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
Bank Secrecy Act – New OFAC Compliance Resource
As referenced in the article about OFAC compliance in this newsletter, a new resource (“A Framework for OFAC Compliance Commitments”) has been added to the Additional Resources area in the Bank Secrecy Act/OFAC channel to help with a risk-based approach to sanctions compliance.  Check out this new resource today in Bank Secrecy Act/OFAC .
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.
Compliance News
Treasury tech notice for users of OFAC site 
The Treasury Department has posted an important  Technical Notice  for users of the OFAC website and sanctions lists data files. The existing certificate (expiring June 6, 2019) will be replaced on May 16, 2019 at 9 p.m. Please call this notice to the attention of your IT staff or your vendor if they download OFAC's sanctions list information.
 
Source: Us Department of Treasury
Bureau Proposes HMDA Rules Changes
The CFPB has issued a Notice of Proposed Rulemaking (NPRM ) that would amend Regulation C, raising the coverage thresholds for collecting and reporting data about closed-end mortgage loans and open-end lines of credit under the HMDA rules. The proposal would provide relief to smaller lenders from HMDA's data reporting requirements and would clarify partial exemptions from certain HMDA requirements that Congress added in the EGRRCPA.  Comments will be accepted for 30 days following publication (60 days for comments on the Paperwork Reduction Act analysis).
 
The Bureau also issued an Advance Notice of Proposed Rulemaking (ANPR) requesting information on the costs and benefits of reporting certain data points under HMDA.  The ANPR also seeks comments about the costs and benefits of requiring that institutions report certain commercial-purpose loans made to a non-natural person and secured by a multifamily dwelling. Comments and information will be accepted for 60 days following publication.
Consumer Financial Protection Bureau Proposes Regulations to Implement the Fair Debt Collection Practices Act
In a recent press release, the Bureau issued a proposed rule to amend Regulation F , 12 CFR part 1006, which implements the Fair Debt Collection Practices Act (FDCPA). The Bureau also released a Fast Facts document that summarizes key provisions in the proposed rule, as well as a flowchart that outlines the proposal’s electronic disclosure options for three required disclosures. 
 
Source: CFPB
OFAC publishes compliance framework document
OFAC has published   A Framework for OFAC Compliance Commitments  to provide organizations subject to U.S. jurisdiction, as well as foreign entities that conduct business in or with the United States or U.S. persons, or that use U.S.-origin goods or services, with a framework on the essential components of a sanctions compliance program. The document also outlines how OFAC may incorporate these components into its evaluation of apparent violations and resolution of investigations resulting in settlements. An appendix offers a brief analysis of some of the root causes of apparent violations of U.S. economic and trade sanctions programs OFAC has identified during its investigative process. ​
 
Source: OFAC
Updated FinCEN Advisory on Widespread Public Corruption in Venezuela
The Financial Crimes Enforcement Network (FinCEN) recently  issued an updated advisory  to alert financial institutions of continued widespread public corruption in Venezuela and the methods Venezuelan senior political figures and their associates may use to move and hide proceeds of their corruption. In addition to outlining the corrupt looting of Venezuela’s government-sponsored food distribution program, the advisory provides and updates a number of financial red flags to assist in identifying and reporting suspicious activity that may be indicative of corruption.
 
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
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.