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|March 05, 2014|
|TIPs Bulletin #14-07||New Derivatives Rule|
|February 28, 2014|
|TIPs Bulletin #14-06||Charitable Donation Accounts|
|February 10, 2014|
|TIPs Bulletin #14-05||2013 California Legislative Summaries|
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"The Gramm-Leach-Bliley Act generally requires that a financial institution notify consumers and give them an opportunity to opt out before providing nonpublic personal information to a third party," states a news release by the National Credit Union Administration (NCUA). "Today’s guidance clarifies that it is generally acceptable under the law for financial institutions to report suspected elder financial abuse to appropriate local, state or federal agencies."
NCUA said that older adults can be attractive targets for financial exploitation and may be taken advantage of by scam artists, financial advisors, family members, caregivers, or home repair contractors.
"Recent studies suggest that financial exploitation is the most common form of elder abuse and that only a small fraction of incidents is reported," the statement noted. "Older adults often are targeted because they have retirement savings, accumulated home equity, or other assets. They also are more likely to experience cognitive decline, which can impair their capacity to recognize financial exploitation and scams."
Employees of financial institutions may be able to spot irregular transactions, account activity, or behavior that signals financial abuse. They can play a key role in preventing and detecting elder financial exploitation by reporting suspicious activities to the proper authorities.
The interagency guidance was issued by the Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Federal Trade Commission (FTC), National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), and the Securities and Exchange Commission (SEC). The Commodity Futures Trading Commission (CFTC) is issuing the document as staff guidance.
FinCEN Advisory Released
The Financial Crimes Enforcement Network (FinCEN) has issued an advisory to update financial institutions on activity associated with regulatory restrictions imposed on Mexican financial institutions for transactions in U.S. currency.
On Sept. 27, the Comisión Nacional Bancaria y de Valores (CNBV) issued an advisory that, among other things, provides relevant statistics in this regard.
NCUA WEBINAR: BANK SECRECY ACT
updated 03/03/14 02:26 PM
Certificate for Successful Completion
Credit union managers and compliance staff will be able to learn more about Bank Secrecy Act compliance during a free webinar, BSA-MSB Training: What You Need to Know, hosted by the National Credit Union Administration (NCUA) on March 19 at 11 a.m. (Pacific).
DBO MORTGAGE SURVEY DUE FEBRUARY 27
updated 02/20/14 07:09 PM
Also, Marijuana Biz Caution
The California Department of Business Oversight (DBO) has released its fifth Annual Commissioner’s Residential Mortgage Survey to financial institutions and third-party lenders, which DBO-licensed credit unions should complete and submit online no later than Feb. 27.