America’s Credit Unions’ Nick St. John, JaMonika Williams, and Judy Dahn presented at the Capital Area Compliance Roundtable (CACR) Friday. CACR is a group of credit unions located in the Washington, D.C., area.
Staff presented updates on important recent compliance developments, including the Financial Crimes Enforcement Network’s (FinCEN) Beneficial Ownership Information (BOI) rule, CFPB enforcement actions, and a look at 2024 priorities for federal financial regulators. America’s Credit Unions shared its 2024 priorities with lawmakers and regulators last week.
Of note, FinCEN’s BOI reporting rule went into effect Jan. 1 and creates new requirements for certain businesses to report BOI to FinCEN directly. FinCEN also recently issued their BOI access rule, which discusses how credit unions will be able to access BOI that has been reported to FinCEN. The access rule is discussed in a recent post in the Compliance Blog.
For information on the latest compliance updates, credit unions can visit the association’s Compliance Blog.
