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Posted: Dec 13, 2018
Categories: Regulations, Consulting
Comments: 0

Trellance’s Compliance Corner, a thought leadership spotlight on topics relevant to compliance officers and credit union executives, has covered a lot of ground in 2018.

Back in January, we noted that Reg Z fees, which dictate the maximum a credit union can charge for penalty fees, such as late fees,  remained the same from 2017.

In March, we covered CECL, or Current Expected Credit Loss, a new accounting standard which will result in most credit unions increasing loan loss reserves by looking forward and predicting the potential for write-offs. This is an area where data analytics can help credit union executives make more accurate predictions, thus lowering the need for high reserves.

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Posted: Dec 6, 2018
Categories: Regulations
Comments: 0

The Payments Review compliance feature occasionally highlights regulatory topics important to credit unions.

Federal regulators are reaching out and helping credit unions and community banks with a series of changes.


On October 3, 2018, Federal regulators ruled that credit unions and community banks can pool resources for anti-money laundering. The Wall Street Journal, citing a statement from the Federal Reserve, the Federal Deposit Insurance Corp., the Treasury Department, the Office of the Comptroller of the Currency and the National Credit Union Administration, reported that the decision was borne out of a working group that the agencies created to improve anti-money laundering processes. The decision is a more significant attempt to help strengthen money laundering defense in the US. However, the sharing of resources does not alleviate the responsibilities of the individual institution. It should also be noted that this does not change the existing legal and regulatory requirements. Additionally, if an institution decides to share resources, it should be done in the same manner as any other business relationship.

 

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