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Latest Compliance Monitor discusses low-income designation, regulatory agendas
The newest edition of NAFCU's Compliance Monitor – a member-only, digital compliance resource – features an in-depth article on the NCUA’s Low-Income Credit Union (LICU) designation and the spring regulatory agenda for key federal regulators.
In the feature article, Regulatory Compliance Counsel Justin White explains how credit unions can qualify for the LICU designation, the benefits of the designation, and when an LICU might be at risk of losing the designation. Additionally, White notes next steps for a credit union that loses its designation.
In the “Worth Noting” section, NAFCU’s Compliance Team details the regulatory agendas for the NCUA, CFPB, and Financial Crimes Enforcement Network (FinCEN). The section details rulemaking timelines for the rest of year and into early 2024.
Credit unions are encouraged to check out the compliance calendar to view the latest credit union regulatory compliance requirement deadlines. The association's award-winning regulatory compliance team publishes several other resources in addition to the Compliance Monitor to keep credit unions informed of the latest regulatory developments.