July 2, 2021 NASCUS Report
Posted July 2, 2021THIS WEEK: Credit unions in line for $865 million payout; Agencies vow changes to BSA rules reflecting priorities; NASCUS helps FinCEN on ‘no-action’ letters; Guidance expanded for assessing technology risk; Rules target expected foreclosure surge; Last year’s violations of consumer law detailed; PA ssecures new law protecting regulators’ finances; Planning for ’21 Summit –S3—underway; Fed announces new tool for dealing with CECL; BRIEFLY: Capitalization interest rule date set … so is date for new CECL rule; Risky AML jurisdiction lists updated; New leader at World Council; Happy Independence Day!
Some credit unions in line for $865 million corporate CU distribution
(July 2, 2021) More than $865 million will be distributed by September to credit unions that were account holders at three failed corporate credit unions as NCUA closes its program…
Agencies vow to alter rules reflecting new AML/CFT priorities
(July 2, 2021) Plans for future Bank Secrecy Act (BSA) rule changes to incorporate just-issued national priorities for combatting money laundering and financing of terrorism were outlined this week in…
FinCEN (with NASCUS’ help) to propose ‘no-action’ letters
(July 2, 2021) A “no-action letter” process – a form of regulatory enforcement discretion in which an agency states, in writing, that will not take an enforcement action against a…
Guidance expanded for assessing technology risk, adequacy
(July 2, 2021) Expanded guidance on assessing the risk profile and adequacy of a credit union’s or other financial institution’s technology architecture, infrastructure and operations for federal examiners is provided…
Rules aim to ease expected foreclosure surge
(July 2, 2021) Rules described as designed to help prevent a surge of foreclosures as federal protections expire were finalized this week – to become effective Aug. 31 – by…
Report details violations of consumer law in ‘20
(July 2, 2021) Four types of violations during 2020 of federal consumer protection and anti-discrimination laws – including those involving student lending and mortgage lending disclosures — are branded “particularly…
New law protects PA fund that finances regulator
(July 2, 2021) Pennsylvania credit unions are applauding the passage of state legislation prohibiting the transfer of monies from the state’s Banking Fund to pay for state government operations other…
Fed announces tool for small banks grappling with CECL
(July 2, 2021) A new tool aimed at helping smaller banks calculate their allowances under the new current expected credit loss (CECL) accounting standard was announced by the Federal Reserve…
Planning for 2021 Summit, Aug. 17-18, under way now
(July 2, 2021) The NASCUS 2021 State System Summit (S3) is coming up Aug. 17-18 as a virtual event again this year, with the agenda for the event now coming…
BRIEFLY: Capitalization of interest rule effective July 30 … while CECL transition rule takes effect Aug,. 2; Risky AML/CFT/CPF jurisdiction list updated; New leader at World Council of CUs; Have a happy, safe July 4 holiday!
(July 2, 2021) NCUA’s final rule permitting federally insured credit unions (FICUs) to extend financing of interest in connection with loan workouts and modifications is set to take effect July…
For more information about NASCUS's news and/or public relations, please contact our Marketing and Communications Department.