Compliance

Free elder financial abuse training available online

NEWS:  The Wisconsin Elder Justice Coalition has just released a free online training program to help credit union staff fight elder financial exploitation. Safeguarding Seniors: A Guide for Financial Institutions teaches participants how to recognize and respond to financial abuse of older credit union members.

BOI rules going back into effect

NEWS:  Yesterday, a federal judge in Texas lifted an order that blocked the enforcement of a federal anti-money laundering law that requires business entities to disclose the identities of their real beneficial owners to the U.S. Treasury Department.

This means that the on-again-off-again beneficial ownership information (BOI) reporting requirements under the federal Corporate Transparency Act (CTA) are once again back in effect.

New acting director freezes most CFPB operations

NEWS:  On Monday, the Trump administration named Treasury Secretary Scott Bessent to serve as the acting director of the Consumer Financial Protection Bureau (CFPB) after firing CFPB Director Rohit Chopra over the weekend. Bessent will serve as acting director until the senate confirms a new nominee.

Within an hour of Bessent being appointed, an unsigned memo from the office of the director was sent to CFPB staff, instructing them to halt nearly all work. The contents of that memo are being widely reported in the news.

Do OFAC record retention rules apply to "false positives"?

Q&A:  Here’s a question that a Wisconsin credit union recently asked The League’s Legal Affairs team, along with our answer. Do you have a compliance question? Contact The League's Compliance Hotline at (608) 640-4050 or email.  

Q.  This is related to the recent Compliance Courier titled, “OFAC record retention period increasing to 10 years in March.” In everything I am reading on this, it appears that the updated retention period for the recordkeeping requirement includes transactions or attempted transactions conducted for an actual party on the sanctions lists (even those allowed by special license). My question is, do we need to retain records for those that were determined to be a false positive?