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
New Topic in Loans and Leasing – Forfeiture of Vehicles and Other Property
A new topic, Forfeiture of Vehicles and Other Property has been added to the Loans and Leasing channel. Federal statutes authorize the government to seize and have declared forfeited any aircraft, vehicle or vessel used in connection with the violation of certain federal or state laws.
Compliance Videos
Compliance Connection Videos
Compliance training educates your staff on the laws and/or regulations applicable to their role in the credit union. A proper understanding of compliance helps to minimize risk, maintain the credit union’s reputation and provides a better environment for your staff and members. Our Compliance Connection channel is a great resource to bring everyone up to speed changes to laws and regulations, including when the changes take effect and what your credit union needs to do to be in compliance.
Compliance News
NCUA issues rules for PALs II
The NCUA Board published a final rule (referred to as the PALs II rule) to allow federal credit unions to offer additional payday alternative loans (PALs) to their members. The final rule does not replace the NCUA's current PALs rule (referred to as the PALs I rule). Rather, the PALs II rule grants FCUs additional flexibility to offer their members meaningful alternatives to traditional payday loans while maintaining many of the key structural safeguards of the PALs I rule. The PALs II rule will be effective December 2, 2019.

Source: NCUA
DOL Issues Final Overtime Rule
On September 24, 2019, the U.S. Department of Labor announced a final rule to update the earnings thresholds necessary to exempt executive, administrative and professional employees from the Fair Labor Standards Act's (FLSA) minimum wage and overtime pay requirements. The final rule is effective on January 1, 2020.

The DOL final rule:
  • Raises the "standard salary level" from the currently enforced level of $455 per week to $684 per week (equivalent to $35,568 per year for a full-year worker);
  • Raises the total annual compensation requirement for "highly compensated employees" from the currently enforced level of $100,000 per year to $107,432 per year;
  • Allows employers to use nondiscretionary bonuses and incentive payments (including commissions) paid at least annually to satisfy up to 10% of the standard salary level, in recognition of evolving pay practices; and
  • Revises the special salary levels for workers in U.S. territories and the motion picture industry.
  • Additional information is available below. Be sure to consult an HR professional if you need assistance in implementing these new salary levels in your institutions.

More Information:

Source: CUNA Compliance Blog
Other Articles of Interest:
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.