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Compliance Specific News & Resources for GoWest Credit Unions
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Compliance Newsletter

COMPLIANCE HEADLINES

National Credit Union Administration (NCUA)

 


NCUA Board to Hold Meeting on May 22 


The NCUA will hold a meeting on Thursday, May 22 starting at 10 a.m. Eastern. 

Items on the agenda include: 


  • A briefing on the National Credit Union Share Insurance Fund’s performance in the first quarter of 2025 

  • A briefing on the NCUA’s Voluntary Separation Programs, which was a previously scheduled agenda item for the canceled April NCUA Board meeting 

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Consumer Financial Protection Bureau (CFPB) 


CFPB Keeps Its Enforcement and Supervision Resources Focused on Pressing Threats to Consumers 


The CPFB has announced that with respect to the Small Business Lending Under the Equal Credit Opportunity Act (Reg B), it will be implementing Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (88 Fed). Regulation 35,150 it will not be used to prioritize enforcement or supervision actions with regard to entities that are currently outside the stay imposed under Texas Bankers Association v. CFPB, No. 24-40705 (CA5).  

_________________________________________________________________________ 


Financial Crimes Enforcement Network (FinCEN) 


FinCEN Issued an Alert on Oil Smuggling Schemes on the U.S. Southwest Border Associated with Mexico-Based Cartels 


FinCEN issued an alert urging financial institutions to be vigilant in detecting, identifying, and reporting suspicious activity connected to the Jalisco New Generation Cartel (CJNG), Sinaloa Cartel, Gulf Cartel, and other Mexico-based transnational criminal organizations smuggling stolen crude oil from Mexico across the U.S. southwest border into the United States. In recent years, fuel theft in Mexico, including crude oil smuggling, has become the most significant non-drug illicit revenue source for the Cartels. According to U.S. law enforcement authorities, the Cartels are using complicit Mexican brokers in the oil and natural gas industry to smuggle and sell crude oil stolen from Mexico’s Petróleos Mexicanos (Pemex) to complicit, small U.S.-based oil and natural gas companies operating near the U.S. southwest border. As part of these schemes, the Cartels are stealing billions of dollars of crude oil, fueling rampant violence and corruption across Mexico, and undercutting legitimate oil and natural gas companies in the United States. 


FinCEN's Alert provides an overview of methodologies and financial typologies associated with the Cartels’ oil smuggling operations, highlights red flag indicators, and reminds financial institutions of their reporting requirements under the Bank Secrecy Act. This Alert was issued concurrently with an OFAC sanctions action against Mexican individuals and companies linked to CJNG’s fuel theft and oil smuggling operations on the U.S. southwest border. 



League InfoSight Highlight

 

Q1 Compliance Update Now Available 

  

The InfoSight360 compliance update for the 1st quarter of 2025 is now available. The recording will be located under Trainings in the lower right-hand corner of the My 360 View page.  

  

In this update, you’ll hear about: 

  

  • An interim final rule exempting domestic reporting companies from the requirement to submit their beneficial ownership information directly to FinCEN 

  • A Congressional Review Act resolution, awaiting the President’s signature, that will nullify the CFPB’s overdraft rule for institutions with over $10 billion in assets 

  • A court order vacating the CFPB’s rule that would have capped credit card late fees at $8 for those card issuers with one million or more open and active card accounts 

  • HUD’s decision to rescind its October 2024 reconsideration of value requirements and announcement eliminating FHA eligibility for non-permanent residents 

  • The FCC’s decision to postpone the effective date of its TCPA universal consent revocation provision until April 11, 2026 

  • The NCUA’s decision to reopen its share insurance simplification and succession planning final rules to allow for additional comment  

  

We’ll also take a look at the InfoSight360 compliance calendar (found under Resources) to see what’s on deck for the next three months of 2025. 


Updates from HUD on FHA-Insured Mortgages  

  

In recent weeks, the United States Department of Housing and Urban Development (HUD) has issued a couple of updates related to FHA-insured mortgages that credit unions should be aware of.  

  

The first was issued on March 19th in Mortgagee Letter 2025-08. The letter rescinds, among other things, the reconsideration of value (ROV) requirements applicable to FHA-insured mortgages as of October 31, 2024. Those requirements included: 

  

  • Development of policies and procedures that outline the steps a borrower can take to appeal a valuation report,  

  • Disclosure to a borrower of his/her right to request a ROV, and 

  • The steps a credit union must take in response to a ROV request.  

  

HUD rescinded its ROV requirements in light of the President’s January 20th executive order directing federal agencies to reverse policies that have an adverse effect on key sectors of the economy, including the housing market. The interagency guidance on reconsiderations of value effective July 26, 2024, and FHFA’s ROV requirements effective October 31, 2024, both remain in effect.  

  

HUD followed up on March 26 with Mortgagee Letter 2025-09. That letter eliminates the eligibility of certain non-permanent residents for FHA-insured mortgages. The letter provides that on a go forward basis, only the following are eligible for FHA-insured financing:  

  

  • U.S. Citizens,  

  • Permanent U.S. Residents, and  

  • Citizens of Micronesia, the Republic of the Marshall Islands, or the Republic of Palau.  

  

Lenders will be required to provide evidence of the borrower’s lawful permanent residence to HUD. Such evidence should be obtained from the US Citizenship and Immigration Service (USCIS), a division of the Department of Homeland Security. 



ARTICLES OF INTEREST



FRB Announces the Withdrawal of Guidance for Banks Related to Their Crypto-Asset and Dollar Token Activities and Related to its Expectations for These Activities 


IRS Highlights Key Forms, Topics for Tax-Exempt Organizations Ahead of May 15 Filing Deadline  


E-Sign Act Refresher 


CFPB 2024 Consumer Response Annual Report 


The Big Fifty: By What Right? 



SCAM UPDATES


Discounted Phone, TV, or Internet Service if you Pay with a Gift Card? No, It’s a Scam 


Consumer Alerts for April 2025 



COMPLIANCE CALENDAR

May 14, 2025: WA DFI Webinar: Protecting Homeowners from Disaster (For Financial Services Institutions) 


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


June 23, 2025: NCUA comments due on Simplification of Share Insurance and Succession Planning 


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 


TOOLS & RESOURCES

Effective Dates
Bulletins & Alerts
Webinar Calendar
AffirmX and GoWest Partnership

Q&A OF THE WEEK

What is the FBI Fraud Awareness Poster? 


The FBI Fraud Awareness poster is a poster provided by the FBI to help educate members to potential scams. The poster provides red flags regarding common scams that many people have fallen victims too. Several credit unions have had success by posting the information where their members can see it. 

For your individualized login, select your state below. 

Arizona
Colorado
Idaho
Oregon
Washington
Wyoming

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, 

David Curtis

CUCE

Director, Compliance Services
P: 206.340.4785

Tiarra Sanders-Hausa

NCCO

Manager, Compliance Services

P: 206.618.9302

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

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