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Advisory on COVID-19 Imposter Scams and Money Mule Schemes

The Financial Crimes Enforcement Network (FinCEN) issued an advisory today to alert financial institutions to potential indicators of imposter scams and money mule schemes, which are two forms of consumer fraud observed during the COVID-19 pandemic. The advisory contains descriptions of these scams and schemes, financial red flag indicators for both, and information on reporting suspicious activity.

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Consumer Compliance Outlook Latest Issue is Now Available

The Federal Reserve’s (FRB) latest issue of Consumer Compliance Outlook is now available. This issue, which focuses solely on COVID-19 topics, contains the following articles and features:

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FinCen Guidance: Due Diligence Requirements under BSA for Hemp-Related Business Customers

The Financial Crimes Enforcement Network (FinCEN) has issued a guidance to address questions related to Bank Secrecy Act/Anti-Money Laundering (BSA/AML) regulatory requirements for hemp-related business customers. 

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NCUA Meeting Recap: MDI, NGN, and RFI on Exam Tech

During this week’s National Credit Union Administration (NCUA) board meeting, Chairman Rodney Hood said onsite exams will not resume on July 6, as previously announced, due to current COVID-19 activity. 

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Foundation’s Grant Cycle Focused on Financial Health, Well-Being

The National Credit Union Foundation launched its 2020 Grant Cycle, with two opportunities credit unions can apply for. The deadline for credit unions to submit applications is July 15  

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Dykstra and Several CU System Leaders on COVID-19 Task Force

The Credit Union National Association (CUNA) announced the formation of the Credit Union System COVID-19 Restart and Recovery Task Force, with California and Nevada Credit Union Leagues President and CEO Diana Dykstra included as one of several task force members.

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Latest CA and NV Reg Issues in Focus as CUs Serve Members

This week, the commissioner of the California Department of Business Oversight (DBO) issued proposed amendments that seek to modernize credit union regulations to reflect changes to related state and federal laws; streamline the application process for out-of-state credit unions that apply to operate in California; and to allow credit unions a greater choice of permissible investments.

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