June 17, 2022

New on the Compliance Blog: CFPB reiterates ECOA and Reg B obligations, new OFAC and FinCEN BSA guidance

ComplianceAs credit unions work to meet the needs of more than 130 million Americans, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog, published every Monday and Wednesday.

Here's a roundup of what's new this week:

Fair Lending Obligations and Decision-Making Algorithms: NAFCU Director of Regulatory Compliance Loran Kilson breaks down the CFPB’s recently issued Consumer Financial Protection Circular 2022-03, reminding creditors of their obligations under the Equal Credit Opportunity Act (ECOA) and Regulation B regarding adverse action notices when algorithms or automated models are used in the decision-making process.

OFAC Continues Crypto Crack Down; FinCEN Seeks Comments on No Action Letters: Regulatory Compliance Counsel Nick St. John shares the latest Bank Secrecy Act (BSA) updates from the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC). FinCEN earlier this month published an advanced notice of proposed rulemaking on creating a No Action Letter (NAL) program. In recent months, OFAC has added several virtual currency exchanges to the specially designated nationals list, while announcing initiatives to combat cybercrime in response to the Russian-Ukrainian conflict.

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