Welcome to CUNA's compliance blog! Visit often to check out the latest federal regulatory developments, Q&As, and musings from CUNA's Compliance Team.5/24/2013 9:11:51 PM2013-05-24T21:11:51-05:00CUNA/Compliance/Comp Blog/Blogs/2013/What's New - May 24th

FinCEN Releases FAQs FinCEN has issued frequently asked questions (FAQs) to assist financial institutions in their use of SAR and CTR. The frequently asked questions for SAR is available here, and CTR here.   NCUA Economic Update Chief Economist  gives the latest monthly outlook on key economic factors and how they may affect credit unions.  Click here for the YouTube video.   Small Debit Card Issuers Exemption The Federal Reserve Board has issued a Press Release announcing the exemption designed to protect small debit card issuers from interchange fee standards applied to large issuers is working as intended.  To view the release click here.

2013-05-24T08:34:26-05:002013-05-25T02:11:52ZCUNA/Compliance/Comp Blog/Blogs/2013/What's New - May 23rd

“Qualified Mortgage” Hearing Congress held a hearing yesterday entitled: "Qualified Mortgages: Examining the Impact of the Ability to Repay Rule”, to address the concern that community based financial institutions may be harmed by the "ability to repay" rule as currently written.  CUNA sent a letter ahead of the hearing stating that the qualified mortgage rules must be changed to ensure credit unions will be able to meet their members' borrowing needs in a way that minimizes risk and default.  To help improve the regulation for credit unions, CUNA suggested expanding the ceiling on the debt to income ratio beyond the current 43% limit, and raise the 3% cap on points and fees.  For more information see the NewsNows story here or click here for CUNA’s Letter.   Federal Register: Amendments to the 2013 Escrows Final Rule under the Truth in Lending Act (Regulation Z) Please click here for the CFPB Blog Posting from May 16th or click here for today’s Federal Register.    IRS Issues (another) Early Draft of Revised Form W-8BEN and Form W-9 As we reported in a CompBlog Q&A last December 3, 2012, the IRS is working on a revised 1-page W-8BEN (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting) to be used by individuals, and a new 6-page Form W-8BEN-E to be used by entities.  The IRS has also released an early draft of a revised Form W-9.  You can comment on the draft forms by sending an e-mail to: taxform@irs.gov or submitting them through the IRS website at IRS.gov and go to “Comment on Forms and Publications.  You can access the IRS announcements for the Form W-8BEN here, for the Form W-8BEN-E here, and the Form W-9 here.

2013-05-23T08:33:16-05:002013-05-25T02:11:52ZCUNA/Compliance/Comp Blog/Blogs/2013/What's New - May 22nd

  Federal Register:   Remittance Transfer Rule (Electronic Funds Transfer, Regulation E) The 2013 Final Rule on remittance transfers was published in today’s Federal Register, with an effective date October 28, 2013.  Click here for the Federal Register .   CFPB Establishes Framework to Better Coordinate

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