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 News
Check out this new video about all the bells and whistles in InfoSight!
Compliance Updates
Effective in December 2019, credit unions that share tax information for their members with another party will be required to obtain their written authorization. The Mortgage Servicing topic in the Loans & Leasing channel has been updated to reflect these new requirements.
Compliance and Advocacy News and Highlights
New York Bank Pays for Flood Insurance Violations
The Federal Reserve Board has  announced  it has imposed a $36,500 civil money penalty on  Alden State Bank , Alden, New York, for a pattern or practice of unspecified violations of the National Flood Insurance Act and section 208.25 of Federal Reserve Regulation H.

Source: NCUA
Bureau Sues Citizens Bank, N.A.
The CFPB has  announced  it has filed a  complaint  against Citizens Bank, N.A. (Citizens), headquartered in Providence, Rhode Island. The Bureau’s complaint alleges violations of the Truth in Lending Act and its implementing Regulation Z, including violations of amendments to TILA contained in the Fair Credit Billing Act and the Credit Card Accountability Responsibility and Disclosure (CARD) Act.

The complaint alleges that Citizens automatically denied consumers’ billing error notices and claims of unauthorized use in certain circumstances. The complaint further alleges that Citizens failed to fully refund finance charges and fees when consumers asserted meritorious disputes or fraud claims and failed to send consumers required acknowledgment letters and denial notices in response to billing error notices. It also alleges that Citizens failed to provide credit counseling referrals to consumers who called Citizens’ toll-free number designated for that purpose.

The complaint is not a finding or ruling that the defendant has violated the law.

CFPB clarifies stance on 'abusiveness' standard
The Consumer Financial Protection Bureau issued a  policy statement  Friday providing a common-sense framework on how it intends to apply the "abusiveness" standard in supervision and enforcement matters. Commencing immediately, the Bureau intends to apply the following principles during supervision and enforcement work by:

  • Focusing on citing or challenging conduct as abusive in supervision and enforcement matters only when the harm to consumers outweighs the benefit
  • Generally avoiding "dual pleading" of abusiveness and unfairness or deception violations arising from all or nearly all the same facts, and alleging "stand alone" abusiveness violations that demonstrate clearly the nexus between cited facts and the Bureau’s legal analysis
  • Seeking monetary relief for abusiveness only when there has been a lack of a good-faith effort to comply with the law, except the Bureau will continue to seek restitution for injured consumers regardless of whether a company acted in good faith or bad faith
  • CFPB press release

Source: CFPB
Pending Comment Calls
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.