Following a hefty FinCEN fine against a credit union, the NCUA issues a supervisory warning about money services businesses.
The $3.6M North Dade Community Development FCU violated BSA and Patriot Act regs for five years.
National Cooperative Bank executive calls banks' BSA reasons for dumping credit unions "an excuse."
As many as 30 credit unions in West Virginia and Ohio have been scrambling to establish new correspondent vendors after a regional and national bank terminated their accounts over the past few weeks.
Huntington, JPMorgan Chase closed accounts at up to 30 West Virginia, Ohio credit unions, their corporates say.
Consultant has been to many institutions of various sizes recently where examiners have written then up for not doing enough.
Back office automation is aiding the $1.3 billion Royal Credit Union with its critical compliance activities and at the same time, executing several key growth strategies.
Credit unions looking for assistance with risk management and compliance have a home-grown solution to turn to.