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 Highlight: Survey Says – Part Deux!
In last week’s newsletter we shared some results from our recent InfoSight survey, and we’d like to tell you more! 

When asked how InfoSight met their needs, here’s what respondents said:
  • It’s the first place I look for information on a subject. Don’t know what I would do without it!
  • Great site to help as a compliance resource!
  • Trusted source of information that is critical to our credit union.
  • I’m able to find specific information needed any time. This is convenient and extremely helpful.
  • InfoSight is very informative and I value the resource.
 
If you’re reading this newsletter and aren’t familiar with InfoSight, visit https://in.leagueinfosight.com/ to register for access!
Compliance Videos
Compliance Connection Videos
Our Compliance Connection channel provides credit unions with detailed information on the regulatory issues they face in the ever-changing world of compliance.
Compliance News
Retirement Plan Contribution Limits Increase
The Internal Revenue Service has  announced  that the contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased from $19,000 to $19,500. The catch-up contribution limit for employees aged 50 and over who participate in these plans is increased from $6,000 to $6,500. The limitation regarding SIMPLE retirement accounts for 2020 is increased to $13,500, up from $13,000 for 2019. The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs and to claim the Saver's Credit all increased for 2020. Taxpayers can deduct contributions to a traditional IRA if they meet certain conditions. If during the year either the taxpayer or his or her spouse was covered by a retirement plan at work, the deduction may be reduced, or phased out, until it is eliminated, depending on filing status and income. (If neither the taxpayer nor his or her spouse is covered by a retirement plan at work, the phase-outs of the deduction do not apply.)
IRS tax year 2020 annual inflation adjustments
The IRS has  announced  the tax year 2020  annual inflation adjustments  for more than 60 tax provisions, including the tax rate schedules and other tax changes.
 
Source: IRS
NCUA’s Hood: “Fresh Thinking” can Help Credit Unions Support Small Business, Communities
Credit unions should be allowed to make the most of their resources to help small businesses and local economies grow and thrive, National Credit Union Administration Chairman Rodney E. Hood said, as shared in a recent press release.

“Financial institutions like credit unions provide the oxygen small businesses need when they make investments through lending,” Chairman Hood said. “To do this, we need to bring fresh thinking to the table. How can we build a regulatory system that’s effective without being excessive? How can we stimulate more commercial lending to support more growth in the small business sector?”
The text of the Chairman’s remarks is available online here .
NCUA: Diversity Self-Assessment Offers Many Benefits to Credit Unions
Federally insured credit unions could enjoy many benefits—and no risks—by participating in the Voluntary Credit Union Diversity Self-Assessment available from the National Credit Union Administration.

The NCUA recently issued a letter to credit unions encouraging them to use the Self-Assessment as a tool for evaluating their diversity programs and practices and for determining how promoting greater diversity can lead to a stronger internal culture and better service.

“Credit unions are growing stronger, and they serve their members and communities better when they promote greater diversity, equity, and inclusion as part of their business model,” NCUA Chairman Rodney E. Hood said. “I ask that credit unions of all sizes, particularly those with 100 or more employees, complete the Self-Assessment annually and share your results.”

Chairman Hood stressed participating in the Self-Assessment is completely voluntary, is not part of the agency’s or state regulators’ examination process, and has no impact on a credit union’s CAMEL rating. The information the NCUA collects through the Self-Assessment helps the agency study diversity trends in the credit union industry and provide credit unions with guidance on topics related to diversity and inclusion. The NCUA provides an annual diversity report to Congress, but the report does not identify individual credit unions.

The Self-Assessment is available year-round, but the cutoff date for submitting this year’s information to the NCUA is Jan. 15, 2020.

Source: NCUA
Advocacy Highlight
Issues to Watch:
  • The financial service industry is rapidly changing. Advancements in technology have significantly changed our society and how financial institu­tions do business.
  • Updating the Federal Credit Union Act has be­come necessary to ensure federally-chartered CUs have the powers and flexibility to be com­petitive and best serve their members.
  • H.R. 1661 has been introduced to eliminate the15-year loan maturity limit on non-mortgage loans. Doing so will expand consumer access to affordable student loan and ag, fishing and other business lending products.

Source: MCUL
CUNA's Advocacy Resources
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 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.