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: 

  • Judy Dahn discusses the Financial Crimes Enforcement Network’s (FinCEN) administrative ruling on customer identification program (CIP) and customer due diligence (CDD) requirements for designated beneficiaries of individual retirement accounts (IRAs). The rulemaking states that Broker-Dealers must follow CIP and CDD requirements regarding the nonprofit organization when opening the new IRA account. Credit unions are also considered “financial institutions” under FinCEN’s rules and “must comply with CIP and CDD requirements when opening new accounts for legal entities.” 
  • With increased reliance on fintech and digital banking, Nick St. John highlights guidance on common Regulation E compliance violations provided by federal regulators. He notes that the Federal Reserve and CFPB have provided insights and “steps institutions can take to help ensure Regulation E compliance.” 
Scroll to Top