Summaries
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Summary: Legal Opinion Reasonable Proximity Analysis
Legal Opinion Reasonable Proximity Analysis June 10, 2020 NCUA’s Legal Opinion addresses FCU field of membership and the term “reasonable proximity,” as used in the Federal Credit Union Act (“FCUA”)... -
Summary: FinCEN Guidance FIN-2020-G002
FinCEN Guidance FIN-2020-G002 Frequently Asked Questions Regarding Customer Due Diligence (CDD) Requirements for Covered Financial Institutions August 3, 2020 FinCEN has issued updated responses to 3 FAQs regarding CDD requirements... -
Summary: Federal Reserve Bd Part 204: Reserve Requirements of Depository Institutions
Federal Reserve Interim Final Rule Regulation D Part 204: Reserve Requirements of Depository Institutions Summary Prepared by NASCUS Legislative & Regulatory Affairs Department June 2020 The Board of Governors... -
Summary: Interagency Lending Principles for Offering Responsible Small-Dollar Loans
Interagency Lending Principles for Offering Responsible Small-Dollar Loans May 2020 NCUA and the federal banking agencies (Federal Reserve System, FDIC, and OCC) have published “principles” to encourage banks and credit... -
Summary: FinCEN Guidance and Managing BSA during the COVID-19 Crisis
FinCEN Guidance and Managing BSA during the COVID-19 Crisis April 15, 2020 The Financial Crimes Enforcement Network (FinCEN) has released 3 pieces of guidance on the COVID-19 crisis and BSA/AML... -
Summary: Letters to Credit Unions No.: 19-CU-01 Supervisory Priorities 2019
Letters to Credit Unions No.: 19-CU-01 Supervisory Priorities 2019 January 2019 NCUA has published the first Letter to Credit Unions of 2019 to provide stakeholders an overview of the agency’s... -
Summary: Letters to Credit Unions 19-CU-04 Use of Alternative Data in Credit Underwriting
Letters to Credit Unions 19-CU-04 Use of Alternative Data in Credit Underwriting December 2019 NCUA, FRB, CFPB, FDIC, and the OCC have issued a joint statement on the use of... -
Summary: Second Chance IRPS
NCUA Final IRPS Summary Interpretive Ruling & Policy Statement 19-1 2nd Chance IRPS Prepared by NASCUS Legislative & Regulatory Affairs Department November 2019 NCUA has finalized its revisions to the... -
Summary: Executive Orders
NASCUS Summary Executive Orders E.O. 13891 Executive Order on Promoting the Rule of Law Through Improved Agency Guidance Documents; and E.O. 13892 Executive Order on Promoting the Rule of Law... -
Final Rule Summary: Public Unit and Nonmember Shares
NCUA Final Rule Summary Part 701 and Part 741 Public Unit and Nonmember Shares Prepared by NASCUS Legislative & Regulatory Affairs Department November 2019 NCUA has published a final rule... -
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Summary: Final Rule Part 715 Supervisory Committee Audits and Verifications
NCUA has published a final rule amending its rules regarding required audits and account verifications for federally insured credit unions. NCUA’s audit rules are found in NCUA’s Rules and Regulations Part 715. For federally insured state credit unions (FISCUs), Part 715 is referenced in Parts 741.6 and 741.202.