There were three noteworthy regulatory and compliance updates for banks and credit unions in September of 2023. Below are the details on these changes and how they affect you and your institution.
FinCEN Publishes the Small Entity Compliance Guide
FinCEN has published the Small Entity Compliance Guide to assist the small business community in complying with the new beneficial ownership information reporting rule. Starting in 2024, many entities created in or registered to do business in the United States will be required to report information about their beneficial owners—the individuals who ultimately own or control a company—to FinCEN. The Guide is intended to help businesses determine if they are required to report their beneficial ownership information to FinCEN.
Why Is This Important to Me?
Share this guide with your small business customers. We have many webinars on the new beneficial ownership rules. Our most recent webinar discusses how financial institutions can assist their customers in preparing for beneficial ownership registration:
Beneficial Ownership Customer Game Plan: An Action Plan for Your Business Customers
CFPB Issues Annual Threshold Adjustment
The CFPB has issued a final rule with the annual threshold adjustments that will be effective January 1, 2024, for provisions implementing the Truth in Lending Act (TILA) and Regulation Z.
Why Is This Important to Me?
All applicable OnCourse Learning courseware will be updated in January 2024 with these threshold adjustments.
CFPB Updates Small Business Lending Rule FAQs
The CFPB has updated the FAQ document with seven new FAQs concerning the firewall provision in the rule and 2 new FAQs about record retention requirements.
Why Is This Important to Me?
We have a significant number of webinars around Section 1071. The most recent webinar will be 11/21/23.
1071 Small Business Data Collection and Submission: Where Are We Now?
About the Author
Rachel Davis
Product Manager at OnCourse Learning
Rachel Davis is the Product Manager of GRC and professional education for banks, credit unions, and non-bank financial services at OnCourse Learning. Rachel has worked in the financial services industry for 12 years and keeps up to date on financial industry hot topics. Rachel received her Bachelor of Arts in English Literature from Saint Louis University.
About the Author
Rachel Davis
Product Manager at OnCourse Learning
Rachel Davis is the Product Manager of GRC and professional education for banks, credit unions, and non-bank financial services at OnCourse Learning. Rachel has worked in the financial services industry for 12 years and keeps up to date on financial industry hot topics. Rachel received her Bachelor of Arts in English Literature from Saint Louis University.