July 27, 2023

New on the Compliance Blog: FCU bylaw update, clarity on keeping a copy of IDs

ComplianceAs credit unions work to meet the needs of more than 137 million Americans, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog every Monday and Wednesday.

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

To Destroy or Not to Destroy? That is the Question: Regulatory Compliance Counsel Aminah Moore provides clarity on Section 213 of the Economic Growth, Regulatory Relief, and Consumer Protection Act, which includes a provision about keeping a copy of an ID when it is obtained through online activity.

Breaking Up is About to be Easier to Do: NAFCU Director of Regulatory Compliance Nick St. John writes about the rule to implement the Credit Union Governance Modernization Act (CUGMA), finalized during the NCUA’s July Board meeting. St. John notes the rule will amend the Federal Credit Union Model Bylaws, found in Part 701 of the NCUA regulations, to add new provisions relating to member expulsion and limitation services. Throughout the post, he answers some of the major questions on this topic.

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