This week on the Compliance Blog: Supervisory guidance, BSA/AML initiatives, CCPA
As credit unions work to meet the needs of more than 122 million Americans during the coronavirus pandemic, NAFCU's award-winning Regulatory Compliance Team continues to keep credit unions informed with new posts on the Compliance Blog every Monday, Wednesday, and Friday.
Here’s a roundup of what's new on the Compliance Blog:
Interagency Proposed Rule Regarding Supervisory Guidance: In Monday's blog post, NAFCU Senior Regulatory Compliance Counsel David Park highlights a proposed interagency statement from September 2018 regarding the role of supervisory guidance. Most recently, the NCUA Board approved a proposal to codify a modified statement. The modified statement still notes that "supervisory guidance does not have the force and effect of law."
Will FinCEN’s Initiatives Really Make BSA/AML More Effective?: NAFCU Senior Regulatory Affairs Counsel Kaley Schafer details the Financial Crimes Enforcement Network's (FinCEN) recently proposed changes that could have widespread impact on how credit unions deal with everyday Bank Secrecy Act/anti-money laundering (BSA/AML) compliance. Schafer also encourages credit unions to share their feedback on BSA/AML compliance and the recent proposals with NAFCU as the association continues to advocate for relief measures.
CCPA 2.0: The California Privacy Rights Act: Earlier this month, the state of California passed Proposition 24, amending the California Consumer Privacy Act (CCPA) to create the California Privacy Rights Act and more closely aligning it with the rights and obligations of the European Union's General Data Protection Regulation. In today's post, NAFCU Senior Regulatory Counsel Elizabeth LaBerge details the changes to the rule, including new requirements and definitions.
NAFCU's compliance team works to deliver federal compliance assistance and resources credit unions need daily. This year, the team answered more than 9,000 member questions via NAFCU's direct compliance assistance program and also published more than 160 blog posts, articles, charts, guides and tools. See more of NAFCU's 2020 accomplishments.
Add to Calendar 2021-05-06 14:00:00 2021-05-06 14:00:00 BSA Update: The Anti-Money Laundering Act of 2020 The House and Senate voted to override former President Trump’s veto of the National Defense Authorization Act, which included the Anti-Money Laundering Act of 2020 (the “AML Act”). The AML Act makes significant changes to the Bank Secrecy Act, including enhanced whistleblower protections, new requirements for business entities to file information with FinCEN regarding beneficial ownership, and new penalties. This session will explain these changes and discuss next steps for credit unions to consider. Key Takeaways: Learn about the comprehensive revisions to the Bank Secrecy Act (BSA) Discuss the likely impacts on credit unions Understand the various effective dates and next steps for implementation for different changes Purchase Now $295 Members | $395 Nonmembers (Additional $50 for CD)One registration gives your entire team access to the live webinar and on-demand recording until May 6, 2022Already registered? Go to the Online Training Center to view. Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) NAFCU Certified Bank Secrecy Officers (NCBSOs) Compliance staff Legal staff HR staff Education Credits NCBSOs will receive 1.5 CEUs for participating in this webinar. NCCOs will receive 1.5 CEUs for participating in this webinar. NCRMs 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: Learn about the comprehensive revisions to the Bank Secrecy Act (BSA). Discuss the likely impacts on credit unions. Understand the various effective dates and next steps for implementation for different changes. 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 Federally-Insured 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 2021-05-04 14:00:00 2021-05-04 14:00:00 [Interview] Digital Transformation: CU Tech Trends to Know About the Interview Join our conversation about the rapid acceleration of digital and tech adoption over the last year. We’ll be discussing a variety of factors driving change, how to keep your institution ahead of the curve, the risks to watch out for, and the pivotal impacts to member experience and satisfaction. Watch the Webinar On-Demand Web NAFCU email@example.com America/New_York public
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