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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Yes, it’s true! This is your final InfoSight Compliance eNewsletter for 2019! We at the League would like to thank you for all of your hard work in 2019, wish you a very happy holiday season and look forward to working with all of you in 2020!
- Please note there will be no newsletters for the next two weeks. The first edition of the InfoSight Compliance eNewsletter for 2020 will be the week of January 6.
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Compliance Connection Video
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- NCUA changes
- CFPB updates
- NACHA Fast Funds Availability
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CFPB Publishes additional guidance related to disclosing construction and construction-permanent loans
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On December 18, 2019, the CFPB published two Guides, one on disclosing construction and construction-permanent loans with a separate Loan Estimate and Closing Disclosure for each phase of the transaction and one on disclosing one, combined Loan Estimate, and one, combined Closing Disclosure for both phases of a construction-permanent transaction. The Guides provide guidance and illustrative examples for commonly asked about TRID and Regulation Z provisions related to completing these construction and construction-permanent loan disclosures.
They are located on the CFPB page under “Guides.”
Source: CFPB
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Labor updates Regular Rate regs
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The Department of Labor has issued a
final rule updating a number of regulations on the calculation of overtime compensation both to provide clarity and to better reflect the 21st-century workplace. The changes were made to promote compliance with the Fair Labor Standards Act, provide appropriate and updated guidance in an area of evolving law and practice, and encourage employers to provide additional and innovative benefits to workers without fear of costly litigation. The rule is effective January 15, 2020.
Source: Department of Labor
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The NCUA board has
announced its approval of two measures at its meeting on December 12:
Source: NCUA
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Operators of debt collection scheme banned
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The Federal Trade Commission has
announced that, under the terms of a
settlement agreement with the Commission, the operators of a scheme that conned consumers into paying non-existent debts will be permanently banned from the debt collection business and from misleading consumers about debt. A
complaint filed by the FTC against Global Asset Financial Services Group, LLC alleges that the operators of the company falsely claimed to be attorneys or affiliated with attorneys to pressure consumers into making payments on debts they did not owe, and threatened to take legal action against consumers if they did not pay. In addition to being banned from debt collection, debt brokering activities, and misleading consumers, the defendants also will be banned from misrepresenting to consumers whether they are attorneys.
Source: FTC
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NMLS renewal period ends soon
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The NMLS has
posted a reminder that the annual renewal period for registered mortgage loan originators (MLOs) (organizations and individuals) ends December 31. Failure to renew an institution's registration may impact its MLOs’ ability to engage in mortgage loan origination activity, just as failures of individual MLOs to complete their renewal process will prevent them from legally acting in that role after year-end. For complete information, visit the
Renew-Reactivate page of the NMLS Federal Registry Resource Center.
Source: NMLS
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FinCEN
together with the with the state bank regulators issued a
statement
clarifying the legal status of hemp growth and production and the relevant requirements under the
Bank Secrecy Act
for banks providing services to hemp-related businesses. FinCEN will be issuing additional guidance after reviewing and evaluating the
USDA’s interim final rule
addressing hemp-related businesses. As mentioned in the guidance:
“Because hemp is no longer a Schedule I controlled substance under the Controlled Substances Act, banks are not required to file a Suspicious Activity Report (SAR) on customers solely because they are engaged in the growth or cultivation of hemp in accordance with applicable laws and regulations. For hemp-related customers, banks are expected to follow standard SAR procedures, and file a SAR if indicia of suspicious activity warrants.”
Source: FinCEN
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Proposed Regulations Needing Comments:
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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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There's more available from InfoSight
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InfoSight
content is available 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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