New on the Compliance Blog: Merger record retention, FinCEN’s ‘new power’
As credit unions work to meet the needs of more than 134 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:
Merger and Acquisition Record Retention: Survivor Edition: Regulatory Compliance Counsel JaMonika Williams writes about the circumstances related to record retention policies that arise when two credit unions merge and how to clarify which of the two credit unions’ policies should be followed.
FinCEN Flexes New Power in Bitzlato Order: Director of Regulatory Compliance Nick St. John details the Financial Crimes Enforcement Network’s (FinCEN) first use of its power to declare an institution to be a “primary money laundering concern in connection with Russian illicit finance.” St. John explains that this “new power” was included as a provision in the 2021 National Defense Authorization Act and allows the Treasury Department and its subagencies – such as FinCEN – to declare certain institutions, types of transactions, or certain accounts to be instruments of Russian money laundering.
Consumer Lending, Indirect Lending
Triad Financial Services
Add to Calendar 2024-02-22 14:00:00 2024-02-22 14:00:00 Retaining Key Positions During Mergers and Acquisitions About the Webinar Previously credit union merger and acquisition activity was more on the acquisition side, with a larger credit union acquiring a much smaller credit union. While this is still taking place, we’re starting to see more mergers of equals where two sizeable credit unions are unifying into a much larger credit union. This poses both retention opportunities and risks within the leadership team. This webinar explores strategies to retain key positions during a critical time. Identify retention risk and impact in current and future leadership positions Assess retention risk and impact to operations Learn about potential retention expenses before and after the merger Register Here Web NAFCU email@example.com America/New_York public
Add to Calendar 2024-02-20 14:00:00 2024-02-20 14:00:00 Key US AML Regulation Changes for 2024 If you thought the world of anti-money laundering (AML) regulations was easy in 2023, wait for what's in store for 2024. There are several changes coming our way and more that could be implemented later this year. The AML changes are vast, and we currently have a few in place. One is the Beneficial Ownership Provision, which only has an impact for entity-type members. This is a type of regulation you should be aware of because of its impact on your members. This is one example, but others could have different impacts beyond just your members. Key Takeaways Understand the current events that are occurring around the world Learn how these current events are triggering new regulations Examine the current state of regulations and what can be coming Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until February 20, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCBSOs NCCOs NCRMs BSA, compliance and risk titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar NCBSOs will recieve 1.0 CEUs for participating in this webinar About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, DC. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU firstname.lastname@example.org America/New_York public
Credits: NCCO, NCRM, NCBSO
Add to Calendar 2024-02-15 14:00:00 2024-02-15 14:00:00 Financial Well-Being Solutions: Helping Credit Unions Maintain Their Edge About the Webinar Gain insights from members on their financial concerns and needs across generations and leverage solutions and recommendations to improve your member experience. Takeaways: Better understand your member’s financial concerns across generations. Gain access to our interactive toolkit that highlights research results and recommendations to support your member’s financial well-being. Use the information to teach your staff how they can better support your member's financial well-being. Register Here Web NAFCU email@example.com America/New_York public
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