Top 5 compliance issues of November: Overdraft and RDC patent litigation, CCPA regs
NAFCU's award-winning compliance team works daily to offer compliance assistance and services to keep credit unions informed of the ever-changing regulatory environment. Each month, the team answers hundreds of compliance-related questions and blogs on key issues. In 2019, the team answered numerous member questions, while authoring blog posts, articles, charts, guides and tools.
View NAFCU's 2019 Accomplishments for more on their work. Here were the five most popular topics in November.
Overdraft Class Action Litigation: In response to an influx of inquiries from credit unions that have either received a demand letter or notice of a complaint filed related to overdraft and insufficient funds fees, NAFCU Vice President of Regulatory Compliance Brandy Bruyere provided high level information to help credit unions analyze risks.
Remote Deposit Capture (RDC) Litigation: In another blog post, Bruyere provided an update on RDC litigation, following a ruling in Texas determining that Wells Fargo had intentionally infringed on USAA's mobile RDC patents.
California Consumer Privacy Act (CCPA): Ahead of the Dec. 6 deadline to submit written comments, NAFCU Senior Regulatory Compliance Counsel Elizabeth LaBerge highlighted the requirements and proposed regulations of the CCPA. NAFCU plans to submit comments on the proposed regulations, and member credit unions are encouraged to share their feedback with NAFCU Regulatory Affairs Counsel Mahlet Makonnen.
Bank Secrecy Act/Anti-Money Laundering Penalties: In September, the Financial Crimes Enforcement Network published a final rule to reflect the annual inflation adjustment to its civil monetary penalty amounts for BSA violations. Shari Pogach, NAFCU's regulatory paralegal, broke down the new penalty amounts in a blog post.
Check Fraud: NAFCU Regulatory Compliance Counsel David Park gave an overview of a special circumstance related to allocation of loss when a scam victim unwittingly writes a check to a fictitious person under the model Uniform Commercial Code.
Have a question for the team? NAFCU member credit unions have direct access to the association's Compliance Team via email or the compliance helpline for assistance with federal compliance issues.
Those interested can sign up to receive new NAFCU Compliance Blog posts in their inbox every Monday, Wednesday, and Friday. The association's Compliance, Risk & BSA Network is also a great member-only resource where compliance professionals share insights and information on various issues.
Add to Calendar 2020-07-09 14:00:00 2020-07-09 14:00:00 Cannabis Banking Issues The cannabis industry continues to pose a fascinating mix of competing opportunities and risks – particularly from an anti-money laundering (AML) perspective. Changing societal opinions and business opportunities can conflict with daunting legal landscapes and a spectrum of potential risks. Navigating the AML risks can be particularly difficult. Key Takeaways Review the current status of cannabis and hemp laws: the state vs. federal regimes Discuss recent enforcement actions involving cannabis Understand how to manage the specific AML risks presented to credit unions Walk through possible legislative reform for cannabis and financial services Register Now For On-Demand Access$295 Members | $395 Nonmembers (Additional $50 for CD)One registration gives your entire credit union access to the on-demand recording until July 9, 2021.Already registered? Go to the Online Training Center to view live. Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) Compliance staff Risk staff Audit staff Legal staff Education Credits NCCOs will receive 1.5 CEUs for participating in this webinar. NCRMs will receive 1.5 CEUs for participating in this webinar. NCBSOs will receive 1.5 CEUs for participating in this webinar. CPA credit information is below; recommended 1.5 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: Review the current status of cannabis and hemp laws: the state vs. federal regimes. Discuss recent enforcement actions involving cannabis. Understand how to manage the specific AML risks presented to credit unions. Walk through possible legislative reform for cannabis and financial services. Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.5 credits Recommended Field of Study: Regulatory Ethics - Technical National Association of Federal Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. 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, CPE
Add to Calendar 2020-07-08 11:00:00 2020-07-08 11:00:00 NAFCU Roadshow: Issues Facing Wisconsin & Illinois Credit Unions During COVID-19 Please join us on Wednesday, July 8 at 11:00 a.m. ET (1:00 p.m. CST) as we host a special webinar for Wisconsin and Illinois-based credit unions. During the webinar, NAFCU President and CEO Dan Berger will discuss what credit unions should expect in the coming months amid the COVID-19 pandemic and what NAFCU is doing to help credit unions during this difficult time. COVID-19 isn’t stopping NAFCU from what we do best; engaging with credit unions. Key Takeaways Review the Small Business Administration’s Paycheck Protection Program; Discuss regulatory relief; Learn more about what’s happening on your behalf in meetings with the NCUA and CFPB; Walk through market specific performance trends; And more! Note: The information in this webinar is tailored to Wisconsin and Illinois-based credit unions. Register Now For On-Demand AccessRegistration is complimentary, but you must register to attend.One registration gives your entire credit union access to the on-demand recording until July 8, 2021.Already registered? Go to the Online Training Center to view live. Who Should Attend? Wisconsin and Illinois-based credit unions Education Credits This webinar doesn't qualify for any continuing education credits recognized by NAFCU or NASBA. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. 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 email@example.com America/New_York public
Program underwritten by Franklin Madison
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