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2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
2023 Tax Calendar
VIEWpoint Issue 2 | 2022
On January 7, 2020, the National Credit Union Administration (NCUA) announced their 2020 supervisory priorities. The top two 2020 supervisory priorities are the Bank Secrecy Act (BSA) and consumer compliance. BSA and consumer compliance are higher priorities than even cybersecurity and credit risk. BSA is reviewed during every examination. Top areas of BSA focus continue to be customer due diligence, beneficial ownership and the proper filing of SARs and CTRs. NCUA will be working with the Federal Financial Institutions Examination Council (FFIEC) to update the Bank Secrecy Act/Anti Money Laundering Examination Manual. In terms of consumer compliance, NCUA stated every exam includes compliance with applicable consumer financial protection regulations. NCUA examiners are required this year, at a minimum, to cover the following consumer protection requirements:
John Zasada, JD, CAMS – Compliance Consulting Director, Financial Institutions Group. John can be reached at zasada@doeren.com.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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