InfoSight Spotlight: Treasury targets malicious cyber-actors and Russian companies

Treasury announced its Office of Foreign Assets Control (OFAC) has targeted Russian actors’ efforts to circumvent U.S. sanctions under authority provided under Executive Order 13694, “Blocking Property of Certain Persons Engaging in Significant Malicious Cyber-Enabled Activities,” as amended, and by the Countering America’s Adversaries Through Sanctions Act (CAATSA), to designate two entities and two Russian […]

BCFP finalizes changes to Reg. P

The Bureau of Consumer Financial Protection has finalized a change to Reg. P that may provide some relief to credit unions. The rule change implements an amendment to the Gramm Leach Bliley Act passed by Congress in the FAST Act in 2015. Essentially, the changes allow financial institutions to be exempted from sending an annual […]

Beneficial owner relief extended through Sept. 8

The Treasury’s Financial Crimes Enforcement Network (FinCEN) has extended the Beneficial Ownership Rule’s limited exception for rollover and/or renewal of certain accounts for an additional 30 days. It was scheduled to expire Aug. 9, and now will be in place up to and including Sept. 8. Under FinCEN’s customer due diligence rule that became effective May 11, covered financial […]

Washington Wire – Aug. 21, 2018

Though the House of Representatives remains in recess until Sept. 4, the Senate reconvenes today to consider H.R.6157, the Minibus Appropriations Act (Defense and Labor/HHS). Of primary interest this week to credit unions is Thursday’s Senate Banking and Urban Affairs Committee’s consideration of the nomination of Ms. Kathleen Laura Kraninger of Ohio to be director, Bureau of Consumer Financial Protection. That same day, […]

InfoSight Spotlight: BCFP issues Regulation P relief

Last week, the Bureau of Consumer Financial Protection issued a final rule amending Regulation P. The rule provides regulatory relief by exempting credit unions that meet specific criteria from the requirement to send annual privacy notices to their members. The changes are intended to align Regulation P with changes made to the Gramm-Leach-Bliley Act (GLBA) by […]

Best Practices Lead to Best Results

 As regulators shift focus, fully disclosed financial services still matter by Cheryl Lawson, EVP-Compliance Review   Following the recent passage of the Economic Growth, Regulatory Relief and Consumer Protection Act (S.2155) – which was intended to roll back some of the regulations of the Dodd-Frank law for smaller financial institutions – the Bureau of Consumer Financial Protection […]