One of the benefits of your credit union's League membership is access to InfoSight--a valuable online compliance resource. This newsletter contains some timely highlights, and access to InfoSight is a benefit of League affiliation, so it is password-protected. If you have a specific compliance issue or concern, contact our Consulting Department at (800) 285-5300. Replies to this email will be directed to SVP, League Services & Regulatory Analysis
Joe Guilfoy
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Annual Survey - Final reminder!
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A big THANK YOU to everyone who has already taken the survey! For those who haven’t, we would love your input! The thoughts and opinions you provide in our annual survey are used to guide our product development. We want to hear what you think are the critical elements for InfoSight and CU PolicyPro!
Please fill out the survey
and let us know what you like, what could be improved, and what you hope to see from our products in the future.
Should any questions arise as you’re taking the survey and you’d like more assistance, please contact us at:
info@leagueinfosight.com
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Compliance Connection Videos
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Our
Compliance Connection channel
help keep you up to date on trends and topics happening in the Compliance Space! It’s also a great resource to provide training on compliance issues to your non-compliance staff, executive management and Board of Directors.
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Nebraska bank pays $37K flood penalty
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The Federal Reserve Board has issued an Order of Assessment of a
civil money penalty of $37,000
on First State Bank Nebraska for its pattern or practice of unspecified violations of Federal Reserve Regulation H, 12 CFR 208.25, which implements the requirements of the National Flood Insurance Act.
Source: FRB
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FinCEN Expects Credit Unions to up Their Game to Combat Cyber Crimes
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FinCEN is cautioning financial institutions to report all cyber-crime indicators, as described in the agency’s 2016
FAQs
, and expect your examiners to ask about your efforts to combat this growing criminal trend. To assist in this reporting, FinCEN updated the SAR form to have fields allowing you to report cyber-indicators ranging from source and destination information, file information, subject user names, system modifications, and account information. FinCEN receives about 80,000 cyber-related SAR filings per year.
According to the agency, to effectively combat cyber-crimes will require a strong culture of compliance within your credit union. FinCEN expects all financial institutions to share information across all departments, for example, between IT and compliance. FinCEN notes that this type of enterprise-wide communication is not “just a best practice, but a requirement under the AML program rule.”
FinCEN reports that the agency is working hard to combat the rise of large-scale cyber theft, and in particular, business email compromise fraud, or BEC, in which criminals misappropriate funds by deceiving financial institutions into conducting wire transfers that are diverted into accounts controlled by cyber criminals. According to the agency, these schemes are among the growing trend of cyber-enabled crime and is estimated to have resulted in losses of more than $12.5 billion since 2013.
Additionally, FinCEN, in coordination with the FBI, created and implemented the Rapid Response Program. Under this program, when United States law enforcement receives a BEC complaint from either a victim or an interested third party the relevant information is forwarded to FinCEN, where they move quickly to track and recover the funds on behalf of the financial institution and its members.
Source: CUNA Compliance Blog
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CFPB files complaint against CFLA, Lehman, and Carrigan
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The Consumer Financial Protection Bureau
announced recently
it has filed a
complaint
in federal court in the Central District of California against Certified Forensic Loan Auditors, LLC (CFLA), Andrew Lehman, and Michael Carrigan. The complaint alleges that CFLA and Lehman have engaged in deceptive and abusive acts and practices and have charged unlawful advance fees in connection with the marketing and sale of financial advisory and mortgage assistance relief services to consumers.
CFLA is a foreclosure relief services company incorporated in California and headquartered in Houston, Texas. Lehman is CFLA’s president and CEO. The Bureau’s complaint alleges that Carrigan, who was the company’s sole auditor, provided substantial assistance to CFLA and Lehman. Concurrent with the complaint, the Bureau and Carrigan filed a
proposed stipulated final judgment and order
to resolve the substantial assistance claims against Carrigan.
Source: CFPB
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Other Article of Interest:
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Weekly Regulatory Advocacy Report
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The Weekly Advocacy Report provides links to information about a number of recent League, CUNA and NCUA regulatory and advocacy activities.
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Upcoming Education Sessions
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The League has several education sessions coming up. Several focus on compliance issues. They are listed in calendar format on the League website.
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League Consulting Department Staff
(800) 285-5300
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There's more available from InfoSight
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InfoSight content is available from the
League's website
. Visit anytime to get sample policies, links to federal regulations and summaries of issues that are hot-topics at your credit union.
Access to InfoSight is a benefit of League affiliation, so it is password-protected. If you don't have a password or if you have forgotten yours, click on the tan "Log In" button in upper right corner of the site; a box will open. Click on the blue wording to get your password.
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