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Research & Compliance     

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Compliance

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From the Editors of CU Weekly

FinCEN ISSUES REPORTING INITIATIVES
updated 08/05/14 10:28 AM
Webcast on TILA-RESPA Disclosures
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN), in close coordination with its Mexican counterpart, the “Unidad de Inteligencia Financiera” (UIF), has announced a series of reporting initiatives designed to greatly improve the transparency of cross-border cash movements.

To address U.S. and Mexican law enforcement’s concerns about potential misuse of exemptions and incomplete or inaccurate reports filed by armored car services (ACS) and other common carriers of currency, FinCEN has issued a Geographic Targeting Order (GTO) that requires enhanced cash reporting by these businesses at the San Ysidro and Otay Mesa Ports of Entry in California.

FinCEN also issued updated guidance concerning detailed and proper filing of Currency and Monetary Instrument Reports (CMIRs), which are filed when $10,000 or more in currency is moved across the U.S. border.

Click here to read the news release.

Click here to view information about the Geographic Targeting Order (GTO).

Click here for further guidance.

TILA-RESPA Integrated Disclosures Webcast
Credit union professionals can join other participants on Aug. 26 at 11 a.m. (Pacific) for the second in a series of discussions on the TILA-RESPA Integrated Disclosures rule (Truth In Lending/Real Estate Settlement Procedures Act).

Click here to register for this webinar.

This Aug. 26 session will focus on addressing specific questions related to rule interpretation and implementation challenges that have been raised to the Bureau by creditors, mortgage brokers, settlement agents, software developers, and other stakeholders. Future sessions will continue to address specific questions and challenges. The CFPB anticipates a substantial volume of compliance and interpretive questions during implementation, and plans to use these webinars to consolidate and address these questions in a way that promotes consistent understanding of the rules and provides a resource that stakeholders may reference.

The first webcast session was presented by the CFPB on June 17, and provided an overview of the final rule and the new disclosures. Click here to access a recording of the first webinar.

 
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NEW SPANISH TILA-RESPA TOOLKIT
updated 07/28/15 09:18 AM
Plus, Unclaimed Property Seminar
The Consumer Financial Protection Bureau (CFPB) has released a Spanish edition of “Your Home Loan Toolkit,” the consumer guide that is designed to replace the current Settlement Cost booklet when the TILA-RESPA Integrated Disclosures rule goes into effect on Oct. 3.

Click to view the complete story

POLICYWORKS LEAGUE COMPLIANCE SITE
updated 07/21/15 08:59 AM
League Member-Exclusive Content
The PolicyWorks League members’ only website provides member credit unions with ongoing compliance support as benefit of League membership. The website houses a library of compliance information and communications to assist credit unions with their compliance needs.

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