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
Elder Financial Abuse Additional Resource Update
Once again, we hear about the elderly and vulnerable being taken advantage of by family members or even by complete strangers.  During th e month of May, the NCUA has provided various resources to bring attention to this issue, and a state-wide direc tory has been updated in the Security>Elder Financial Exploitation channel in InfoSight. 
Compliance Videos
Compliance Connection Video
In this video , League InfoSight CEO Glory LeDu talks about the highlights from the 4 th Quarter of 2018 and the 1 st Quarter of 2019.

When S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, passed in 2018 there was a lot to understand! Glory LeDu, League InfoSight CEO, provides Part 1 in this short video to break it down for you.
Compliance News
NCUA Issues Regulatory Alert Regarding Flood Insurance Alternatives
Effective July 1, 2019, credit unions  must  accept private flood insurance policies for applicable loans. The policies must meet the definition of private flood insurance as included under the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters Act) and incorporated into  Part 760 of the NCUA’s regulations . In addition, credit unions  may  accept private flood insurance policies that do not meet the definition of private flood insurance as explained in this letter, as well as NCUA-approved private flood insurance plans provided by mutual aid societies.
 
The Biggert-Waters Act was intended to ease the financial strain on the National Flood Insurance Program (NFIP) by expanding the acceptance of private flood insurance. On February 20, 2019, the  NCUA published an interagency rule regarding loans in areas having special flood hazards in order to implement the private flood insurance provisions of the Biggert-Waters Act. As a result, Part 760 of the NCUA regulations has been updated to account for this rule.
 
This Regulatory Alert letter explains the alternatives to NFIP policies and the conditions for their acceptance.
CURE Offering Assistance for Chartering, Low-Income Designation
The NCUA’s Office of Credit Union Resources and Expansion (CURE) will offer more resources for credit unions to identify low-income areas they might serve and to assist people organizing credit unions with the chartering process.
 
The NCUA has a new online  low-income designation area workbook that organizing groups and existing credit unions can use to research low-income areas they can target for possible member recruitment and outreach.

A new chartering modernization effort is under way that will automate and streamline the process. The NCUA plans to open a new web portal with information to assist credit union organizers. The agency will offer pre-developed business models that organizing groups can use.
 
The NCUA also makes training available for all credit unions, including minority depository institutions, through its  Learning Management Service and hosts WebEx online meetings and teleconferences for credit unions to discuss management issues, grants and loans, and other topics.

Low-income credit unions interested in  2019 Community Development Revolving Loan Fund grants can submit applications from June 2 through July 20. The NCUA will administer approximately $2 million in grants to the most qualified applicants, subject to the availability of funds.
NCUA Offers Older Americans Valuable Information on Managing, Protecting Money
During  Older Americans Month, the National Credit Union Administration is highlighting its online resources to help older adults manage money and protect against fraud and exploitation.
 
“During May, we are highlighting NCUA’s educational resources that address the unique financial and consumer protection needs of older Americans,” NCUA Board Chairman Rodney E. Hood said. “The theme of Older Americans Month is, ‘Connect, Create, Contribute,’ and the NCUA strives to connect older credit union members with important information to create greater personal financial security and contribute to their overall well-being. This includes both money management information as well as advice for how to recognize and protect themselves from elder financial abuse.”
 
The NCUA now has  a video highlighting financial exploitation of older adults, and the agency offers information resources to help prevent  elder financial abuse and avoid  financial scams specifically targeting older people.

The  Aging and Managing Finances section of the  MyCreditUnion.gov consumer website also offers information on planning for  long-term health care expenses and financial considerations of  reverse mortgages.
 
Throughout the month, the NCUA will be posting helpful tips and consumer advice on social media sites. Follow and share  @MyCU.gov on Twitter and the agency’s  Facebook page.
 
Source: NCUA
FTC rescinding several FCRA model forms
The Federal Trade Commission has published a final rule  in a recent  Federal Register rescinding several Model Forms and Disclosures issued under the Fair Credit Reporting Act (“FCRA”) that it has determined are no longer necessary. Given the CFPB's 2018 updates to its model forms and disclosures, the Commission determined that rescinding several of its model forms and disclosures would reduce confusion. The Commission also made conforming amendments to address references to the updated model forms and disclosures in related rules.
 
The amendments, which were effective May 22, remove current appendices A and D through H in 16 CFR part 698, redesignating current appendices B (Model Forms for Risk-Based Pricing and Credit Score Exception Notices) and C (Model Forms for Affiliate Marketing Opt-Out Notices) as appendices A and B. This final rule includes a table of rescinded 16 CFR part 698 appendices and the corresponding CFPB appendices taking their place.
 
Source: FTC
FinCEN Announces Its Innovation Hours Program
WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) announced the  FinCEN Innovation Hours Program to better shape and inform its ongoing engagement with Anti-Money Laundering (AML)/Countering the Financing of Terrorism (CFT) innovators.
 
The Innovation Hours Program will provide financial technology (FinTech) and regulatory technology (RegTech) companies and financial institutions the opportunity to present their new and emerging innovative products and services to FinCEN. Technology demonstrations should highlight how these innovations work and how financial institutions might use them. FinCEN expects to hold events in the Washington D.C. metro area, as well as some regional events that focus on financial services-related innovation.
 
Primary consideration for requests for Innovation Hours will be given to entities that are at the operational stage. Companies interested in meeting with FinCEN should submit a  web request and provide applicable background information about their firm’s business and innovative products. Requests will be accepted on a rolling basis.
 
The Innovation Hours Program is part of a broader Innovation Initiative at FinCEN that also includes consideration of exceptive relief for pilot programs designed to facilitate innovative solutions to AML/CFT compliance challenges, and ongoing efforts to provide enhanced feedback and information sharing programs.
 
Source: FinCEN
Advocacy Highlight
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
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.