The Bureau of Consumer Financial Protection (Bureau) published a policy statement on new compliance resources known as “Compliance Aids (“Aids”).” These “Aids” illustrate requirements for existing rules and statutes in ...
The IRS recently released Notice 2020-06 which provides relief for reporting required minimum distributions (RMD) for IRAs for 2020 in recognition of the short amount of time that financial institutions ...
NACHA released a supplement to the 2020 Operating Rules that created the ACH Contact Registry Rule − a comprehensive ACH contact registry. Under this rule, all ACH financial institutions will ...
On January 7, 2020, the National Credit Union Administration (NCUA) released its supervisory priorities for 2020, which are highlighted below: Bank Secrecy Act Compliance/Anti-Money Laundering- its focus includes the customer ...
The Setting Every Community Up for Retirement Security (SECURE) Act of 2019, signed into law by President Trump on Friday, December 20, 2019, made substantial changes to the laws governing ...
The Department of Treasury, Bureau of Fiscal Service (Fiscal Service) is proposing to amend Title 31 CFR Part 210, which governs the ACH Network by Federal agencies, by incorporating the ...
Fannie Mae and Freddie Mac (GSE’s) have announced an updated implementation timeline for the re-revised Uniform Residential Loan Application (URLA) and a mandatory use date of November 1, 2020. The ...
On December 16, 2019, Congress incorporated the Setting Every Community Up for Retirement Enhancement Act (SECURE Act), which passed the House earlier this year, into a bipartisan appropriations bill that ...
The Bureau of Consumer Financial Protection (CFPB) has proposed several amendments to the Remittance Transfer Rule: Increasing safe harbor threshold. The Electronic Funds Transfer Act and Remittance Transfer Rule provides ...
Four federal agencies (the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network, and the Office of the Comptroller of the ...