ViClarity Compliance Update

NCUA issues cybersecurity report; FinCEN proposed rule on AML/CFT programs; and CFPB releases survey on mortgage originations. 

The Dakota Credit Union Association’s dues-supported compliance solution –  ViClarity – is a world leader in credit union compliance. To read the complete articles 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.
 
The NCUA Releases Annual Cybersecurity Report
The National Credit Union Administration (NCUA) released its annual Cybersecurity and Credit Union System Resiliency Report. The report is required by the Consolidated Appropriations Act (CAA) of 2021 and summarizes the current cybersecurity threat landscape. In addition, the report highlights the NCUA’s key cybersecurity initiatives and outlines the NCUA’s ongoing efforts to enhance cybersecurity preparedness and resilience within the credit union industry. Read the full report here.
 
FinCEN Proposes Rule Modifying AML/CFT Programs
The Financial Crimes Enforcement Network (FinCEN) has proposed a rule intended to strengthen and modernize financial institutions’ anti-money laundering and countering the financing of terrorism (AML/CFT) programs. The proposed rule would require that existing AML/CFT programs be effective, risk-based, and reasonably designed, which allows financial institutions to bring their resources and attention more in line with their risk profiles.
 
The proposed rule is an amendment to the Bank Secrecy Act (BSA) and addresses the changes made to the BSA as part of the passage of the Anti-Money Laundering Act of 2020. FinCEN is also accepting comments on the proposed rule; deadline is September 3, 2024 .More on the topic here.
 
CFPB and FHFA Release National Survey of Mortgage Originations
The Consumer Financial Protection Bureau (CFPB) and the Federal Housing Finance Agency (FHFA) have publicly released loan-level data collected through the National Survey of Mortgage Originations (NSMO). As part of the publication, the data also showed updated mortgage performance and credit information for a nationally representative sample of mortgage borrowers from the years 2013 to 2021. The survey provides new insights into appraisal satisfaction and willingness to move for borrowers with new mortgages. Read the entire article here.