FinCEN Extends Money Laundering Rules to Non-Federally Insured Credit Unions

The Financial Crimes Information Network (FinCEN) has released a final rule requiring banks and credit unions that are not regulated by the federal government to comply with Anti-Money Laundering regulations. “Banks without a Federal functional regulator are at least as vulnerable to the risks of money laundering and terrorist financing as banks with one,” FinCEN said, in releasing the rule. The network, a division of the Treasury Department, added, “FinCEN expects that uniform regulatory requirements for all banks will reduce the opportunity for criminals to seek out and exploit banks subject to less rigorous AML requirements.” Those regulations include obtaining

In Draft Plan, CFPB Rejects Request to Exempt Credit Unions from Loan Reporting Rule

The Consumer Financial Protection Bureau would not exempt credit unions from the requirement to report lending to women-owned businesses, minority-owned businesses, and small businesses to the agency, according to an initial proposal being circulated by the bureau.

Credit union trade groups have sought a blanket exemption from the reporting required under the Dodd-Frank Act.

Coin Task Force Issues New Tools to Increase Coin Circulation

A Federal Reserve U.S. Coin Task Force has developed a toolkit for financial institutions and retailers in an effort to push more coins into circulation.

In forming the task force earlier this year, Fed officials said that with many retail businesses where coins are used closed due to the coronavirus crisis, the normal coin circulation network has been disrupted. They said that there is not a shortage of coins, adding that more than $40 billion in coins are in circulation, but many of them are not being used.

Key CFPB Staffer Joins ABA

Kirsten Sutton, chief of staff for Consumer Financial Protection Bureau Director Kathleen Kraninger, has been named senior vice president and executive director of the American Bankers Association’s Card Policy Council.

The Card Policy Council handles legislative, regulatory and communications issues facing credit card issuers and payment card networks.