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Business Lending Council Resource Library

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  • CFPB addresses the end of the LIBOR index

    Jun 4, 2020

    NEWS:  The CFPB has issued three items related to the sunset of LIBOR (the London Interbank Offered Rate, a benchmark interest rate), which is expected to be discontinued after 2021. Many credit unions have tied adjustable-rate loans to LIBOR and will need to address this change.
  • International ring bilks state unemployment agencies

    Jun 1, 2020

    NEWS:  According to the FBI’s Internet Crime Complaint Center (IC3), credit unions and other financial institutions in Wisconsin and around the country have received suspicious ACH deposits, amid reports of a well-organized international fraud ring exploiting the COVID-19 crisis to commit large-scale fraud against state unemployment insurance programs. 
  • Bank officer in Wisconsin fined, underscoring BSA compliance

    May 28, 2020

    TIP:  The Financial Crimes Enforcement Network (FinCEN) has assessed a $450,000 civil money penalty against Michael LaFontaine, former Chief Operational Risk Officer at U.S. Bank National Association (U.S. Bank), for his failure to prevent violations of the Bank Secrecy Act (BSA). LaFontaine is from St. Croix County, Wisconsin. U.S. Bank, which is headquartered in the Twin Cities, was issued a $185 million civil money penalty.