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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.
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).
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.
MLA DATABASE FEB. 15 DEADLINE
updated 02/09/16 08:00 AM
Plus, CUSO Registry Webinar
Credit unions seeking a safe harbor under the Department of Defense’s (DoD) Military Lending Act (MLA) final rule will have two new options come Oct. 3, 2016: 1) A credit union may verify a borrower’s status on the DoD’s database, or 2) a credit union may use a consumer report obtained from a nationwide consumer reporting agency to determine whether a borrower is a “covered borrower.” Credit unions interested in utilizing the first option have until Feb. 15, 2016 to notify the Defense Manpower Data Center (DMDC) of their intent. This may be done by emailing the MLA helpdesk at email@example.com.
CA PRIVACY NOTICES STILL REQUIRED
updated 02/02/16 08:35 AM
Plus, Latest PolicyWorks Newsletter
The FAST Act made changes to federal annual privacy notice requirements. However, it did not change California privacy notification requirements, which are applicable to all financial institutions doing business in California. California state annual privacy notifications are still required, depending on what information is shared and with whom.