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 Highlight
Why InfoSight?
No matter what the compliance issue, InfoSight provides pertinent resources and insight in terms that credit union staff can understand; terms that can be used to easily explain regulations to the board of directors.

Each compliance topic explains:
  • What the compliance issue is
  • How it affects credit unions
  • What credit unions need to do about it — the action steps needed

Many topics also include checklists and/or FAQs to further clarify what the credit union needs to do to comply. If it’s been awhile since you visited InfoSight, take a few minutes to login today ! You’ll be glad you did!
Compliance Videos
Compliance Connection Video
In this video , League InfoSight CEO Glory LeDu talks about the highlights from the 4 th Quarter of 2018 and the 1 st Quarter of 2019.

When S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, passed in 2018 there was a lot to understand! Glory LeDu, League InfoSight CEO, provides Part 1 in this short video to break it down for you.

Just a reminder that Compliance videos since 2016 can be found on YouTube at the Compliance Connection channel , where they are generally updated quarterly.
Compliance News
NCUA Review Finds No Bank Secrecy Act Data Breach
The National Credit Union Administration makes protection of sensitive data a top priority, and the agency uses a defense-in-depth approach to monitoring and shielding its systems and information. Upon learning of the recent spear phishing campaign targeting Bank Secrecy Act officers at credit unions, the NCUA conducted a comprehensive review of its security logs and alerts. This review is completed, and it did not find any indication that information was compromised. The most recent information available indicates the campaign extends beyond credit unions to other parts of the financial sector.
 
The NCUA encourages all credit union staff to be wary of suspicious emails, and credit unions may report suspicious activity to the agency. Additional information about phishing and other information security concerns is available on the agency’s  Cybersecurity Resources webpage .
New Rule Covers Private Flood Insurance
Five federal regulatory agencies issued a joint final rule to implement provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 requiring regulated institutions to accept certain private flood insurance policies in addition to National Flood Insurance Program policies.

Proposals to rescind and delay portion of payday loan rule
press release  from the Consumer Financial Protection Bureau states that the Bureau is proposing to rescind certain provisions of its 2017 final rule governing “Payday, Vehicle Title, and Certain High-Cost Installment Loans.”

Specifically, the Bureau is proposing to rescind the rule’s requirements that lenders make certain underwriting determinations before issuing payday, single-payment vehicle title, and longer-term balloon payment loans. The CFPB is preliminarily finding that rescinding this requirement would increase consumer access to credit. The Bureau is also proposing to delay the August 19, 2019, compliance date for the mandatory underwriting provisions of the 2017 final rule to November 19, 2020.

Neither of the proposals would reconsider or delay the provisions of the 2017 final rule governing payments, including reconsidering the scope of their coverage. These provisions are intended to increase consumer protections from harm associated with lenders’ payment collection practices.
The proposals:

Additionally, on February 6, 2019, the CFPB posted the “Unofficial Redline of the Reconsideration NPRM’s Proposed Amendments to the Payday Lending Rule” which provides the changes under consideration.

Bureau Publishes Lists of Rural and Underserved Counties and Website Tool
The CFPB has published on its website the 2019 list of rural and underserved counties and a separate 2019 list that includes only rural counties . The Bureau has also updated the rural and underserved areas website tool for 2019 . The lists and the tool help creditors determine whether a property is located in a rural or underserved area for purposes of applying certain regulatory provisions related to mortgage loans. A creditor that makes a first-lien mortgage loan secured by a property located in a rural or underserved area during 2019 meets the requirements to be a creditor that operates in rural or underserved areas during 2020 and for loan applications received before April 1, 2021.

Source: CFPB
Other Articles of Interest
Source: FTC
Source: CUNA
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. 
   
Upcoming Education Sessions
The League has several education sessions coming up. Several focus on compliance issues. They are listed in calendar format on the League website.
   
League Consulting Department Staff
(800) 285-5300
Compliance Calendar
There's more available from InfoSight
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.