* WASHINGTON (2/8/08)—Credit union shared branching networks banded together last year to dispel confusion caused by separate networks requiring different procedures for fulfilling Bank Secrecy Act (BSA) requirements. The networks designed a single rule to apply nationwide in an effort to promote consistency and increase clarity for credit unions who join the networks. However, despite the policy action, confusion lingers among credit unions regarding requirements within networks for such things as filing of Currency Transaction Reports (CTRs), Suspicious Activity Reports (SARs) and performing Office of Foreign Assets Control (OFAC) checks. FSCC Network is offering free BSA Shared Branching Rules Trainings
on March 25 and April 9 to help credit unions gain clarity … * WASHINGTON (2/8/08)--Congress Thursday approved a $168 billion economic stimulus package that would give low- and middle-income Americans, retirees and disabled veterans government rebate checks (The Los Angeles Times
Feb. 8). Individuals would receive checks up to $600. Couples would receive checks up to $1,200 and $300 for each child. Disabled veterans, low-income and retirees on Social Security would receive $300. The checks should arrive in May ... * WASHINGTON (2/8/08)--Senate Banking Committee Chairman Christopher Dodd (D-Conn.) said he will schedule a panel vote next week regarding commercial ownership of industrial loan companies (ILCs). Dodd said Wednesday that he plans to move forward with his bill to ban ILCs despite opposition from Sen. Robert Bennett (R-Utah), a strong ILC supporter (American Banker
Feb. 7). Dodd’s efforts come after a moratorium on ILC applications, imposed by the Federal Deposit Insurance Corp., expired Jan. 31 ... * WASHINGTON (2/8/08)--The Office of the Comptroller of the Currency (OCC) published a Community Developments Insights report
describing how the Low-Income Housing Tax Credit program is used to develop affordable rental housing. It also addresses the considerations facing bank investors who invest in the credits ...