We are very fortunate to have Nick St. John, Director of Federal Compliance at America’s Credit Unions, as our guest speaker in this podcast on the Notice of Proposed Rulemaking issued by the Financial Crimes Enforcement Network and federal banking regulators regarding the enhancement and modernization of anti-money laundering/countering the financing of terrorism (“AML/CFT”) compliance programs under the Bank Secrecy Act (“BSA”).… Continue Reading
compliance
Federal Banking Agencies Issue NPRM Consistent with FinCEN’s AML/CFT Modernization Proposal
By Kaley Schafer on
The federal banking agencies, including the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency (collectively the “Agencies”), issued a notice of proposed rulemaking (“Agencies’ NPRM”) to modernize financial institutions’ anti-money laundering and countering terrorist financing (“AML/CFT”) programs.… Continue Reading
Minnesota Legislature Sends Privacy Bill to Governor
By Sarah B. Dannecker, Gregory P. Szewczyk & Sarah Elena De Los Santos Samaniego on
Posted in Privacy, State Regulation
Minnesota becomes the latest state to move to pass legislation regulating the processing and controlling of personal data (HF 4757 / SF 4782). If signed into law by Governor Tim Walz, the Minnesota Consumer Data Privacy Act, or MCDPA, would go into effect on July 31, 2025 and provide various consumer data privacy rights and impose obligations on entities that control or process Minnesota residents’ personal data.… Continue Reading
South Dakota Regulator Requires BSA/AML Compliance for Money Lender Licensees and Non-Residential Mortgage Lenders
By John D. Socknat & Kaley Schafer on
The South Dakota Division of Banking issued a Memorandum notifying all licensed money lenders and non-residential mortgage lenders of their Bank Secrecy Act/Anti-Money Laundering (“BSA/AML”) obligations under a 2020 Final Rule published by the Financial Crimes Enforcement Network (“FinCEN”). The final rule became effective in 2020, and the Memorandum requires licensees to comply by March 31, 2024.… Continue Reading
Fed to hold Feb. 2 consumer compliance webinar
By Barbara S. Mishkin on
Posted in CFPB General, Regulatory and Enforcement
On February 2, 2017 at 2 p.m. ET, the Federal Reserve will host a free webinar for bankers to provide a consumer compliance regulatory update. A link to register is available here.… Continue Reading
More small entity compliance guides from the CFPB
By Barbara S. Mishkin on
Posted in Mortgages, Regulatory and Enforcement
The CFPB has issued two more Small Entity Compliance Guides on its mortgage-related rules. The latest guides cover the mortgage servicing rule and loan originator compensation rule finalized by the CFPB in January 2013.
As did the CFPB’s previously-released guides, the new guides caution that they are not substitutes for the underlying rules.… Continue Reading