Compliance

FinCEN seeks comments on burdens of handling 314(a) requests

COMMENT CALL:  As part of a proposed renewal of Bank Secrecy Act collection requirements, the Financial Crimes Enforcement Network (FinCEN) is asking for comments from credit unions and other financial institutions on reporting burdens under section 314(a) of the USA PATRIOT Act.

Three WCUL payroll forms discontinued

NEWS:  Three WCUL forms that The League sells for use by Wisconsin credit unions will be removed from service at the end of 2025, due to low usage. Subscriber credit unions will no longer be billed for the three discontinued forms at the end of the year.

League works with DFI Chief Legal Counsel to clarify amended MBL rules

ANALYSIS:  The state’s amended member business loan (MBL) rules took effect on June 1. The amendments introduced a new MBL definition and significantly expanded the list of loan types that are exempt from that definition. 

The amendments have prompted inquiries from credit unions. So, in recent weeks, The League has discussed various questions with the DFI’s Chief Legal Counsel. The League will update its ii Release No. B027, which summarizes both the state and federal MBL rules, to reflect his answers. In the meantime, this Courier will recap our conversations. 

Free League webinar tomorrow on WI's amended member business loan rules

NEWS:  Wisconsin's amended member business loan (MBL) rules took effect on June 1. The amendments introduced a new MBL definition and significantly expanded the list of loan types that are exempt from that definition.

This session will cover how these new rules will be applied, based on conversations The League has had with the Office of Credit Unions and the DFI’s Chief Legal Counsel. The discussion will be led by The League's Paul Guttormsson, SVP & General Counsel, and Patrick Rees, Director of Commercial Lending from Reach Business Lenders. You can register here for this webinar, which takes place tomorrow, Oct 14 at 10:30 a.m.