A resource for credit unions in CA & NV, providing credit union financial and economic trend analysis, brought to you by your Leagues in partnership with CUNA & Affiliates.
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|July 16, 2014|
|TIPs Bulletin #14-14||Canada’s Anti-SPAM Legislation (CASL) and Its Impact to U.S. Credit Unions|
|June 30, 2014|
|TIPs Bulletin #14-13||Voluntary Liquidation|
|TIPs Bulletin #14-12||Annual Indexing of HUD’s Basic Statutory Mortgage Limits for Multi-Family Housing Programs|
|June 10, 2014|
|TIPs Bulletin #14-11||Interim Rule - Exchange of Mutilated Paper Currency|
Shared Compliance Services
CURoots offers a variety of services to help you keep pace with ever-changing regulatory compliance while you focus on day-to-day credit union business.
Internal Audit Services
CURoots can help your credit union identify potential issues, assess risk, and save valuable time and resources by providing expert assistance for your auditing needs.
FinCEN's new Suspicious Activity Reports (SAR), Currency Transaction Reports (CTR), Registration of Money Services Business reports (RMSB), and Designation of Exempt Person Reports (DOEP) have been available for use through the E-Filing System since March 29, 2012, with adoption of the new reports by credit unions and other institutions increasing.
The BSA E-Filing System will continue to accept submissions of the legacy versions of the SAR, CTR, DOEP, and RMSB only until March 31. The FinCEN BSA E-Filing User Test System website has been updated to allow for testing of all the reports now available for E-Filing.
Last year the Financial Crimes Enforcement Network (FinCEN) issued a final notice requiring the electronic filing of most Bank Secrecy Act (BSA) reports by July 1, 2012. Specifically, this action mandates the electronic submission of SAR, CTR, RMSB, and DOEP reports. These reports are collectively referred to as "mandated reports." With very limited exception, FinCEN considers financial institutions filing mandated reports in paper format to be noncompliant with the electronic filing mandate.
Civil Money Penalties
Financial institutions that continue to file mandated reports in paper format will fail to meet BSA reporting requirements and may be subject to civil money penalties. After March 31, FinCEN may reject any mandated reports filed in paper format and return them to the filing institution.
For more information about BSA E-Filing, please review the E-Filing Section on FinCEN's website. Any general questions regarding this notice should be directed to the FinCEN Regulatory Helpline at 1-800-949-2732. For other technology-related questions specific to E-Filing, call the BSA E-Filing Help desk at 1-866-346-9478.
CHANGES TO REG C PROPOSED ON HMDA
updated 07/29/14 10:20 AM
Comments Due Oct. 22
The Consumer Financial Protection Bureau (CFPB) has proposed changes to Regulation C, which implements the Home Mortgage Disclosure Act and is inviting financial institutions to comment on the proposed rule.
TIPs, FinCEN PUB, HANDBOOK UPDATE
updated 07/21/14 12:44 PM
The Latest in Compliance
A new TIPs Bulletins (Technical Information and Procedures) has been posted by the California and Nevada Credit Union Leagues on Canada’s anti-SPAM legislation, which went into effect July 1 and is similar to the U.S. government’s CAN-SPAM Act of 2003.