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
New Topic in Loans and Leasing – Chattel Lien Non-Filing Insurance
A new topic, Chattel Lien Non-Filing Insurance has added to the Loans and Leasing channel. This policy insures the credit union against monetary loss caused by the credit union's legal inability to repossess mortgaged chattel property solely because of the failure to file or record the Security Agreement or lien instrument. The non-filing insurance usually can be used when the borrower is a legal resident of another state. 
 
Check it out today!
Compliance Videos
Compliance Connection Videos
Compliance training educates your staff on the laws and/or regulations applicable to their role in the credit union. A proper understanding of compliance helps to minimize risk, maintain the credit union’s reputation and provides a better environment for your staff and members. Our Compliance Connection channel is a great resource to bring everyone up to speed changes to laws and regulations, including when the changes take effect and what your credit union needs to do to be in compliance.
Compliance News
Reminder for the Annual Report of Blocked Property
31 C.F.R. § 501.603  requires holders of blocked property to provide the Office of Foreign Assets Control (OFAC) with a comprehensive list of all blocked property held as of June 30 of the current year by September 30. Persons that do not hold blocked property as of June 30 do not need to file an Annual Report of Blocked Property (ARBP). Please note that the term ‘blocked property’ only applies to property that is blocked pursuant to OFAC regulations. Property that was unblocked by an OFAC general or specific license or was previously blocked pursuant to a sanctions program that was terminated on or before June 30, 2019, is not considered blocked property, and should not be reported in the ARBP. Similarly, a restricted account of a person ordinarily resident in Iran is not blocked and should not be reported to OFAC in the ARBP, unless there is an interest in the account of a person whose property and interests in property are blocked pursuant to an applicable sanctions authority.

The annual reports must be filed using the new  spreadsheet form TD-F 90-22.50, Annual Report of Blocked Property . Completed forms should be sent to ofacreport@treasury.gov. Failure to submit a required ARBP by September 30 constitutes a violation of 31 C.F.R. Part 501 (“Reporting, Procedures and Penalties Regulations”). View OFAC’s Guidance on Filing the Annual Report of Blocked Property for additional guidance. 

Source: OFAC
Other Articles of Interest:
Advocacy Highlight
NCUA Adopts Rules on Audits, FCU Bylaws, and Payday Alternative Loans
Recently, the NCUA Board adopted final rules on supervisory committee audits, FCU bylaws, and Payday Alternative Loans, and received its quarterly briefing on the status of the Share Insurance Fund.  Here is the complete rundown of the items covered at a meeting on September 19, 2019.
CFPB Retaining Controversial Public Consumer Complaint Database
The CFPB will keep its controversial consumer complaint database available to the public, despite criticism by credit unions, banks and the agency’s former acting director, according to an article in CU Times .

“Since its inception, the Consumer Complaint Database has not been without controversy,” CFPB Director Kathy Kraninger said. She added when the bureau asked for feedback on the database, the agency received almost 26,000 comments.
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.