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Posted: Dec 13, 2018
Categories: Regulations, Consulting
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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: Apr 11, 2018
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ThePaymentsReview continues a new feature that occasionally highlights regulatory topics important to credit unions.

Back on July 11, 2016 the Financial Crimes Enforcement Network (FinCEN) issued a rule requiring covered financial institutions to identify and verify the identity of any beneficial owner. The new Customer Due Diligence (CDD) rule takes effect May 11, 2018 at which time the financial institution must be compliant. For purposes of the CDD Rule, covered financial institutions are federally regulated banks and federally insured credit unions, mutual funds, brokers or dealers in securities, futures commission merchants, and introducing brokers in commodities.

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