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 – Loans and Leasing
The Loans and Leasing channel provides nearly 40 topics, some of which are state-specific. You’ll find information on the various lending acts, including: Equal Credit Opportunity Act, FACT Act, Fair Credit Reporting Act, Fair Housing Act, HOEPA, Military Lending Act and more. If your credit union handles Other Real Estate Owned (OREO) properties, the requirements will be found in this channel. The Home Mortgage Disclosure Act (Regulation C) content was updated earlier this year to reflect the new reporting requirements, and the new Mortgage Servicing rules effective on April 19 are also there!

Be sure you are kept up-to-date with the information in the Loans and Leasing 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
In Case You Missed It – 2018 So far
With a lot going on since the beginning of the year – and it doesn't appear to be slowing down – here are a few NCUA items that might be of interest.  First up, is ACET.  Well, what the heck is it? It is NCUA's new cyber exam tool called the Automated Cybersecurity Examination T ool (ACET). It's currently being used by NCUA examiners in cybersecurity exams of credit unions with assets over $1 billion – but will be used eventually in cybersecurity exams of all credit unions.  

ACET is mirrored after the FFIEC's cyber assessment tool called CAT, so it is probably a good idea (it is) to use the CAT tool for your internal credit union's assessment as well as following the FFIEC's best practices in its Info Tech Handbook and NIST's (National Institute of Standards and Technology) cybersecurity framework. Click here to read more about the ACET tool in the NCUA Report .

Second up, are NCUA legal opinion letters. NCUA has released three legal opinions so far this year on the following topics:
  • Share insurance coverage for escrow type accounts: The letter on share insurance coverage for escrow type accounts is fact specific to New York law and involves lease security accounts –which are accounts set up by landlords for security deposits. In a nutshell, the letter clarifies that NY lease security accounts are eligible for share insurance coverage.
  • Field of membership and associational groups: The letter on field of membership looks at whether individuals that share core doctrinal religious beliefs and related set practices to those religious beliefs share a valid associational common bond to the related religious groups.
  • Loan Participations: In this letter, NCUA opines that a credit union must have continued and documented involvement in the loan participation throughout the life of the loan. The agency also highlighted the need for each loan to be treated separately and documented as such - even when a number of participations are sold to the same credit union.
FinCEN Offers CDD Forms in PDF and Word Format
FinCEN's long awaited electronically available CDD Beneficial Owner Certification Form is here! 
As promised, the agency now has the form available electronically. According to FinCEN, its "CDD Certification Form is an optional form providing a convenient way for institutions to obtain and record information required by the CDD rule. The MS Word version should be printed out and completed. The PDF version may be completed (filled-in) on a computer then printed out.” 

Make a copy of the certification form and maintain the entity's financial institution where the account is established.

DO NOT SEND TO FinCEN!

Source: CUNA Compliance Blog
Guidance on Recognizing Activity Related to Human Trafficking
Back in 2014, FinCEN released Advisory FIN-2014-A008 that addressed “red flags” associated with human smuggling and human trafficking. These “red flags” are still important and relevant to be reviewed today as financial institutions may sometimes be on the front line of being able to recognize specific patterns of financial transactions. On page 4 of the Advisory are the items financial institutions should be on the alert for, and here is the link to the information.

Source: FinCEN
Advocacy Highlight
CFPB makes it a dozen
The CFPB has  announced  the twelfth in its series of a dozen Requests for Information (RFIs) under Acting Director Mick Mulvaney's "Call for Evidence " initiative.  This last RFI of the series , which asks for feedback on the CFPB's handling of consumer complaints and inquiries, was published on Tuesday, April 17, with a 90-day comment period ending on July 16, 2018.

Source: CFPB
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 19, 2018: Amendments to the 2013 Mortgage Servicing Rules
  • 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.