November 30, 2018

Top 5 compliance issues of November: BSA/AML, mergers, HMDA

complianceNAFCU's compliance team works daily to offer award-winning compliance assistance and services to all federally insured credit unions to keep credit unions' compliance teams informed of the ever-changing regulatory environment. Each month, the team answers hundreds of compliance-related questions from NAFCU members. Here are the top five topics of November.

  1. Bank Secrecy Act (BSA)/anti-money laundering (AML) exams: Supervisory expectations including Office of Foreign Asset Control (OFAC) compliance and others that can creep up during a credit union's BSA and AML exams are addressed in a popular NAFCU Compliance Blog post. Credit unions wanting to know of certain expectations that have come up during this year's BSA/AML exams are encouraged to review this post.
  2. Credit card compliance: A Compliance Blog post details the types of variable rate changes that trigger advance notice for credit card accounts.
  3. NCUA bylaws proposal: The NAFCU Compliance Blog provides credit unions with a rundown of what the NCUA is seeking to clarify about how to handle abusive members in its proposed revisions to the Federal Credit Union Bylaws.
  4. Mergers: Two NAFCU Compliance Blog posts (one and two) discuss the NCUA's rules concerning mergers by answering some frequently asked questions (FAQs) and expanding on those FAQs regarding a credit card portfolio post-merger.
  5. Home Mortgage Disclosure Act (HMDA): As more parts of the 2015 HMDA rule go into effect Jan. 1, this NAFCU Compliance Blog post discusses the general disclosure and reporting rule that requires the legal entity identifier (LEI).

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