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
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InfoSight – Security/Elder Financial Exploitation
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It seems that nearly every day we hear of an older person who has been scammed by someone taking advantage of the person’s declining cognitive or physical abilities. Each state has laws that protect the elderly from exploitation, and many times financial institutions are in a great position to see the evidence. Would your credit union staff know the warning signs or red flags of financial or material exploitation?
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Compliance Outlook for Q1 and Q2 2018
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As many of you know, CUNA recently hosted a webinar on the EU's General Data Protection Regulation. The webinar focused on the regulation being implemented overseas, its potential impact on US credit unions, and the prospects for similar restrictions in the US – whether through legislation or industry self-policing.
For those that were unable to attend the live webinar, or would like a second listen to the webinar, the webinar is now available.
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S. 2155 Becomes Law...Key Provisions and Effective Dates for Compliance
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Here at CUNA Compliance, the questions about S. 2155 have been rolling in at a steady pace, so CUNA has compiled a
summary chart
of the provisions most likely to affect credit unions, and when they become effective. Note that these summaries are provided by the Senate Banking Committee and
the full version is available here.
Note that the effective date field is blank for the majority of the provisions. This means that the Act was silent and did not specify an effective date for that particular provision. This usually means that the provision is effective upon the date of enactment (which was 5/24/2018). However, from a compliance standpoint it is not always that simple, as the agency regulation could not contain conflicting information that will need to be revised. We hope that the agencies will work with the industry in facilitating compliance with the Act as quickly as possible and provide us with guidance in the interim.
Source: CUNA Compliance Blog
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NCUA Issues Final Rule to Amend Part 709
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The NCUA Board issued a final rule to amend part 709 to update and clarify the procedures that apply to claims administration for federally insured credit unions that enter involuntary liquidation. The rule permits employees of an insolvent credit union subject to involuntary liquidation by NCUA to receive compensation earned in accordance with their contractual employment agreements. Compensation would include accrued but unpaid sick and vacation leave, as well as any severance to which the employee was entitled, provided such terms were documented and objectively-applied. Under prior law, employee claims regarding compensation for work performed and accrued while in liquidation were assigned secondary priority, subordinate among unsecured creditor claims.
Source: CUNA Removing Barriers Blog
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NCUA seeks expansion of payday lending alternatives
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Federal credit union members could have more options for short-term, small-dollar borrowing under a rule proposed by the National Credit Union Administration Board. The proposed rule would create one new product in addition to the
current payday loan alternative
that has been available to federally chartered credit unions since 2010. The Board also is requesting credit union stakeholders to comment on a possible third option.
The comment deadline is August 3, 2018.
Click here for the proposed rule
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Source: Federal Register
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Keeping up with CUNA Advocacy
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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.
Source: CUNA
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Weekly Regulatory Advocacy Report
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The Weekly Advocacy Report provides links to information about a number of recent League, CUNA and NCUA regulatory and advocacy activities.
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Upcoming Education Sessions
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The League has several education sessions coming up. Several focus on compliance issues. They are listed in calendar format on the League website.
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League Consulting Department Staff
(800) 285-5300
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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
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There's more available from InfoSight
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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.
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