FinCEN issues warning on Cryptocurrency ATMs Scams

NEWS:  The Financial Crimes Enforcement Network (FinCEN) recently issued this Notice urging financial institutions to be vigilant in identifying and reporting suspicious activity involving convertible virtual currency (CVC) kiosks, also known as, cryptocurrency automated teller machines (crypto ATMs). These electronic terminals allow users to exchange real currency for virtual currency and vice versa.  The notice exposes widespread regulatory failures among kiosk operators, many of whom fail to register as required "money services businesses" or implement basic "anti-money laundering" controls. The kiosks have been used to launder suspected drug proceeds and drain victims' accounts.  The agency found that elderly victims bear the brunt of these schemes, with adults over 60 accounting for more than two-thirds of all crypto kiosk fraud losses.

Get ready for new remittance transfer tax & "Trump Accounts"

ANALYSIS:  The One Big Beautiful Bill Act (H.R. 1), which was signed into law last month, included several provisions of interest to credit unions. We have already told you about the new requirement to report to the IRS $600 or more in interest received from a borrower on a qualifying vehicle loan.

Today, we want to provide some details on two other sections of H.R. 1: A new excise tax on remittance transfers and the introduction of so-called “Trump Accounts.”

CUs should consider action steps in response to "debanking" executive order

ANALYSIS:  By now, you’ve heard about President Trump’s recent executive order (EO) on “debanking.” The EO is intended to prevent financial institutions from denying services to anyone based on political or religious beliefs, lawful business activities, or other constitutionally and statutorily protected attributes. The EO contains several significant instructions to federal agencies and financial regulators.

Just what does the EO require? It instructs federal agencies and financial regulators to take several steps, and it means that your credit union should take action, too. This Courier will help summarize what’s needed for compliance with the EO.

New scheduling platform for the League's "a la carte" compliance services

NEWS:  The League's Compliance Specialist Program offers multiple solutions to support your credit union’s compliance needs. Credit unions can participate in a staff-sharing arrangement for ongoing compliance assistance from our highly qualified compliance specialists.