October, 2016
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FinCEN Issues BSA Cyber-Event Advisory
On October 25th the Financial Crimes Enforcement Network (FinCEN) issued Advisory FIN-2016-A005 regarding cyber-events and cyber-related crimes. The 9 page advisory explains Bank Secrecy Act (BSA) responsibilities related to cyber-events and cyber-related crimes.
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Banks Can Now Submit Annual Reports Electronically
On October 25th, the FDIC issued FIL-71-2016, granting depository institutions the ability to file annual reports and other reports and notices required under Part 363 electronically through the FDIC’s secure website, FDICconnect (FCX), rather than in paper form. This is applicable to all institutions with assets greater than $500 million in total assets.
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NCUA Examining for MLA Compliance
On October 4th the National Credit Union Administration (NCUA) issued Letter to Credit Unions 16-CU-07 on its examination approach to the new Military Lending Act (MLA). NCUA states “examiners are instructed to accept a credit union’s reasonable and good faith efforts to comply with the new rule during the first examination following the implementation date. NCUA recognizes that some credit unions may need time to implement changes and work with their technology vendors to resolve problems that may arise from extensive testing and use, once their new MLA systems become fully operational”