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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An important clarification was also spotlighted. NCUA Chairman Debbit Matz added: “This letter clarifies that only those federally insured credit unions investing in or lending to a CUSO are subject to this part of the CUSO rule. A federally insured credit union that only receives products or services from a CUSO—but does not have an investment in or a loan outstanding to a CUSO—is not subject to the requirement.”
OFAC and FinCEN Compliance Webinar
NCUA will host part two of its free webinar series, “How to Be in Compliance with OFAC and FinCEN” on June 25 at 11 a.m. (Pacific).
Using real-world scenarios and case studies, this webinar will explore emerging issues in anti-money laundering compliance that credit unions could face in their daily operations. Diane Rector, training manager with NCUA’s Office of Small Credit Union Initiatives, will host leading compliance experts, including:
The panel will also provide examples of best practices that can help credit unions create a well-developed and well-implemented Bank Secrecy Act and anti-money laundering program. In addition, participants will be able to ask questions about their own compliance concerns.
To register, click here!
Participants may submit questions in advance at WebinarQuestions@ncua.gov. The subject line of the email should read, OFAC and FinCEN Compliance Webinar. Participants with technical questions about accessing the webinar may email firstname.lastname@example.org.
You can access the archived webinar by clicking here.
Minimum Wage Increase Reminder
As a reminder, California Gov. Jerry Brown signed into law a bill that increases California’s hourly minimum wage rate from $8 an hour to $9 on July 1, 2014, and up to $10 an hour by Jan. 1, 2016. Refer to the California and Nevada Credit Union Leagues' Tips Bulletin 13-40 for more information.
TIPs Bulletin: Exchange of Mutilated Paper Currency
TIPs Bulletin 14-11 was just posted by the Leagues, which spotlights how the Bureau of Engraving and Printing is amending its regulations to update mutilated currency procedures, eliminate references to obsolete practices and terms, and provide the public with more specific information on the process for submitting mutilated currency for possible redemption. The changes do not change how credit unions submit unfit currency; however, the information is provided in case credit union members ask how to redeem mutilated currency.
UNCLAIMED PROPERTY HANDBOOK
updated 04/26/16 07:15 AM
Plus, Title XIV Mortgage Updates
California State Controller's Office has issued an updated Unclaimed Property Holder Handbook with changes to reflect:
CREDIT CARD SUBMISSION GUIDANCE
updated 04/18/16 12:02 PM
Plus, Compliance Advice Webinar
The Consumer Financial Protection Bureau (CFPB) has issued guidance for credit card issuers with simplified instructions for making the required submissions under Regulation Z. Last year, the CFPB temporarily suspended this rule until April 30, 2016. Issuers have to submit credit card agreements to the Bureau by May 2, 2016, and quarterly thereafter.