You can now register for the LSCU Bank Secrecy Act Workshop in Mobile, AL, on Oct. 9. The workshop is designed for the needs of credit union staff, board members, and volunteers who need to fulfill the requirements for BSA training. There are three options for attending: BSA Essentials/$85, BSA Advanced/$85, or both sessions/$155. Click [...]
In this week's InfoSight newsletter, we take a closer look at the joint statement on BSA/AML supervision. As a result of a working group established by the U.S. Department of the Treasury’s Office of Terrorism and Financial Intelligence, the federal bank regulatory agencies and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) [...]
Registration is now open for the LSCU Bank Secrecy Act Workshop in Mobile, AL on Oct. 9. This Workshop provides an overview of credit union specific BSA regulations and will assist credit unions in remaining compliant with BSA training requirements. Some knowledge of BSA is assumed. Bill Berg, vice president of compliance training and information [...]
When a member who receives Federal government benefits into their credit union account through the Automated Clearing House (ACH) dies, the Federal government will send a Notice of Reclamation to recover all benefit payments that were made since the member’s death. This procedure of recovering federal government benefit payments is referred to as “Reclamation.” The [...]
The Financial Accounting Standards Board voted on July 17 to extend the deadline for conversion to the Current Expected Credit Loss methodology to January 2023 for all but the nation’s biggest publicly traded banks. CECL is used as shorthand for the new GAAP requirement to include expected life of loan (LOL) losses in the allowance for [...]
As a political protest to the delay of the new Harriet Tubman $20 bill until 2028, people are using a 3-D stamp to superimpose a portrait of Tubman over Andrew Jackson’s portrait. These bills are appearing in circulation and are even being presented to credit unions. The 3-D stamps are available for purchase online at [...]