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
InfoSight!
InfoSight is your first stop when searching for compliance answers. Think of it as an online compliance manual at your fingertips, containing federal and state-specific content that is accurate, concise and detailed on a wide range of topics and issues.

There are easy-to-read compliance summaries, checklists for compliance, direct links to laws and regulations, frequently asked questions, and links to additional important resources including CUNA's on-line compliance resource "E-Guide."

Visit the site often, as the number of topics and information posted will expand over time. In the future you will find even more tools, added detailed analysis of specific topics and more!
Compliance Videos
Compliance Outlook for Q1 and Q2 2018 – NEW!!
In this NEW video, Glory LeDu provides the overview of what’s ahead in the compliance world for 2018 . This covers annual threshold updates, HMDA changes, Payday Alternative Loans, Military Lending Act, ACH Same-day ACH processing and more!
 
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 approves $736M share insurance distribution
The NCUA Board held its second open meeting of 2018 at the agency’s headquarters on February 15 and   unanimously approved   two items:
  • A Share Insurance distribution of $736 million to eligible federally insured credit unions in the third quarter of 2018.
  • A final rule amending the agency’s share insurance requirements rule to provide greater fairness, predictability, and transparency and add a temporary provision to govern share insurance equity distributions related to the Corporate System Resolution Program.

Source: NCUA
U.S. Bank NA Paying Dearly for BSA/AML Failings
The Office of the Comptroller of the Currency (OCC) has announced  a  $75 million civil money penalty   against U.S. Bank National Association of Cincinnati, Ohio, for deficiencies in the bank’s Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance program. These deficiencies were the subject of the OCC’s 2015 consent order against the bank.

In its   2015 consent order , the OCC cited the bank for the failure to adopt and implement a compliance program that adequately covered the required BSA/AML program elements, in violation of 12 C.F.R. § 21.21, because of an inadequate system of internal controls, ineffective independent testing, and inadequate training. The bank had systemic deficiencies in its transaction monitoring systems, which resulted in monitoring gaps and a significant amount of unreported suspicious activity. The bank conducted a look-back required by the 2015 consent order and, as a result, had to file additional Suspicious Activity Reports, which constituted additional violations of 12 C.F.R. § 21.11.

Source: OCC
FTC Returns Money to Consumers Harmed by Debt Relief Scheme
The Federal Trade Commission is mailing 5,745 checks totaling more than $480,000 to people who lost money to a debt relief scheme that misled its customers and charged illegal upfront fees.

United Debt Counselors exaggerated how much money people would save using its services. Its direct mail ads looked like official documents from a bank or attorney, and claimed that typical customers would have their credit card debt cut in half and become debt-free within 36 months. Under a settlement with the FTC, the court banned the defendants from making misrepresentations about debt relief and other financial products or services, and making unsubstantiated claims about any products or services.

The average refund amount is $84.27. Recipients should deposit or cash checks within 60 days. The FTC never requires people to pay money or provide account information to cash a refund check. If recipients have questions about the case, they should contact the FTC’s refund administrator, Rust Consulting, Inc., at 855-263-3449.

FTC law enforcement actions led to more than $6.4 billion in refunds for consumers in a one-year period between July 2016 and June 2017. To learn more about the FTC’s refund program, visit  www.ftc.gov/refunds .

Source: FTC
Advocacy Highlight
CFPB Issues Request for Information on Supervision Processes
The Consumer Financial Protection Bureau (Bureau) has issued a Request for Information (RFI) about the Bureau’s supervision processes. The Bureau is seeking comments and information from interested parties to assist in assessing the overall efficiency and effectiveness of its supervision program and whether any changes to the program would be appropriate. This is the fourth in a series of RFIs announced as part of Acting Director Mick Mulvaney’s call for evidence to ensure the Bureau is fulfilling its proper and appropriate functions to best protect consumers.   Click here to read the full article and locate the link to comment .
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
March
  • March 16, 2018: Same-day ACH (NACHA) – Phase 3 of the implementation period for the rule.
April
  • April 1, 2018: Prepaid Accounts under the Electronic Fund Transfer Act/Regulation E and the Truth In Lending Act/Regulation Z (Date Extended)
  • April 29, 2018: 5300 Call Report Due to NCUA
May
  • May 11, 2018: Customer Due Diligence – CDD (FinCEN) – Effective date
  • May 28, 2018: Memorial Day - Federal Holiday
July
  • July 4, 2018: Independence Day - Federal Holiday
  • July 29, 2018: 5300 Call Report Due to NCUA
September
  • September 3, 2018: Labor Day - Federal Holiday
October
  • October 8, 2018: Columbus Day - Federal Holiday
November
  • November 12, 2018: Veterans Day (observed) - Federal Holiday
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.