Credit Unions | Albin, Randall and Bennett

Credit Unions Must Notify PPP Borrowers of Extended Deferral Period

The Paycheck Protection Program Flexibility Act of 2020 extended the 6 month deferral period for Paycheck Protection Program (PPP) borrower payments of principal, interest, and fees on all loans. If your credit union hasn’t already done so, we advise notifying PPP borrowers of the deferral period change immediately. The deferral period now ends: the date

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FinCEN Director Calls on Credit Unions and Banks for Help: SARs Related to COVID-19

The 2020 ACAMS Annual AML & Anti-Financial Crime Conference was held this week, and Financial Crimes Enforcement Network (FinCEN) Director Ken Blanco was among the presenters. Blanco acknowledged the COVID-19 crisis has placed credit unions, banks, and financial regulators in untraversed territory, which requires them all to adapt and evolve. He spoke about FinCEN’s response

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FinCEN Releases Additional Guidance on BSA/AML Customer Due Diligence for Hemp-Related Businesses

On August 3rd, the Financial Crimes Enforcement Network (FinCEN) issued additional guidance to financial institutions further clarifying the regulatory requirements surrounding customer due diligence (CDD) procedures for hemp-related businesses. This guidance was released specifically to address three frequently asked questions that followed FinCEN’s June 29th release of guidance. FinCEN’s full guidance may be found through

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Considerations for ALLL Calculations and Regulatory Updates Affecting Credit Unions

When the economy is stable and it’s “business as usual,” it’s reasonable to assume historical experience can be used in estimating future outcomes. Conversely, periods of instability can have a profound impact on things like loan collectability, delinquency, and risk. And 2020 has proven to be anything but a “stable” year.  A plethora of uncertainty

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FinCEN Issues BSA/AML Due Diligence Guidance for Hemp-Related Businesses

On June 29th, the Financial Crimes Enforcement Network (FinCEN) issued new guidance in an effort to expand the financial services available to hemp-related businesses and increase reporting transparency. The guidance clarifies the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) regulatory requirements surrounding customer due diligence (CDD) for hemp-related businesses, and it explains Suspicious Activity Reporting (SAR) and

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