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 .
InfoSight News
NEW TOPIC: Back to Work Best Practices
While many states are beginning to relax some of the “stay at home” orders and credit unions are thinking about how to safely get their teams back into the office and protect their members, we have introduced a new topic under the COVID-19 – Coronavirus channel called Back to Work Best Practices

Here, we have collected helpful resources including:
  • CDC and White House guidelines for employers
  • CDC recommendations to prevent the spread of COVID-19
  • A prevention checklist provided by the Maine Credit Union League

We anticipate adding more resources for you to use, so you’ll want to check it often!  
Compliance and Advocacy News & Highlights
FinCEN adjusts estimates of SAR costs
FinCEN has published a notice and request for comments [ 85 FR 31598 ] on a proposed renewal, without change, of its currently approved information collections relating to reports of suspicious transactions. Although no changes are proposed to the information collections themselves, the request for comments covers a proposed updated Paperwork Reduction Act burden estimate for the information collections. FinCEN has revised its burden estimate at the suggestion of the Office of Management and Budget. In its notice, FinCEN requests comments on its revised methodology for making the burden estimates. Comments must be filed by July 27, 2020.
 
Source: FinCEN
NCUA BSA Webinar
The NCUA has   announced  its “Bank Secrecy Act: Review and Reminders” webinar is scheduled for June 17, 2020. The webinar will provide credit unions information on best practices in Bank Secrecy Act programs and avoiding pitfalls from non-compliance. The 90-minute presentation is scheduled to begin at 3 p.m. Eastern. Online registration is available.

Source: NCUA
Agencies publish guidance on credit losses and risk review
The interagency guidance documents on credit losses and risk review announced on May 8 were published and became available on June 1, 2020.
  • Interagency Policy Statement on Allowances for Credit Losses -- 85 FR 32991
  • Interagency Guidance on Credit Risk Review Systems -- 85 FR 33278

Source: NCUA
NCUA updates offsite examination and supervision approach
NCUA's latest Letter to Credit Unions provides an update to the agency's offsite examination and supervision approach due to the ongoing coronavirus disease (COVID-19) pandemic.  According to NCUA, the changes to NCUA’s examination and supervision approach are effective June 1. NCUA’s offsite policy for all employees and contracted support staff will remain in effect until further notice. Generally, NCUA staff will not schedule onsite examination work until further notice
 
Source: NCUA
Articles of Interest
CUNA's Advocacy Resources
Weekly Regulatory Advocacy Report
The Weekly Advocacy Report provides links to information about a number of recent League, CUNA and NCUA regulatory and advocacy activities. 
   
League Consulting Department Staff
(800) 285-5300
Compliance Calendar
There's more available from InfoSight
InfoSight content is available 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.