WASHINGTON—With comment deadlines nearing for several regulatory proposals, America's Credit Unions has issued a series of Regulatory Comment alerts outlining the proposals, their potential impact on credit unions and guidance for submitting feedback. The organization is also encouraging credit unions to provide input that can help shape its own comment letters to regulators.
Federal Communications Commission (FCC) proposal on offshore call centers
To require telecommunications providers that use offshore call centers to restrict their usage of such call centers, ensure that staff at those call centers adhere to specific language proficiencies, and limit the types of information that can be taken at those call centers.
- Send comments to America’s Credit Unions by May 19, and to the FCC by May 26.
To formalize risk assessment requirements, incorporate AML/CFT priorities into program design, distinguish between program establishment and maintenance, and expand FinCEN’s role in certain supervisory and enforcement matters.
- Comments can be sent to America’s Credit Unions by May 25, and to FinCEN by June 9.
NCUA proposal on AML/CFT programs
Joint proposal with other financial regulators to amend AML/CFT program rules to align with FinCEN’s concurrent proposal. It would replace the traditional Bank Secrecy Act (BSA) compliance program framework with a more explicit risk-based AML/CFT program standard, reaffirm core program elements, and give FinCEN a more formal role in certain supervisory and enforcement matters.
- The deadline for comments to America’s Credit Unions is May 25, and to NCUA is June 9.