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CUNA’s Compliance team has provided guidance to answer some of the most commonly asked questions concerning stimulus funds deposits. The League also has prepared a…
Federal and State Regulators Release Updates to BSA/AML Examination Manual
The Federal Financial Institutions Examination Council released several updates to the Bank Secrecy Act/Anti-Money Laundering examination manual. The manual is used to evaluate compliance with…
Paycheck Protection Program Updates
The Small Business Administration (SBA) provided several updates to financial institutions this week regarding the rollout of the Paycheck Protection Program.
The County FCU and Penobscot County FCU Provide Merger Update
Penobscot County Federal Credit Union and The County Federal Credit Union provide an update about the proposed merger of these institutions.
Business Mileage Rate Correction for 2020
Last week, we inaccurately reported the Internal Revenue Service’s 2020 business mileage rate. Effective January 1, the standard mileage rates for the use of a…
Compliance Update: What Becomes Effective in 2020
The new year not only marks the start of a new decade, but also the effective date of several important rules for credit unions.
League InfoSight Announces Exciting New Enhancements
InfoSight announced several major enhancements to its online compliance platform for credit unions. InfoSight is a free compliance resource available to all Maine credit unions…
Appeals Court Denies ABA Petition for FOM Lawsuit Rehearing
The U.S. Court of Appeals for the D.C. Circuit denied the American Bankers Association’s appeal for a rehearing en banc in its lawsuit against NCUA’s field of…
Agencies Clarify Requirements for Providing Financial Services to Hemp-Related Businesses
Earlier this week, four federal agencies issued a statement to clarify rules for banks providing services to hemp-related businesses.
Tapping an All-Cash Business: Banks Look for Legal Ways Into Cannabis Lending
(From Mainebiz) – It was five years before the medical marijuana cultivation and dispensary company Canuvo could find a traditional financial institution that would allow…
CFPB’s Final Payday Rule Should Be Ready in Spring
The Consumer Financial Protection Bureau plans to issue a final rule in April that would rescind strong underwriting requirements for payday lenders.
Bureau of Motor Vehicles Update: Titling of Motor Homes
The Bureau of Motor Vehicles has asked the League to share a memo with our credit unions concerning the titling process for motor homes. This…
Is Regtech a Blessing or a Curse for Credit Unions?
Regtech may be one of the hottest new methods for financial institutions to navigate the compliance burden, but are smaller credit unions getting left behind…
Maine Completes Regs for Legal Pot Industry
The state completed its rulemaking process for the recreational-use marijuana industry. The regulations govern licensing, compliance, enforcement, and oversight of the legal marijuana trade and…
NCUA to Host Consumer Financial Protection Webinar
On November 19 at 2 pm, NCUA will host a 90 minute webinar to discuss a range of consumer protection topics. Registration for the webinar,…
Compliance Alert: Fidelity Bond Coverage Updates
The Federal Credit Union Act requires that certain credit union employees and elected officials have fidelity bond coverage. New rules concerning this coverage went into…
New Federal Hemp Program Expected to Help Growing Maine Industry
The U.S. Department of Agriculture announced the creation of a federal hemp growing program, offering some new protection for Maine’s rapidly expanding hemp industry.
Washington Visit Provides Valuable Insight into State Cannabis Banking Regulations
League President & CEO Todd Mason traveled to Washington as part of a two-day study trip to examine the state’s regulatory framework for cannabis banking.…
ABA to Seek a Review of Appeals Court’s FOM Decision
(From Credit Union Journal) – The American Bankers Association is refusing to call it quits in its long-running challenge to the National Credit Union Administration’s field-of-membership…
NCUA Holds September Board Meeting & Adopts New Payday Alternative Loan Rule
The NCUA Board held its eighth open meeting of 2019 on September 19 and approved three items including a final rule allowing federal credit unions…
Helping Credit Unions Comply With the New Probate Code
Earlier this year, the legislature enacted updates to Maine’s Probate Code. Effective September 1, the changes in the law are now in effect and will…
Confused by REAL ID? Learn More About the Program
When members or potential members visit your credit union, you may start noticing (if you haven’t already) that they have replaced their traditional driver’s licenses…
Your Go-To Tool for Compliance is Getting Even Better
The League is pleased to announce that a brand-new InfoSight is coming soon to help credit unions with their compliance needs. InfoSight is launching its…
FASB Proposes Delay of CECL Implementation to Jan. 2023
The Financial Accounting Standards Board agreed to propose a one-year delay in the implementation date for the current expected credit loss (CECL) standard as it…
Fake Check Scams
Scammers are always looking for ways to steal money and have been using fake checks to victimize consumers and financial institutions. Fake checks are increasingly…