House Bill may finally modernize the Bank Secrecy Act

With the recent passage of the Economic Growth, Regulatory Relief, and Consumer Protection Act, it isn’t being overly optimistic to think that Congress may pass the most meaningful relief from Bank Secrecy Act regulations. H.R.6068 – The Counter Terrorism and Illicit Finance Act, would update many reporting thresholds that haven’t been updated since the passage […]

InfoSight Spotlight: FinCEN advisory on corrupt foreign officials and human rights abuses

The Financial Crimes Enforcement Network (FinCEN) issued an advisory (FIN-2018-A003) this week, highlighting the connection between “corrupt senior foreign political figures” and their enabling of human rights abuses. “Corrupt senior foreign political figures” includes current or former senior foreign government officials and political figures; foreign government-owned businesses or other entities that have been formed by or […]

June compliance meeting planned in Birmingham

A Regulatory Roundtable is planned for June 21 at Legacy Credit Union in Birmingham, AL, to discuss compliance issues pertinent to your credit union.  Legacy is located at 100 Corporate Ridge, Birmingham, AL 35242. Mike Lee, LSCU Director of Regulatory Advocacy, will guide the meeting and requests input from credit unions on issues to be […]

InfoSight Spotlight: Security/Elder Financial Exploitation 

It seems that nearly every day we hear of an older person who has been scammed by someone taking advantage of the person’s declining cognitive or physical abilities. Each state has laws that protect the elderly from exploitation, and many times financial institutions are in a great position to see the evidence.  Would your credit […]

InfoSight Spotlight: NCUA wants to expand payday lending alternative for credit unions, consumers

Federal credit union members could have more options for short-term, small-dollar borrowing under a rule proposed today by the National Credit Union Administration Board. The proposed rule would create one new product in addition to the current payday loan alternative that has been available to federally chartered credit unions since 2010. The Board also is requesting credit union stakeholders […]

NCUA Board approves changes to Member Business Lending Rule

Federally insured credit unions will no longer have to count loans made on any 1-to-4-unit family dwellings as member business loans after a vote by the National Credit Union Administration Board. As such, these loans will not count towards the aggregate member business loan cap imposed on each federally insured credit union. The final rule, […]