New FinCEN Rules Require Credit Unions to Identify all Beneficial Owners of Legal Entity Accounts

From Claire White, CUBG Deposit Services Officer On July 11th, new FinCEN rules clarifying and strengthening customer due diligence requirements went into effect. Credit unions will have until May 11, 2018 to comply with the rules. The new rules contain explicit customer due diligence requirements and include a new requirement to verify the identity of…

Connecting with Business Members…Via Regulations?

Connecting with Business Members…Via Regulations?

From Larry Middleman, CUBG President/CEO Today, credit unions face a unique opportunity to make major strides in the business lending market. Early in 2016, the National Credit Union Administration (NCUA) released a massive overhaul of its Member Business Lending (MBL) rule, upending the agency’s long-held “prescriptive-based” approach and introducing new, more flexible “principles-based” standards. Highlights…

Lines of Credit – Collateral

Lines of Credit – Collateral

by Nick Reynolds, VP/Credit Services Manager The risks associated with business lending differ significantly from those associated with traditional consumer lending. While consumer information is still an important part of knowing your member, the types of risks associated with MBLs tend to be more varied and wider in scope. The credit union industry is expanding…