5 things CU leaders need to know

NAFCU’s widely-read NAFCU Today is credit union leaders’ go-to source for the latest on issues impacting the credit union industry. For those short on time, here’s a roundup of this week’s need-to-know news bits:

Prepare for increased focus on AML

The Wall Street Journal reports that the Financial Crimes Enforcement Network (FinCEN) plans to ramp up its efforts against money laundering next year, likely leading to an increase in information requests for financial institutions to deal with. The article notes FinCEN’s new division focused on foreign and domestic investigations indicates the agency will “use its targeted investigative powers more frequently,” including one that “allows the agency to impose special measures on banks, such as record-keeping or due diligence requirements.” NAFCU continues to seek Bank Secrecy Act (BSA)/anti-money laundering (AML) regime improvements through work with Congress and FinCEN.

FI trades want SCOTUS to review FHA lawsuits

NAFCU and several other financial industry trade organizations have petitioned the U.S. Supreme Court to review two lawsuits brought by the City of Miami against Bank of America and Wells Fargo in which the city alleges discriminatory practices under the Fair Housing Act (FHA) that indirectly harmed the city, resulting in lost property tax revenue and increased municipal expenses. The trades request review of the federal appeals court decision on remand and argue a narrower approach to the right of access under the FHA’s discrimination clause is needed to protect financial institutions from frivolous lawsuits. In addition, NAFCU has highlighted that credit unions do not engage in discriminatory practices or redlining.


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