Fixed-asset cap, mid-year budget on today's NCUA agenda
Elimination of the 5% fixed-asset cap and a mid-year operating budget report highlight today's monthly National Credit Union Administration board meeting. Also on the agenda is a request for community charter expansion, a quarterly performance report on the National Credit Union Share Insurance Fund and a performance report for the NCUA's Guaranteed Notes. Follow News Now LiveWire for updates. The agenda for today's meeting is here.
New video released in NCUA Economic Update seriesFinCEN
proposes rules on CDD requirements
The NCUA has announced
the release of a new video in its Economic Update series, featuring an in-depth
discussion by NCUA Chief Economist John Worth on the implications of a
recovering economy on credit union balance sheets and the interest rate
environment. The video can be viewed on the YouTube-NCUA channel.
FinCEN has issued a Notice of
(NPRM) to amend existing Bank Secrecy Act (BSA)
regulations to help prevent the use of anonymous companies to engage in or
launder the proceeds of illegal activity in the U.S. financial sector. The
proposed rule would clarify and strengthen customer due diligence obligations
of banks and other financial institutions. The proposed amendments would add a
new requirement that banks and other financial institutions know and verify the
identities of the real people (also known as beneficial owners) who own,
control, and profit from the companies they service. Comments will be accepted
for sixty days from the date of publication of the NPRM in the Federal Register.