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The federal regulatory agencies have released interagency guidance to assist the banking industry in complying with the Customer Identification Program requirements under Section 326 of the USA Patriot Act. This [...]

In light of the Recent enforcement action against Riggs National Bank of Washington, D.C., Congress is strongly questioning why regulators like the Office of the Comptroller Currency and the Financial [...]

Credit unions doing member business lending need to remember the Regulation B adverse action requirements. Here are three main steps. First, determine whether the loan is for a business, commercial [...]

Recently, the federal regulators shed new light on the section 314(a) information sharing process and the FBI Control List. In a Joint Agency Notice dated Nov. 26, 2002, it was [...]

With the release of proposed customer identification program (CIP) regulations, credit unions and other financial institutions may be required to review various government lists prior to account opening. One such [...]

In response to the terrorist attacks in September, the federal government and credit union regulators have asked all credit unions, large and small, to step up their compliance efforts in [...]

One of the many compliance concerns brought about by the USA PATRIOT Act is business dealings with the politically exposed person (PEP). A PEP, defined as a 'senior foreign political [...]

Advises credit unions in the U.S. on member business lending rules. Determination of the purpose of the loan; Determination of asset size; Notification process when denying business credit.

Presents steps in complying the regulations of the Office of Foreign Assets Control (OFAC) for credit unions in the U.S. Designation of an OFAC compliance officer; Creation of policies designed to insure that updated Specially Designated National lists are used at account opening; Implementation of name recognition software program.