Compliance Blog

Jul 29, 2010

SAFE Act; Interchange; BSA

Posted by Anthony Demangone

We're almost at the weekend folks.  Almost.  Here are a few things of note.

The SAFE Act.  The Federal Register has finally published a final rule from NCUA and other regulators regarding the SAFE Act.  Read the presser here, which also contains a link to the regulation.

  • The final rule takes effect October 1, 2010.  But remember, that date isn't when the registration requirement starts.  You have six months to get the necessary people registered once the registration system is active.
  • The agencies indicate that the registration system will begin taking registrations as soon as January 28, 2011.

Interchange.  There's a new threat to interchange income.  Senator Durbin (D-Ill.) is trying to tap down interchange fees paid by the federal government through the appropriates process.  Read all about it here. This is in addition to the upcoming Federal Reserve rule that would limit debit card interchange fees.

BSA. Here are a few minor BSA items.  First, there's a new phone number an e-mail address for the BSA E-Filing Help Desk.  Access the new information here.  FinCEN has also updated its 314(a) Fact Sheet.  The fact sheet provides an overview of the 314(a) request process, and it provides statistics that could be used for training events.