Federal regulators, FinCEN issue CIP Exemption Order

Last week, the NCUA jointly issued an exemption for the Customer Identification Program requirements, Section 748.2 of the NCUA’s Rules and Regulations, for certain property and casualty finance contracts provided by credit unions to small businesses. Credit unions must still comply with all other regulatory requirements of the Bank Secrecy Act including the requirement to […]

InfoSight spotlight: Federal Reserve Board approves final amendments to liability provisions of Regulation CC

Earlier this week, the Federal Reserve Board approved final amendments to the liability provisions of Regulation CC, which governs availability of funds and collection of checks. These amendments continue the Board’s efforts to update Regulation CC to reflect the evolution of the nation’s check collection system from one that is largely paper-based to one that is […]

Business lending risk management training for credit unions

LEVERAGE is offering a series of regional training events designed to assist credit union leadership in managing their business lending programs. Each training session will provide regulatory guidance to the board and management on meeting the NCUA’s new regulatory environment that allows credit unions much greater freedom in business lending and increased scrutiny on the […]

InfoSight Spotlight: Safekeeping Rules

Safekeeping requirements are governed by the criteria contained in Part 703.9 of the NCUA Rules and Regulations. Additional guidance is contained in Letter to Credit Union, Number 29, April 17, 1979. The following summarizes these requirements. The credit union must: Retain its investments and repurchase collateral using one of the following methods Retained in its […]

Agencies issue statement on role of supervisory guidance

Five federal agencies today issued a joint statement explaining the role of supervisory guidance for regulated institutions. The statement from the agencies—the Federal Reserve Board, the Bureau of Consumer Financial Protection, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency—confirms that supervisory guidance does not […]

InfoSight Spotlight: Update to advertising checklists

The following checklists related to Advertising have been updated to be more comprehensive and provide clearer guidance, and can be found within their related topics: Advertising Closed-End Consumer Real Estate Loans Checklist Advertising Closed-End Consumer Loans Checklist Advertising Home Equity Line of Credit Checklist Advertising Open-End Consumer Loans Checklist Advertising Credit Card Loans Checklist Review […]