this podcast on the NCUA's new member expulsion rule...
- REGular Blog: New Guidance for Credit Unions on the Cyber Incident Rule
August 15, 2023
On Monday, the NCUA released Letter to Credit Unions 23-CU-07, titled Cyber Incident Notification Requirements. The letter provides guidance to credit unions on how to comply with the requirement that NCUA be notified within 72 hours when a credit union experiences a reportable cyber incident. The new requirement goes into effect on September 1, so credit unions should be reviewing this guidance and the rule as they update their procedures.
- NCUA Letter to Credit Unions (23-CU-07): Cyber Incident Notification Requirements
August 14, 2023
Beginning on Sept. 1, 2023, all federally insured credit unions must notify the NCUA as soon as possible, and no later than 72 hours, after the credit union reasonably believes it has experienced a reportable cyber incident or received a notification from a third party regarding a reportable cyber incident.
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