Compliance

Federal court halts FTC ban on non-compete agreements

NEWS:  A federal court in Texas has ordered that a Federal Trade Commission (FTC) rule, which would have effectively banned non-compete agreements, cannot go into effect or be enforced. The court’s order applies nationwide.

FFIEC issues IT "Development, Acquisition, and Maintenance" booklet and will sunset its Cybersecurity Assessment Tool

NEWS:  The Federal Financial Institutions Examination Council (FFIEC) – a group of federal financial regulators that includes the NCUA – has issued a new booklet to help examiners assess information technology (IT) practices.

League comments on FinCEN's AML/CFT proposal; similar NCUA proposal pending

NEWS:  Today, The League filed a comment letter with FinCEN on a proposal to modernize its requirements for Bank Secrecy Act (BSA) programs – now to be called anti-money laundering and countering the financing of terrorism (AML/CFT) programs.

Among other things, the proposal would require credit unions and other financial institutions to “establish, implement, and maintain effective, risk-based, and reasonably designed AML/CFT programs with certain minimum components, including a mandatory risk assessment process.” The proposed rule also would require financial institutions to incorporate into their risk-based programs FinCEN’s “AML/CFT National Priorities,” which FinCEN resets every four years (most recently in 2021).

League backs CFPB proposal to regulate "earned wage access" services

NEWS:  In a letter to the CFPB yesterday, The League expressed its support for a proposed interpretive rule that would subject “earned wage access” (EWA) services to Truth in Lending & Reg. Z. It would also treat most EWA fees as “finance charges” that must be disclosed to consumers in advance.