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 Callahan & Associates.
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|May 10, 2013|
|TIPs Bulletin #13-28||CFPB Amends Reg Z CARD Act "Ability to Pay" Rule|
|May 2, 2013|
|TIPs Bulletin #13-27||IRS Form 990 Filing Deadline|
|TIPs Bulletin #13-26||Prohibition on Mandatory Arbitration Clauses and Single Premium Credit Insurance (Regulation Z)|
|April 25, 2013|
|TIPs Bulletin #13-25||California Report and Remit Period for Unclaimed Property|
|TIPs Bulletin #13-24||Federal Reservce Announces Issue of Redesigned $100 Note|
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.