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 – Checklists
Within InfoSight is a channel completely dedicated to checklists. From Account Aggregation to Vendor Due Diligence and Employee Privacy and Monetary Instruments in between, over 60 checklists are available for your use. 

Be sure you are kept up-to-date with the information in the Checklist 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
FFIEC updates CDD/Beneficial Ownership exam procedures
The  FFIEC issued new examination procedures  on the “Customer Due Diligence Requirements for Financial Institutions” rule finalized by FinCEN on May 11, 2016. The new examination procedures replace those in the current “Customer Due Diligence — Overview and Examination Procedures” section of the FFIEC’s  Bank Secrecy Act/Anti-Money Laundering Examination Manual . In addition, a new overview and examination procedures were developed for the beneficial ownership requirements for legal entity customers. The revised procedures were issued on May 11, 2018, the day the rule became effective.
 
Source: FFIEC
FinCEN posts CTR deadline reminder
FinCEN circulated a reminder that "Currency Transaction Reports (CTRs) will no longer be accepted in ACSII format effective June 1, 2018. Financial institutions that batch file must file using the new XML format. If a financial institution is unable, then it must revert to the discrete option to file its reports until it is able to file using the new XML format."

Source: FinCEN
Changes to Share Insurance Advertising Effective May 25
NCUA has finalized a few changes to the agency's "Accuracy in Advertising and Notice of Insured Status" rule. NCUA's advertising rule requires federally insured credit unions (FICU) to use the agency's "official advertisement statement" in most advertisements. Previously, three versions of the official advertisement statement were permitted:

(1) "This credit union is federally insured by the National Credit Union Association",
(2) Federally insured by NCUA, or
(3) a reproduction of the official sign (you know the one, white letters on blue background).

This new rule allows a fourth option: "Insured by NCUA.”  This change is expected to enhance advertising flexibility, especially for new social media platforms.

Another important change to the advertising requirements is an exemption for radio and television advertisements that are  less than 30 seconds  in duration. This is a change from the "less than 15 seconds" exemption that has been in effect since 2011.
     
Finally, the new rule eliminates the requirement to include the advertising statement on a credit union's statement of condition. The agency agrees this was an unnecessary requirement and eliminating it will restores parity with other financial institutions.

You can review the new rule in the April 25, 2018 in the Federal Register.

Source: CUNA Compliance Blog
CUNA to Offer GDPR Free Seminar
The General Data Protection Regulation (GDPR) goes into effect across the EU and UK on May 25, creating a host of compliance challenges for financial institutions. This regulation focuses on data privacy and includes the well-publicized "right to be forgotten." Credit unions with members located in covered countries may already be affected. And given recent U.S. headlines regarding data privacy - including the controversy at Facebook - it's fair to speculate whether some form of GDPR could find its way to these shores.
 
Click here to register to learn more about the regulation being implemented overseas, its potential impact on credit unions, and the prospects for similar restrictions in the U.S.- whether through legislation or industry self-policing.

Source: CUNA
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.