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
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Elder Financial Exploitation
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Scams and fraud aimed at the elderly are increasing as the methods of tricking the elderly are getting more sophisticated. In many cases, the credit union staff will recognize transactions or words used in conversation with an elderly member that may be an indication that something is wrong. Review the
Elder Financial Exploitation topic
in the Security channel to ensure your credit union stays on top of this important issue.
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Compliance Connection Video
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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.
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Important Technical Notice for Users of OFAC’s Sanctions List Data Files
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Source: US Department of the Treasury
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FATF report on China and Finland’s AML/CFT systems
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The FATF has published a
report
and
executive summary
on the anti-money laundering and counter-terrorist financing (AML/CTF) system of the People’s Republic of China (China), which indicate that, overall, China has a strong understanding of the money laundering and terrorist financing risks it faces, but it should focus more on the laundering of proceeds of crime and increase the range of sources used for its national risk assessment.
FATF has also issued a
mutual evaluation report
and
executive summary
on Finland’s measures to combat money laundering and terrorist financing has been published by the Financial Action Task Force (FATF). Finland’s efforts are delivering good results, but the country needs to improve supervision.
Source: FATF
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Privacy Issues Raised at CUNA’s Regulatory Compliance School
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During a deep dive discussion into federal privacy laws at CUNA’s recent Regulatory Compliance School in Nashville, a number of privacy issues were discussed. Many of them were in relation to the CFPB’s privacy rule amendments that went into effect in September 2018.
Here are some highlights of the discussion.
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NCUA Board Seeks Comments on Loan Compensation
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The NCUA Board approved one item at its April 2019 meeting: an
advance notice of proposed rulemaking
(ANPR) on possible changes to the agency’s regulation governing compensation in connection with loans and lines of credit to members -- Part 701.21(c)(8). The regulation covers direct or indirect commissions, fees, or other compensation by credit union officials, employees, or their family members in connection with loans made by the credit union.
According to the ANPR, “[t]hese regulations have generated confusion and are likely outdated, burdensome, and at odds with industry standards.” The Board is considering modernizing the regulation as part of the agency’s regulatory reform agenda.
The NCUA is particularly interested in the following areas:
- Providing greater flexibility on compensation plans associated with lending while controlling related risks;
- Determining loan metrics, such as loan volume, as part of compensation plans; and
- Defining the structure and understanding industry standards for such plans.
Comments are due to NCUA within 60 days after the ANPR’s publication in the Federal Register.
Source: NCUA
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Keeping up with CUNA Advocacy
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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.
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Weekly Regulatory Advocacy Report
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The Weekly Advocacy Report provides links to information about a number of recent League, CUNA and NCUA regulatory and advocacy activities.
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Upcoming Education Sessions
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The League has several education sessions coming up. Several focus on compliance issues. They are listed in calendar format on the League website.
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League Consulting Department Staff
(800) 285-5300
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There's more available from InfoSight
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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.
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