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
Information Sharing
The USA PATRIOT Act, Section 314(b) permits financial institutions (after certain notice provided to the U.S. Department of Treasury), to share information with one another in order to identify and report to the federal government activities that may involve money laundering or terrorist activities.

Recently, several credit unions received fictitious “phishing” emails purported to be from another credit union, threatening to report the receiving credit union “for money laundering, under 314(b) of the USA Patriot Act.” Additionally, there was an attachment that – if opened - could cause harm to credit union data. Some of the “red flags” contained in the email were:
  • The email address does not reflect a credit union name they state that they are from - the domain name can contain a series of strange letters or a generic domain name.
  • Second, the sender name and the name in the email address do not match.
  • Third, there are several typos and misspellings in the email, including a "suspicions transfer."

Credit unions should visit the Information Sharing topic under the Bank Secrecy Act channel within InfoSight for more information.
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
First TRID Rule FAQs posted by CFPB
The CFPB has posted  four FAQs relating to compliance with the TRID Rule. Three of the questions concern corrected closing disclosures and the three-business day waiting period before consummation.

The fourth question addresses use of a model form that doesn't reflect a TRID Rule change finalized in 2017. That question and the Bureau's answer provide "cover" for the creditor and the Bureau, since the Bureau did not update the sample TRID model forms in appendix H. An example is model form H-24(C), which shows a "4.00%" interest rate in the prepaid interest disclosure, although the 2017 amendments (TRID 2.0) would call for it to be disclosed as "4%," with the trailing zeros to the right of the decimal point truncated.
Bureau updates credit bureau list
The CFPB recently posted on their blog to announce the   2019 edition of its list of consumer reporting companies and to provide information regarding who can see one's consumer reports, when to check a report, and resources to take action if needed. Check out the blog for additional information!

Source: CFPB
Advocacy Highlight
Keeping up with CUNA Advocacy
To stay abreast of the issues on which CUNA has provided input to lawmakers and regulators, here is a list of those topics .
 
CUNA Advocacy Update
The CUNA Advocacy Update is published at the beginning of every week and keeps you on top of the most important changes in Washington for credit unions--and what CUNA is doing to monitor, analyze, and influence government agencies and federal law. To receive this update, click on “Get CUNA Updates” on the CUNA Advocacy page . Additional Advocacy efforts may also be found under CUNA’s Removing Barriers blog . With the recent updates to CUNA’s website, Advocacy information has also changed. To view recent advocacy issues and see ways your credit union can become involved, visit the Priorities or Actions pages.
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.