NAFCU Reg Committee convenes on FinCEN’s NAL ANPRM, NCUA’s DLT guidance, more
NAFCU’s Regulatory Committee met Tuesday and discussed several proposals that are open for comment from federal financial regulators, including the NCUA, CFPB, the Financial Crimes Enforcement Network (FinCEN), and the Department of Commerce.
Attendees at the meeting heard from a representative at the CFPB’s Office for Older Americans on the importance of awareness and action against elder abuse, romance scams, and trusted contacts. Today is World Elder Abuse Awareness Day; NAFCU will hold a webinar on June 28 on ways credit unions can identify, prevent, respond, and report scams and fraud targeting older adults.
The Committee also discussed FinCEN’s advanced notice of proposed rulemaking (ANPRM), issued earlier this month, on creating a No Action Letter (NAL) program, a topic they first shared with Congress this time last year, and one they deemed would be a useful process for involved parties.
NAFCU sent members a Regulatory Alert breaking down and soliciting feedback on the ANPRM, which would be “a letter indicating [FinCEN’s] intention not to take or recommend enforcement action against the submitting party for the specific conduct presented in the submitting party’s request.” Comments in response to the ANPRM are due to NAFCU July 22 and can be submitted through the alert; comments are due to FinCEN Aug. 15.
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