Consumer Financial Protection Bureau (CFPB) 

CFPB Seeks to Vacate Abusive, Unjust Case Against Townstone 

The CFPB announced that it is seeking to vacate a settlement with Townstone for alleged redlining based on an arbitrary number of mortgages. After a thorough review, the CFPB is seeking to make Townstone whole by returning the six-figure fine as part of the settlement agreement. 

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Financial Crimes Enforcement Network (FinCEN) 

FinCEN Removes BOI Reporting Requirements for U.S. Companies 

FinCEN released an interim final rule which removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act. Under this interim final rule, entities previously defined as “domestic reporting companies” are exempted from the reporting requirements and do not have to report BOI to FinCEN, or update or correct BOI previously reported to FinCEN.  

With limited exceptions, the interim final rule does not change the existing requirement for foreign reporting companies to file BOI reports, but it extends the deadline to file initial BOI reports, and to update or correct previously filed BOI reports, to 30 days from the date of this publication to give foreign reporting companies additional time to comply. However, the interim final rule exempts foreign reporting companies from having to report the BOI of any U.S. persons who are beneficial owners of the foreign reporting company and exempts U.S. persons from having to provide such information to any foreign reporting company for which they are a beneficial owner. 

We did it! As the official launch of InfoSight360 is drawing near, we want to take this opportunity to express our gratitude to all of our Leagues/Associations and credit unions for offering ideas, beta testing, and providing valuable feedback for our team. Our goal is to continue to develop and expand our products to assist all of our credit unions, from the smallest to the largest and everyone in-between! We couldn’t do this without your valuable input, so thank you! 

We’re committed to providing you with the best experience possible. While we’ve done everything we can to ensure a smooth rollout and make sure the system is as intuitive as possible, as with any significant technology change, there may be some questions, challenges, and bumps along the way. Please know that our team and your League/Association are ready and dedicated to assisting you. We will continue to be vigilant and prioritize answering support tickets, being proactive in communications, and providing user training. We do anticipate a higher volume of user and technical support being needed during the first few weeks of transition, so we ask for your patience and understanding as we dedicate the resources to ensure everyone is getting the support and experience they need. 

Be on the lookout for additional information this week as we lead up to the official launch date of March 31, 2025. 

A couple of quick reminders: 

• The CU PolicyPro/RecoveryPro system will not be available from March 26 – March 31 in order for us to move all data to InfoSight360. Please reach out to us if you need anything during the “downtime” and we will be happy to assist: 360support@infosight360.com.  

• Please make sure you have whitelisted our new domain to ensure you receive all communications moving forward (infosight360.com).  

Upcoming InfoSight360 Webinars 

• Webinar – Introducing InfoSight360 - Register Now! 

• Webinar – InfoSight360 Administrator Essentials - Register Now! 

• Webinar – Managing Content in InfoSight360 – Register Now! 

Newsletter Reminder 

With the transition to InfoSight360, there will no longer be a weekly InfoSight newsletter. Instead, users can sign up to receive a monthly InfoSight360 newsletter, similar to the process we have now for CU PolicyPro/RecoveryPro. This monthly newsletter will provide recipients with content updates that have occurred within InfoSight360 across the different products, best practices that users can consider implementing, hot topic issues, and more. If you are already signed up to receive the CU PolicyPro/RecoveryPro newsletter, you will receive the new InfoSight360 newsletter since this will replace that monthly publication. InfoSight users that may be interested in receiving the InfoSight360 newsletter can sign up to receive that publication by emailing: info@InfoSight360.com.  

Thank you! 

As always, thank you for your continued support! We are super excited to make history and launch InfoSight360, a product that we believe is the first of its kind. As we mentioned before, we fully intend to keep evolving the technology and the content, so please reach out to us with your feedback. We want this to be a “go to” tool for all your employees and volunteers! 

As always, we are happy to answer any questions you may have. Please feel free to reach out to us at info@infosight360.com! AND get ready for March 31! 

*** Please make sure you reach out to your IT Department to have our new email domain whitelisted (@infosight360.com)! *** 

FinCEN’s Southwest Border Geographic Targeting Order (GTO): What Credit Unions Need to Know 

Social Security Announces Cost Reduction and Enhancements Plan 

Compliance Blog: MARCH FORWARD!: CFPB Resumes Litigation of Alleged MLA Violations 

NCUA Returns Control of Valwood Park Federal Credit Union to Members 

WA DFI Warns of Cryptocurrency Scams Involving Fake ‘Investment Education Foundations’ and AI Bots 

Getting the Word Out About FTC Imposter Scams 

March 30, 2025: CFPB – Payday Lending Rule

March 31, 2025: Changes to NCUA collection of overdraft and NSF fee data 

June 15, 2025: CFPB – Prohibition on Creditors and CRAs Concerning Medical Information (Regulation V) 

July 1, 2025: CFPB and FRB – Reg CC Threshold Adjustments 

July 18, 2025: CFPB – Small Business Lending Data – ECOA 

Oct. 1, 2025: Quality Control Standards AVMs 

Oct. 1, 2025: CFPB: Overdraft Lending: Very Large Financial Institutions (Over $10 billion) 

Dec. 30, 2025: CFPB: Overdraft Lending: Very Large Financial Institutions (Over $10 billion)

Jan. 1, 2026: NCUA – Succession Planning Effective Date

March 1, 2026: CFPB: Residential Property Assessed Clean Energy Financing (Reg Z) 

April 1, 2026: Compliance Date – CFPB Personal Financial Data Rights for Credit Union’s over $10 billion in assets 

June 19, 2026: NACHA – Fraud Return Reason Code

Dec. 12, 2026: NCUA Simplification of Share Insurance Effective Date 

What disclosures should I be providing to a member when opening a new checking, savings, or other demand deposit accounts? 

• Truth in Savings (Reg DD 12 CFR 1030)/ 12 CFR 707 (Truth in Savings)

• Funds Availability (Reg CC 12 CFR 229) 

• Electronic Funds Transfer (Reg E 12 CFR 1005)- (includes opt in for overdrafts for ATM and 1 time debit card purchases) 

• Privacy Policy (Reg P 12 CFR 1016) 

• Membership Agreement 

• Account fee schedule (really part of TIS, but included it to make sure) 

• If you use any credit reports in determining if you can accept membership or the account, you will also need notice for compliance with FCRA. 

In addition: 

You might need W8-BEN or W-9 

For your individualized login, select your state below. 

If you have questions about this communication, contact us at 800.546.4465 or via our shared email inbox at compliance@gowest.org.

Have a great weekend!

Your GoWest Compliance Team, 

Copyright © 2023 GoWest Credit Union Association. All Rights Reserved.

Mailing Address:
GoWest Credit Union Association, 18000 International Blvd Ste. 1102, SeaTac, WA 98188, United States
1.800.995.9064

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