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Federal Reserve monetary policymakers voted Wednesday to continue their policy of purchasing bonds and Treasuries and tying the near-zero federal target fund interest rate to unemployment. That means credit unions should not expect any quick relief from low rates, said Credit Union National Association Chief Economist Bill Hampel. Read More |
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The Consumer Financial Protection Bureau announced Tuesday that it is delaying the effective date of its international remittance transfer rule that was set to go into effect Feb. 7. A new effective date will be announced later this year, the bureau said in a blog post. Read More |
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The U.S. Government Accountability Office recommended that federal financial regulators more fully incorporate comprehensive cost-benefit analyses into their Dodd-Frank Act rulemakings in a recent report on federal regulators' efforts to analyze and coordinate Dodd-Frank Act rules. Read More |
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President Barack Obama Thursday afternoon signed a bill (H.R. 4367) into law that revises Regulation E to require that ATM fee disclosures only need to be presented on an ATM's screen. The new law eliminates a duplicative provision that required a physical notice also be posted on the ATM machine, a requirement that has created legal and financial issues for some credit unions and other financial institutions. Read More |
You've probably heard some of the buzz about NeighborBench recently - but have you seen our compliance platform for yourself yet? We invite you to join us for our last live webinar demonstration of 2012 to see why our unique solution is going viral in the credit union community.
Date: Wednesday, December 12, 2012
Time: 2:00 PM - 3:00PM EDT
NeighborBench's innovative solution leverages the latest in secure cloud-based technology to connect credit unions with experienced professionals - zeroing in on the areas that need to be addressed to help your credit union remain compliant.
Join us to learn:
- How to use the latest tools to remain current with new compliance regulations
- How to significantly reduce the costs associated with ongoing compliance
- How to more efficiently prepare for regulatory exams
- How to decrease the compliance burden on your staff resources
Register now by clicking the link below:
https://www3.gotomeeting.com/register/651710862
After registering you will receive a confirmation email containing information about joining the Webinar.
For questions or more information, please visit our website,www.neighborbench.com or contact us at 888-97-BENCH or
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OFAC Updates Lists
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Tuesday, 27 November 2012 |
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The Treasury Department's Office of Foreign Assets Control ("OFAC'') published the names of seven entities whose property and interests in property are blocked pursuant to Executive Order 13464 of April 30, 2008 ("Blocking Property and Prohibiting Certain Transactions Related to Burma'') ("E.O. 13464'') or Executive Order 13448 of October 18, 2007 ("Blocking Property and Prohibiting Certain Transactions Related to Burma'') ("E.O. 13448''). OFAC is also amending the listing of a person whose property and interests in property were previously blocked. Read more. |
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The FDIC and FinCEN yesterday announced the assessment of concurrent civil money penalties of $15 million against First Bank of Delaware, Wilmington, Delaware, for violations of the BSA and AML laws and regulations. The Bank also settled civil charges, on related activities, brought by the U.S. Department of Justice, U.S. Attorney’s Office for the Eastern District of Pennsylvania. Read more. |
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More credit unions could see their regulatory burdens ease if the Small Business Administration (SBA) goes through with its proposal to raise the size standard to $500 million for a credit union to be considered a small entity, CUNA wrote in a Nov. 13 comment letter. CUNA favors having the National Credit Union Administration (NCUA) set the size standard at the same level as SBA and supports having the NCUA review the standard every 18 months. CUNA has communicated those views to the NCUA via a separate letter. Read More |
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The Department of the Treasury's Office of Foreign Assets Control (``OFAC'') has issued regulations to implement Executive Order 13611 of May 16, 2012 (``Blocking Property of Persons Threatening the Peace, Security, or Stability of Yemen''). OFAC intends to supplement this part 552 with a more comprehensive set of regulations, which may include additional interpretive and definitional guidance and additional general licenses and statements of licensing policy. Read more. |
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Fed Delays Reg. D Final Rules
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Wednesday, 07 November 2012 |
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The Federal Reserve Board announced that it is delaying the effective date for implementation of certain provisions of its final rule amending the Board’s Regulation D (Reserve Requirements of Depository Institutions) published in the Federal Register on April 12, 2012. The final rule’s effective date is being delayed to allow for further development and testing of the automated systems necessary to support the implementation of certain provisions. The effective date for certain amendments to the regulation is delayed from January 24, 2013 to July 27, 2013. Read more. |
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