03/2009 – Compliance Update

By S.R. Snodgrass Outsourcing Group

CTR Exemptions; Call Report; Flood Hazard Determination Form; Regulation Z; Truth-in-Savings Act; Final Rule for Unfair or Deceptive Acts or Practices; Regulation GG

FINCEN ANNOUNCES FINAL RULE ON CURRENCY TRANSACTION REPORTING EXEMPTIONS

The Financial Crimes Enforcement Network (FinCEN) announced in December 2008 the submission to the Federal Register for publication of its final rule that simplifies the current requirements for depository institutions to exempt their eligible customers from currency transaction reporting. Currency Transaction Reports (CTRs) provide unique and reliable information essential to supporting investigations and detecting criminal activity.

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