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WASHINGTON–The effects from coronavirus (COVID-19) are increasingly being felt by credit unions, which are responding with everything from virtual annual meetings, laptops for “essential” staff, boards meeting via telephone, new attention to the bond market and concerns over potential deflation, and more aggressive cleaning procedures.

WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) has assessed a $450,000 civil money penalty against Michael LaFontaine, former chief operational risk officer at U.S. Bank, for his failure to prevent violations of the Bank Secrecy Act (BSA) during his tenure, the agency announced. 

WASHINGTON—Leaders from the Internal Revenue Service’s Criminal Investigation unit and tax authorities from Australia, the United Kingdom, Canada and the Netherlands (the J5) met in Sydney, Australia to set priorities for the year ahead in the fight against international tax crimes.