Regulatory & Compliance

The recently concluded session of the Oregon legislature provided key victories for credit unions including the right to handle an array of nonmember products, accept homeowner and condo deposits, plus new oversight on financial literacy.

House Financial Services Committee leaders have requested a Government Accountability Office study of the mission and operational capacity of Treasury's Financial Crimes Enforcement Network and the increasing number of Bank Secrecy Act-related filings.

Freshman Congressman Joe Sestak (D-Pa.) signed on as a co-sponsor to the Credit Union Regulatory Improvements Act (H.R. 1537) in the waning hours of Congress prior to the August recess.

State chartered credit unions in California will operate under an updated set of rules next year, thanks to a Credit Union Modernization Bill that sailed through the legislature with no opposition.

The Federal Reserve Board and Treasury's Financial Crimes Enforcement Network have announced $65 million in penalties assessed against American Express Bank International and American Express Travel Related Services Company, Inc. for violations of the Bank Secrecy Act.

Co-sponsorship for the Credit Union Regulatory Improvements Act (H.R. 1537) reached 122, including primary sponsor Congressman Paul Kanjorski (D-Pa.), prior to Congress recessing for its tradition month-long break in August.