Bank Bribery Act In 1987, the National Credit Union Administration established guidelines to assist financial institution officials in complying with the Bank Bribery Amendments Act of 1985. These guidelines were released in an Interpretive Ruling and Policy Statement (IRPS) Number 87-1, and continue in effect today. The Bank Bribery Act (BBA) is a federal law that encourages federally insured financial institutions to adopt code of conduct/written policy requirements that describe the prohibitions of the Bank Bribery Act. The BBA applies to all credit unions with accounts insured by the National Credit Union Share Insurance Fund (NCUSIF). What actions constitute a violation of the BBA? Must credit unions adopt written codes of conduct or amend current codes that address the prohibitions contained in the BBA? What are the penalties for non-compliance? For detailed information that will help your credit union remain in compliance, visit the Bank Bribery Act topic on the Board Responsibilities channel. Regulatory Advocacy Report The CUNA Regulatory Advocacy Report contains information from Bill Cheney about regulatory issues that affect credit unions. You can view the current report and past reports from the archive.   NCUA Issues Letter to Credit Unions Regarding Interest Rate Risk Policy and Program Requirements The NCUA has issued a Letter to Credit Unions (12-CU-05) regarding the Interest Rate Risk Policy and Program Requirements. Beginning on September 30, 2012, certain federally insured credit unions will be required to adopt a written policy on interest rate risk management and a program to implement it effectively. The letter answers frequently asked questions since the rule was finalized in January. Credit unions may also contact their examiner, regional office, or NCUA’s Office of Examination and Insurance for further assistance. Click here to read NCUA Letter 12-CU-05 in its entirety. Source: NCUA NCUA Implements New Supervision Manual and Consistent Exam Standards National Credit Union Administration (NCUA) staff have completed comprehensive training that will result in more consistent supervision and examination standards for credit unions across America. At NCUA’s National Training Conference in April, agency trainers outlined a new National Supervision Policy Manual intended to ensure that credit unions are treated more consistently from region to region. NCUA will finalize the manual in June after incorporating feedback received at the National Training Conference from staff in the field, Regional Offices, and Central Office. Training also focused on bringing consistent approaches to interest rate risk, credit risk, and problem resolution at credit unions. Click here for more information about the training. Source: NCUA FinCEN Reminder: E-Filing Reports by July 1, 2012 In a notice dated February 24, 2012 , the Financial Crimes Enforcement Network (FinCEN) announced the requirement for all financial institutions subject to the Bank Secrecy Act (BSA) to use electronic filing (E-Filing) for certain FinCEN reports beginning no later than July 1, 2012. BSA E-Filing, which is provided free of charge, offers streamlined BSA information submission; faster routing of information to law enforcement; greater data security and privacy compared with paper forms. Effective July 1, 2012, institutions must submit most FinCEN reports electronically unless they are granted a temporary exemption. For other technology-related questions specific to E-Filing, please call the BSA E-Filing Help desk at 1-866-346-9478. Source: FinCEN FFIEC IT Exam Handbooks Available Online Only The Federal Financial Institutions Examination Council (FFIEC) announced it will no longer print hard copies of its IT Examination Handbooks, opting instead to make IT handbook content available in an electronic format only. The IT Handbook consists of 11 booklets covering a variety of technology and technology-related risk management guidance for financial institutions and examiners. The change is prompted in part by recent upgrades to the functions and features of the FFIEC's online InfoBase. The FFIEC said it has improved the InfoBase to allow more frequent updates. Those updates can be viewed in a new "What's New" section of the FFIEC InfoBase website. Click here for more information about the IT Handbook and InfoBase changes. Source: CUNA News Now FinCEN CTR/SAR Webinar and Materials Available FinCEN has made available a recording and presentation materials from its informational Webinar offered on Tuesday, May 8, 2012. Updated technical specifications for FinCEN’s new Currency Transaction Report (CTR) and Suspicious Activity Report (SAR) as well as the recently released specifications for FinCEN’s new Designation of Exempt Person (DOEP) report were discussed. This Webinar was intended specifically for the information technology (IT) professionals who will be responsible for integrating the technical specifications for these new FinCEN reports into their processes. Both items are available at FinCEN.Gov or at the links below. Click here for the recorded Webinar. Click here for the presentation materials. Source: FinCEN FinCEN Releases 21st Issue of SAR Activity Review – Trends, Tips & Issues The release of the 21st SAR Activity Review - Trends, Tips, & Issues was announced recently at the semi-annual plenary meeting of the Bank Secrecy Act Advisory Group. Click here for the 21st issue of SAR Activity Review – Trends, Tips & Issues. Source: FinCEN Want your own copy of the InfoSight newsletter? 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InfoSight Compliance eNEWSLETTER May 18, 2012 Vol. 6, Issue 20 Created in partnership with the Credit Union National Association     Compliance Calendar May 28 Memorial Day - Federal Holiday June 30 Electronic Filing of Bank Secrecy Act (BSA) Reports Required Reports of Foreign Bank and Financial Accounts (FBARs) Due July 4 Independence Day - Federal Holiday July 20 5300 Call Report Due to NCUA Click here for upcoming compliance dates.

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