We all know that we are required to file a CTR with FinCEN for each deposit, withdrawal, exchange of currency, or other payment or transfer, by, through, or to our financial institution which involves a transaction in currency of more than $10,000 (Wow! That’s a mouthful). This shouldn’t be too difficult to do, right? But [...]
Letter to Credit Unions 19-CU-02, NCUA Subject: NCUA Operations/Activities Status: Active To: Federally Insured Credit Unions Dear Board of Directors and Chief Executive Officer: The NCUA issued to field staff the attached supervisory letter regarding the authority of low-income-designated credit unions (LICUs) to offer secondary capital accounts. The supervisory letter updates the framework the [...]
NCUA Equity Distribution Rule (12 CFR 741) On March 7, 2019, the NCUA Board announced a 2018 $160.1 million Share Insurance Fund equity distribution to all eligible financial institutions. Under final rule Part 741, which created a temporary provision governing Share Insurance Fund equity distributions related to the Corporate System Resolution Program, the NCUA Board [...]
Letter to Credit Unions 19-CU-01, NCUA Subject: Examination Program Status: Active To: Federally Insured Credit Unions Dear Board of Directors and Chief Executive Officer: This letter outlines the NCUA’s primary areas of supervisory focus for 2019, and is intended to assist you in preparing for your next NCUA examination. Regarding the examination cycle and [...]
Letter to Credit Unions 18-CU-05, NCUA DATE: November 2018 TO: Federally Insured Credit Unions SUBJ: Voluntary Credit Union Diversity Self-Assessment Dear Board of Directors and Chief Executive Officer: Federally insured credit unions, especially those with 100 or more employees, are encouraged to conduct and submit the annual Voluntary Credit Union Diversity Self-Assessment to the [...]
Letter to Credit Unions 18-CU-04, NCUA DATE: October 2018 TO: Federally Insured Credit Unions SUBJ: Sharing Bank Secrecy Act Resources ENCL: Interagency Statement on Sharing Bank Secrecy Act Resources Dear Board of Directors and Chief Executive Officer: To assist credit unions and banks, a joint statement was developed that addresses instances in which they may [...]
Letter to Credit Unions 18-CU-01, NCUA DATE: August 2018 TO: Federally Insured Credit Unions SUBJ: Examination Modernization Initiatives Dear Board of Directors and Chief Executive Officer: The NCUA has several initiatives in process to improve and modernize how the agency conducts examinations and supervision.1 The goals of these initiatives are to replace outdated, end-of-life examination [...]
Letter to Credit Unions 18-CU-02, NCUA DATE: August 2018 TO: Federally Insured Credit Unions SUBJ: Examination Guidance for Bank Secrecy Act Customer Due Diligence and Beneficial Ownership Compliance ENCL: (1) Supervisory Letter – Bank Secrecy Act Customer Due Diligence and Beneficial Ownership Rules, (2) BSA – Questionnaire, (3) Customer Due Diligence and Exam Procedures – Overview, (4) Beneficial Ownership Requirement for Legal Entity Customer [...]
At the sixth open meeting of 2018, the NCUA approved two final rules of particular and relevant interest to the Credit Union industry: 1) field-of-membership chartering, expansion, or conversion, and 2) greater transparency for members when credit unions who are federally insured seek voluntary mergers. Consistent with a U.S. District Court decision earlier this [...]
May 11, 2018 On the Horizon Looming over the horizon is the long-awaited Customer Due Diligence (CDD) Final Rule that takes effect May 11, 2018. Issued by the Treasury Department on May 5, 2016 the then Treasury Secretary Jacob Lew said, “the actions we are finalizing today mark a significant step forward to increase [...]
