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
Recent Updates for Review
Did you know that InfoSight is adding new resources and content on a consistent basis in order to help your credit union with compliance? 

Aside from the new content we have recently added (Payday Alternative Loans and Prepaid Cards), we have also added additional resources that you may find helpful. If you haven’t already, please check out these goodies under “Additional Resources” of the associated topics in the Loan Channel .

  • Home Mortgage Disclosure Act: “CFPB – Overview Reference Chart for Data Collected in 2019” and “2019 HMDA Reporting Guide”
  • Ability to Repay and Home Ownership Equity Protection Act and Truth in Lending: “Rural and underserved areas tool”
  • SAFE Act – Registration of Mortgage Loan Originators: “S.2155 Impact on MLO Registration – NMLS FAQs”

We continuously try to make sure that InfoSight is comprehensive and provides you with the information and resources you need to comply. Are we missing something you would like to see?  Let us know!
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
CECL FAQs Released by Interagencies
The Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC) released an updated FAQ document on CECL (current expected credit losses) methodology.   This document contains already issued FAQs from 2016 and 2017, as well as those updated and newly added in this April 2019 release. 
 
The April 2019 updates include adjustments to Questions #4, #18, #34, and #35. New FAQs to the document are #38- #46.
 
The notice makes clear that until CECL becomes effective, credit unions (and other institutions) must continue to follow current U.S. GAAP on impairment and the allowance for loan and lease losses (ALLL). Existing ALLL policy statements and guidance will not be rescinded until CECL is effective for  all institutions.  You may recall that there are different effective dates depending on an institution’s characteristics. For credit unions (non-PBEs) the credit losses standard is effective for fiscal years beginning after December 15, 2021 including interim periods within those fiscal years. So, for a non-PBE with a calendar year fiscal year, the standard is effective January 1, 2022 with the application of CECL methodology applied in its financial statements and Call Reports for the quarter ended March 21, 2022.
 
Source: FRB, FDIC, NCUA, OCC
HUD Charges Facebook With Housing Discrimination Over Company’s Targeted Advertising Practices
The U.S. Department of Housing and Urban Development (HUD) announced today that it is charging Facebook with violating the Fair Housing Act by encouraging, enabling, and causing housing discrimination through the company’s advertising platform.  Read HUD’s Charge against Facebook.
 
Today’s action follows HUD’s investigation of a  Secretary-initiated complaint filed on August 13, 2018 . HUD alleges that Facebook unlawfully discriminates based on race, color, national origin, religion, familial status, sex, and disability by restricting who can view housing-related ads on Facebook’s platforms and across the internet. Further, HUD claims Facebook mines extensive data about its users and then uses those data to determine which of its users view housing-related ads based, in part, on these protected characteristics.
“Facebook is discriminating against people based upon who they are and where they live,” said HUD Secretary Ben Carson. “Using a computer to limit a person’s housing choices can be just as discriminatory as slamming a door in someone’s face.”
 
HUD General Counsel Paul Compton added, “Even as we confront new technologies, the fair housing laws enacted over half a century ago remain clear—discrimination in housing-related advertising is against the law. Just because a process to deliver advertising is opaque and complex doesn’t mean that it exempts Facebook and others from our scrutiny and the law of the land. Fashioning appropriate remedies and the rules of the road for today’s technology as it impacts housing are a priority for HUD.”
 
The Fair Housing Act prohibits discrimination in housing and in housing-related services, including online advertisements, based on race, color, national origin, religion, sex, disability, or familial status.
 
 
Source: HUD.gov
Other Articles of Interest
Advocacy Highlight
FASB Votes Against Proposing Changes to CECL
The Financial Accounting Standards Board voted unanimously against formally issuing changes to the CECL accounting standard that would have affected how credit losses are recorded. The  changes  were the subject of a January roundtable at FASB’s headquarters in Norwalk, CT.

Source: CUNA Advocacy
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.