ViClarity Compliance Update

Free webinar on what’s ahead in 2025; FinCEN Alert on media fraud schemes; CFPB finalized rule on digital payment apps; NACHA rules to fight fraud, and more. 

The Dakota Credit Union Association’s dues-supported compliance solution –  ViClarity – is a world leader in credit union compliance. To read the complete articles/answers that are linked, you will need to log in with your username and password. If you have questions about establishing your members-only account with ViClarity, click here for detailed instructions or contact John Alexander in the DakCU office.

Compliance Chronicles: Lessons Learned & What’s Ahead for 2025
The regulatory environment for credit unions is complex and constantly evolving, with an increasing amount of focus on compliance. In this webinar, we’ll provide a high-level overview of lessons learned from recent changes and challenges in the financial regulatory landscape. We’ll also discuss upcoming regulatory changes and emerging compliance trends, all of which will require credit unions to adjust their practices in the coming year. This session will provide you with tools, strategies and the foresight needed to stay ahead of regulatory shifts and ensure your credit union's continued compliance and success. Register here.
 
FinCEN Releases Alert on Deep-Fake Media Fraud Schemes
The Financial Crimes Enforcement Network (FinCEN) has released an alert that is designed to make financial institutions aware of fraud schemes involving deep-fake media specifically targeting financial institutions. These types of fraud schemes engage the use of generative Artificial Intelligence (AI) tools. The alert is part of the U.S. Department of the Treasury’s efforts to alert financial institutions, including credit unions, to the opportunities and challenges arising from the use of AI. Read the full article here.
 
CFPB Finalizes Rule Granting Supervision Over Digital Payments Companies
The Consumer Financial Protection Bureau (CFPB) has finalized a rule which requires digital payment applications (“apps”) to protect personal data, stop fraud, and cease using practices such as “debanking”. In general, the final rule allows the CFPB to supervise nonbank companies offering digital funds transfers and payment wallet apps. The rule specifically applies to “larger participants”, that the CFPB estimates engage in 50 million transactions per year, resulting in an aggregate of nearly 13 billion consumer payment transactions annually. More on the topic here.
 
Nacha to Issue New Rules Designed to Fight Fraud
Nacha is implementing a series of new rules, termed Risk Management Rules, which are designed to combat fraud, particularly with respect to business email compromise, vendor impersonation, and the increasing use of money mules. The first rule was issued this past October and will continue to be issued through 2026. Full details here.
 
NCUA Finalizes CLF Budget for 2025-2026 & Publishes Q3 Share Insurance Information
The National Credit Union Administration Board (NCUA Board) has approved the budget for the Central Liquidity Facility (CLF) for 2025-2026. Additionally, the NCUA Board also received a briefing on the performance of the National Credit Union Share Insurance Fund for the third quarter of 2024.
 
The NCUA has also published that the number of credit unions with a CAMELS Code of 4 or 5 has increased for the third quarter. The Chief Financial Officer informed the NCUA Board on the performance of the Share Insurance Fund for the quarter ending on September 30, 2024. According to the report, the Share Insurance Fund reported a net income of $72.2 million, $22.6 billion in assets, and $145.8 million in total income for Q3 of 2024.
​Additional information available here.