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 – Compliance Calendar
In InfoSight, the annual Compliance Calendar is kept updated with regulatory changes, and a portion is included weekly within this newsletter. Included with the calendar for the current and prior year is a list of Other Important Reminders and Information as well as the Federal Reserve Regulatory Calendar.

Be sure you are kept up-to-date with the information in the Compliance Calendar today!
Compliance Videos
Compliance Outlook for Q1 and Q2 2018
In this vide o, Glory LeDu provides the overview of what’s ahead in the compliance world for 2018 . This covers annual threshold u pdates, 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
FinCEN delays Beneficial Ownership rule for rollovers and renewals
FinCEN recently issued an Exceptive Relief granting financial institutions an exception "for 90 days, up to and including August 9, 2018, from the Beneficial Ownership Rule's requirements to identify and verify beneficial ownership information for rollover or renewal of certain financial products and services (i.e., CD and loan accounts) that were established before May 11, 2016." This exception begins, retroactively, on May 11, 2018.  FIN-2018-R002 was issued with the information.

In the meantime, FinCEN will determine whether and to what extent additional exceptive relief may be appropriate for such financial products and services "that were established prior to May 11, 2016, but are expected to rollover or renew after such date.”

FinCEN clarified in the  April 3, 2018 CDD FAQs  that financial institutions are required to obtain beneficial owner information for legal entities each time the member opens a new account, even for existing members. FinCEN states that the agency understands that some financial institutions have not treated such rollovers or renewals as new accounts and have established.

Source: FinCEN
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
May
  • May 28, 2018: Memorial Day - Federal Holiday
July
  • July 1, 2018: Regulation CC Amendments – Availability of Funds and Collection of Checks
  • 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.