America’s Credit Unions Comment Letter to FinCEN on Beneficial Ownership Information Database Access
Read Letter
March 2024
New Compliance Blogs tackle FinCEN ruling, Reg E
America’s Credit Unions keeps credit unions informed with new posts on the Compliance Blog, published every Tuesday and Thursday. Here’s a look at what’s new on the blog:
2023 HMDA mortgage lending data now available
Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2023 is now available on the Federal Financial Institutions Examination Council’s (FFIEC) HMDA Platform for approximately 5,089 HMDA filers. The published data contains loan-level information filed by financial institutions and modified to protect consumer privacy. Of note, the annual loan-level LAR data for …
Access customized data via quarterly credit union benchmarking reports
America’s Credit Unions members are encouraged to access updated quarterly peer analysis reports, released earlier this week. The reports are based on the most recent NCUA Call Report data and provide credit unions with the tools needed to compare their individualized financial and operating metrics with peer averages. The three reports available now include: The …
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CISA publishes cyber incident reporting proposal
Federally insured credit unions could be required to submit cyber incident reports within 72 hours following a new proposal from the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA). The agency Wednesday posted a Notice of Proposed Rulemaking (NPRM) required by the Cyber Incident Reporting for Critical Infrastructure Act of 2022 (CIRCIA). The …
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Regulatory Agencies Outline Regulation E Pitfalls
As consumers expect an increasingly digital banking experience, the importance of Regulation E continues to grow. That regulation – which covers everything from debit card transactions to ACH and Peer-to-Peer (P2P) transfers – comes with a host of compliance requirements, as well as the potential for civil liability if the rules are not followed. In …
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Treasury publishes report on risks of AI in financial sector
A new report from the U.S. Department of the Treasury identifies potential opportunities and risks for artificial intelligence (AI) on the security and resiliency of the financial services sector. The report covers multiple ways to address AI related changes, including: “In the coming months, Treasury will work with the private sector, other federal agencies, federal …
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Visa, Mastercard, merchants reach settlement in interchange lawsuit
U.S. merchants, Visa, Mastercard and other financial institutions announced a settlement Tuesday in a lawsuit dating back to 2005 over credit card interchange fees. Visa and Mastercard will cap credit card interchange fees into 2029. America’s Credit Unions is analyzing the settlement, but has concerns with several areas that could impact credit unions, including: The …
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NCUA updates CECL tool
The NCUA released updates to its Simplified Current Expected Credit Losses (CECL) Tool. The updates reflect the average loan loss rates for 2021-2023 and the latest life-of-loan —or Weighted Average Remaining Maturity—factors. The agency noted that the updates will help credit unions determine the credit loss expense for the first quarter of 2024. It also …