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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More Resources Found in InfoSight!
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What are some MORE resources that are available for everyone in InfoSight?
- Direct links to laws and regulations – this is helpful when needing to check the “official” language of the related law or regulation.
- Frequently asked questions – chances are good that the answer to your question may be found on this helpful link, available under most topics.
- Compliance Connection (formerly CUBE TV) Compliance Videos - Compliance videos since 2016 can be found on YouTube at the Compliance Connection channel, where they are generally updated quarterly.
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Compliance Connection Video
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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.
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Registration Open for April 11 CECL Webinar
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Registration
is now open
for an “Ask the Regulators” webinar on coming changes to the Current Expected Credit Losses accounting standard.
The April 11 webinar, scheduled to begin at 2 p.m. Eastern, will cover the significant differences financial institutions should expect in their accounting procedures following the CECL changes, scheduled for 2022. Participants will use the registration link to log into the webinar
Source: NCUA
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2019 HMDA Reporting Guide Released
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The CFPB has announced the availability of the
FFIEC's
2019 edition of A Guide to HMDA Reporting: Getting It Right!,
of
A Guide to HMDA Reporting: Getting It Right!
, for HMDA submissions due March 1, 2020, of applications and originations during 2019. The 2019 edition reflects amendments made to HMDA by the Economic Growth, Regulatory Relief, and Consumer Protection Act and the 2018 HMDA interpretive and procedural rule issued by the CFPB. The appendices provide additional implementation materials reporting lenders may find useful.
Source: CFPB
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FTC/CFPB report to Congress on combating illegal debt collection
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The Federal Trade Commission
announced recently
that the Commission and the Consumer Financial Protection Bureau have submitted their annual report to Congress on their 2018 activities to combat illegal debt collection practices. The reports highlight both agencies’ efforts to stop unlawful debt collection practices, including robust law enforcement, education and public outreach, and policy initiatives.
In the
report to Congress
, the Bureau states its intent to issue a Notice of Proposed Rulemaking on debt collection that will address issues ranging from communication practices to consumer disclosures. The Bureau highlights in the report that it handled approximately 81,500 debt collection complaints related to first-party (creditors collecting on their own debts) and third-party collections. Debt collection is among the most prevalent topics of consumer complaints about financial products or services received by the Bureau.
Source: FTC/CFPB
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Other Articles of Interest
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DOL Publishes Proposed Overtime Rule
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The Department of Labor (DOL) published its
proposed overtime rule on March 22, 2019
.
Under the proposal, employees with a salary level of $35,308 per year (up from the current $23,660 per year) must be paid overtime if they work more than 40 hours per week.
The DOL previously finalized an overtime rule in 2016, but a federal judge blocked its implementation in November 2016. That rule would have raised the threshold to $47,476 annually.
Source: CUNA Advocacy
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Keeping up with CUNA Advocacy
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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.
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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 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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