Cyber Incident Notification
NCUA recently finalized a regulation that requires federally insured credit unions (FICU) to report a cyber incident to the agency no later than 72 hours after the FICU reasonably believes it has experienced a reportable cyber incident. The rule takes effect September 1, 2023, and is included in Part 748 of the NCUA Rules and…
CFPB Guidance on Juneteenth Holiday
Through an interpretive rule effective August 12, 2021, the CFPB finalized guidance on the Regulation Z timing requirements related to the right of rescission for closed-end mortgages and TILA-RESPA or TRID disclosures. In sum, the guidance is intended to clarify those timing requirements with respect to the definition of “business day” and recent legislation that…
FinCEN Announces National Priorities
In late June, FinCEN announced its national priorities for anti-money laundering and countering the financing of terrorism, AML/CFT. The Anti-Money Laundering Act of 2020 (AMLA) required FinCEN, in consultation with other agencies, to publicize national AML/CFT priorities. Regulatory Response Banking regulators, including NCUA, plan to revise their bank secrecy regulations to incorporate the national priorities….
NCUA Allows Capitalizing Interest
During its June meeting, the NCUA Board finalized amendments to Appendix B to Part 741 of the Rules and Regulations, Policy Statement on Loan Workouts, Nonaccrual Policy and Regulatory Reporting of TDRs (Workout Policy). Under the Workout Policy, effective Friday, July 30, federally insured credit unions (FICU) may capitalize interest in connection with loan workouts…
