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 – Record Retention
As it says in the Record Retention channel of InfoSight, “The purpose of record retention requirements and a record retention program is to provide a comprehensive and cost-effective way to promote effective member service by providing credit unions access to important member information. It also provides credit unions and their members protection in the event of damage or disaster, and ensures compliance with claims, litigation and/or IRS demands.

State laws provide procedural guidelines, and federal laws mandate record retention time periods. Although neither the National Credit Union Administration (NCUA) nor the Indiana Department of Financial Institutions (DFI) regulate record retention, both outline provisions related to the practice of retaining records.”

Be sure you are kept up-to-date with the information in the Record Retention channel 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
Wells agrees to $1 billion penalty and reimbursements
The rumors in this week's press weren't "fake news." Wells Fargo Bank, N.A. has reached a settlement with the CFPB and the OCC, agreeing to reimburse consumers harmed by the bank's administration of a mandatory insurance program related to automobile loans and by how the bank charged some borrowers for mortgage interest rate-lock extensions. The CFPB's press release  says that Wells Fargo will remediate harmed consumers and undertake certain activities related to its risk management and compliance management. The Bureau assessed a $1 billion penalty against the bank and credited a $500 million penalty collected by the OCC toward the satisfaction of its fine.

The OCC's press release  reports that the bank's actions were unsafe or unsound, and that it has ordered the bank to make restitution and to develop and implement an effective enterprise-wide compliance risk management program. The OCC reserved the right to "take additional supervisory action, including imposing business restrictions and making changes to executive officers or members of the bank’s board of directors." The OCC's order also modifies restrictions placed on the bank in November 2016 relating to the approval of severance payments to employees and the appointment of senior executive officers or board members. The original restrictions related to severance payments applied to all employees, which unnecessarily delayed severance payments to employees who were not responsible for the bank’s deficiencies or violations. This order maintains restrictions on the approval of severance payments to senior and executive officers and the appointment of senior executive officers or board members.

Source: CFPB and OCC
NCUA adopts final rules reducing regulatory burdens
The National Credit Union Administration Board held its fourth open meeting of 2018 and unanimously approved two items:
  • A final rule reducing regulatory burdens on federally insured credit unions with assets of $10 billion or greater by removing certain current capital planning and stress testing requirements.  (Read the draft here)
  • A final rule revising parts of the agency’s advertising rule to provide regulatory relief by allowing an additional advertising option, expanding exemptions, and eliminating one requirement. (Read the final rule here)

Source: NCUA
Fed releases interagency exam procedures for Regs X and Z
The Federal Reserve Board has released  Consumer Affairs Letter 18-3  with revised interagency examination procedures for Regulations X (RESPA) and Z (TILA), recently developed by the Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council.

Source: Federal Reserve Board
Advocacy Highlight
By the Numbers: Credit Unions and Frivolous Litigation Under the ADA
Over the past few months CUNA and state credit union leagues have been actively engaged in combating frivolous lawsuits and demand letters that credit unions are facing concerning website accessibility requirements under the Americans with Disabilities Act (ADA). Together, CUNA and state credit union Leagues in Texas, Illinois, Ohio, and Alabama have filed multiple amicus briefs supporting credit unions facing litigation. Check out the CUNA Removing Barriers Blog to learn more about efforts to thwart this activity.
 
Source: CUNA Removing Barriers Blog
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
April
  • 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 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.