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Comp Blog

New- July 29: Senators requests NCUA explanation for RBC/NCUA guidance on marijuana/HMDA update

By: Danielle Wright

CommentTuesday - July 29, 2014

Senators question NCUA

Sens. Patrick Toomey (R-Pa.), Mike Johanns (R-Neb.) and Deb Fischer (R-Neb.) have written to the National Credit Union Administration, asking for justification for the agency's risk-based capital proposal.

Toomey, the ranking member of the Senate Banking subcommittee on financial institutions and consumer protection, said the matter is of great interest to him given its "potential impact on credit unions, their members and the communities they serve." Toomey also expresses concern about adding capital requirements to institutions rather than relying on a case-by-case basis.

NCUA gives examiners FinCEN guidance for marijuana accounts

In a letter to the Washington State Department of Financial Institutions last week, Larry Fazio, director of the NCUA's Office of Examination Insurance, said the agency has provided the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) guidance to agency examiners, who are responsible for determining the compliance of financial institutions that provide service to marijuana-related businesses.

FinCEN's guidance notes that U.S. Department of Justice Attorneys and law enforcement will devote enforcement resources to businesses that are distributing marijuana to minors, criminal enterprises, states where it is not legal, as well as several other scenarios. Read more on NCUA on marijuana-based businesses.

New 2014 HMDA data entry software release
The FFIEC has announced that 2014 HMDA and CRA Data Entry Software Release 2 versions are available for calendar year 2014 data due March 3, 2015. NOTE: each software versions are available for calendar year 2014 data due March 3, 2015. NOTE: each software version is year-specific.






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