Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) compliance: BSA/AML has been a supervisory priority for the last several years. The NCUA highlighted various documents released by agencies impacting BSA and AML. These include an updated Federal Financial Institution Examination Council (FFIEC) BSA/AML exam manual. NCUA is currently involved in providing further updates to the exam manual and providing suggestions to improve Suspicious Activity Reporting and Currency Transaction Reporting. Among other BSA and AML focus points will be appropriate customer due diligence and beneficial ownership procedures.
Hemp-related businesses: NCUA advises credit unions that have chosen to serve hemp-related businesses to ensure they have the necessary expertise and resources to serve these members safely and soundly, and be able to comply with all applicable laws and regulations.
Consumer protection regulation compliance: One area of consumer protection regulations that NCUA specifically mentioned is fair lending compliance management systems. NCUA will be examining board and management oversight, policies and procedures, training, monitoring and corrective action, and member complaint response.
Want to be ready for your next exam? Contact Doeren Mayhew’s compliance specialists to help validate your compliance with applicable regulations.
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