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
Security – Active Shooter
As hard as it is to imagine, current events remind us to be vigilant in protecting our members and ourselves. It’s a good time to review the Active Shoote r information in the Security channel to remind your staff how they should respond if the situation occurs.
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
S.2155 Includes Federally Mandated Training
In a recent Compliance Blog post from CUNA , it was mentioned that Senior Financial Abuse Training is “federally mandated.” To clarify, this training is required under S.2155 (Section 303) if the credit union “wishes to qualify for immunity when reporting such abuse.” Be sure to read both the blog and the information from Congress to ensure compliance.
 
Source: CUNA and Congress.gov
Preventing Elder Financial Abuse
Back in 2016, the CFPB published an advisory for banks and credit unions on how to prevent, recognize, report and respond to financial exploitation of older Americans, and it’s worth presenting again. 
 
“With their opportunities for face-to-face transactions, banks and credit unions are well-situated to protect older Americans from financial exploitation. The great majority of older adults have checking or savings accounts and many rely on tellers as their primary form of banking. Financial institutions are also uniquely suited to detect and act when an elder account holder has been targeted or victimized and are mandated to report suspected elder financial exploitation under many states’ laws.
 
The Bureau’s actions represent the first time a federal regulator has provided an extensive set of voluntary best practices to help banks and credit unions fight this pervasive problem. Along with the advisory, the CFPB issued a report that provides an in-depth look at financial exploitation, case scenarios, and detailed recommendations to prevent and respond quickly to abuse. Recommendations for financial institutions to consider include:
 
  • Training staff to recognize abuse: Financial institutions should train employees to prevent, detect, and respond to abuse. Training should cover the warning signs of financial exploitation and appropriate responses to suspicious events.
  • Using fraud detection technologies: Financial institutions should ensure that their fraud detection systems spot suspicious account activity and products associated with elder fraud risk. This includes using predictive analytics to review account holders’ patterns and explore additional risk factors that may be associated with elder financial exploitation. Some signs of elder fraud risk may not match conventionally accepted patterns of suspicious activity, but nevertheless may be unusual given a particular account holder’s regular behavior.
  • Offering age-friendly services: Banks and credit unions should enhance protections for seniors, such as encouraging consumers to plan for incapacity. They can also offer age-friendly account features such as opt-in limits on cash withdrawals or geographic transactions, alerts for specific account activity, and offer view-only access for authorized third parties. And they can enable older consumers to provide advance consent to share account information with a trusted relative or friend when the consumer appears to be at risk.
  • Reporting suspicious activity to authorities: Financial institutions should promptly report suspected exploitation to relevant federal, state, and local authorities, regardless of whether reporting is mandatory or voluntary under state or federal law. Banks and credit unions can work closely with local Adult Protective Services and law enforcement to enhance prevention and response efforts, including expediting document requests and providing them at no charge.”
 
 
Source: CFPB
HRA coverage expanded
The Departments of Health and Human Services, Labor, and the Treasury have announced  regulatory amendments  to be published June 20 that will expand the use of health reimbursement arrangements (HRAs). When employers have fully adjusted to the revised rules, it is estimated these changes will benefit approximately 800,000 employers, including small businesses, and more than 11 million employees and family members, including an estimated 800,000 Americans who were previously uninsured.  FAQs regarding the changes  were also released.
 
Source: Departments of Health and Human Services, Labor, and the Treasury
OFAC adjusts penalties for inflation
OFAC has published an amendment [ 84 FR 27714 ] to its regulations to implement the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended . This regulatory amendment, which is effective on publication, adjusts for inflation the maximum amount of the civil monetary penalties that may be assessed under relevant OFAC regulations.
 
Source: OFAC
Advocacy Highlight
Other Articles of Interest:
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
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.