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!
Many of you recently participated in our annual survey regarding InfoSight and we wanted to share some of the results with you. 

70% of those responding said they used InfoSight to research compliance questions and topics. 
What was identified as the BEST part of InfoSight ? Here are some responses:
  • Keeping up with compliance
  • Summaries and links to the regulations
  • The FAQ’s
  • I love the organization of the resources; very easy to find what I’m looking for
  • Access to State Law information
  • The ease of finding the information I’m looking for
  • Calendar of upcoming regulatory changes
  • Checklists!
  • Current information on regulation changes or updates
  • Newsletters
 
As we continue to review the responses and suggestions for improvement of our already-great InfoSight, we’ll keep you informed! 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
NMLS annual review period underway
The NMLS  Annual Renewal Period  began on November 1 and ends on December 31. According to federal regulations, both institutions and most individual mortgage loan originators (MLOs) must be renewed through NMLS annually. If the renewal process is not completed prior to December 31st, the MLO is placed in an “Inactive” registration status both on NMLS and NMLS Consumer Access. Inactive registrations must be reactivated in order to have an “active” registration status. NMLS requires a $30 processing fee for each MLO seeking to renew or reactivate a registration. MLOs who are submitted for renewal but did not complete renewal attestation prior to December 31 need to be reactivated, incurring an additional $30 processing fee at the time of reactivation.

Source: NMLS Federal Registry Resources
Free credit monitoring for some members of the military
The FTC  reported earlier this summer  that, starting October 31, many members of the military will have access to free electronic credit monitoring to help them spot identify theft. The nationwide credit reporting agencies—Equifax, Experian, and TransUnion—are providing free electronic credit monitoring services to some active duty service members who are assigned to service away from their usual duty station and all active duty National Guard members. Credit monitoring services can alert consumers to mistakes or problems with their credit reports that might stem from the unauthorized use of their personal information to obtain credit.

There is a limitation on coverage for active duty service members to those assigned to service away from their usual duty stations, due to the wording of the Fair Credit Reporting Act amendments made by the 2018 Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). That limitation was not applied in the EGRRCPA amendments to National Guard members.

Source: FTC
NCUA webinar registration open
The NCUA has   announced   that registration for its “Fair Lending and Consumer Compliance Regulatory Update” on November 19 is now open. The webinar is scheduled to begin at 2 p.m. EST and run approximately 90 minutes. Participants will be able to log into the webinar and view it on their computers or mobile devices using the registration link. Subjects to be covered include:
  • The agency’s new payday alternative loan (PALs II) rule
  • Findings from reviews of Home Mortgage Disclosure Act loan and application registers;
  • Regulation B adverse action notices; and
  • Elder financial abuse.
NCUA Announces SBA Webinar
Credit unions that participate in U.S. Small Business Administration programs or that are interested in those programs can get valuable information on a Nov. 13 webinar hosted by the SBA and the National Credit Union Administration, the NCUA recently announced.

Registration for the webinar, “The Big Picture of SBA Lending for Credit Unions — Part 2,”  is now open . The webinar is scheduled to begin at 2 p.m. Eastern and run approximately one hour. Participants will be able to log into the webinar and view it on their computers or mobile devices using the registration link. They should allow pop-ups from this website.

Staff from the NCUA’s offices of Credit Union Resources and Expansion and Examination and Insurance will be joined on the webinar by staff from the SBA’s offices of Financial Assistance, Financial Program Operations, and Credit Risk Management. The discussion will cover prudent steps credit union lenders can take to preserve their loan guarantees through the origination, servicing, and lender review cycles.

Source: NCUA
Advocacy Highlight
NCUA Board Member Asks for Comments during 2020-2021 Budget Consideration
National Credit Union Administration Board Member Todd M. Harper is requesting public comment on his proposal to create a dedicated consumer compliance exam program for large, complex credit unions.

“For more than three decades, the NCUA has focused its examination program primarily on safety and soundness reviews,” Harper said. “This policy worked well when the NCUA oversaw a large number of small credit unions serving a limited field of membership with only a few basic financial products, but today’s credit unions are larger and more complex, with 317 credit unions exceeding $1 billion in assets having 71.7 million members.”

To comment on the proposal for a dedicated consumer compliance program, email   BudgetComments@ncua.gov  by Dec. 2. To request to present at the Nov. 20 budget briefing, email   BudgetBriefing@ncua.gov . For more details about commenting on the budget and presenting at the budget briefing, see the NCUA’s press release on the proposed 2020–2021 budget available at the NCUA   Budget and Supplementary Materials page .
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.