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
Did you know?
Here are a few of the many cool features InfoSight has that you may have missed:

 Clicking on the “gear” to the right of “Recently Updated” will display a list of all of the Channels in InfoSight. If you want to be sure you’re seeing content updates for all the channels, check the box to the left of each Channel name. Or, if you only want to see updates for some of the Channels, select just the ones you’d like to see. Be sure to click “Save” when you’re done.
Selecting this option from the top blue bar on your Home Screen will display the MANY checklists on various topics that are available for your use. Check them out today!
Compliance and Advocacy News & Highlights
NCUA/EXIM Bank Partnership will help credit unions support small businesses
T he National Credit Union Administration and the Export-Import Bank (EXIM) if the United States launched a three-year collaborative effort to bring small businesses and credit unions together and expand awareness about EXIM programs.
 
The NCUA and EXIM signed a memorandum of understanding (MOU) to undertake a series of initiatives that will help credit unions better understand and make use of EXIM guaranteed loans and resources. These joint initiatives may include webinars and training events.

“Under this agreement, we’ll be working with EXIM to develop educational and training initiatives on export financing opportunities to share with credit unions, so they can educate their small-busine ss members about the available opportunities, such as an EXIM guaranteed loan being exempt from the member business cap of 12.25 percent,”   said NCUA Chairman Rodney E. Hood.   “Helping small businesses to gain access to capital is essential, and we can anticipate that this collaboration will be a great help to many hard-pressed entrepreneurs, particularly the steep challenges they face in today’s environment.”
 
“This MOU represents EXIM’s first-ever targeted outreach to credit unions and their millions of customers and will provide important support to America’s small businesses – especially those that may be exporting for the first time,” said Chairman Reed. “NCUA Chairman Hood is a visionary leader and I look forward to the collaboration between our agencies to raise awareness with credit unions on the services available through EXIM to help their members export, grow their businesses and U.S. jobs, and bring prosperity to local communities.”

Source: NCUA
NCUA Letter to Credit Unions (20-CU-18) Prompt Corrective Action Regulatory Relief Measures in Response to the COVID-19 Pandemic
Last month, the NCUA Board approved additional regulatory relief measures related to the NCUA’s prompt corrective action (PCA) regulations anticipating that some credit unions may experience a temporary reduction in earnings and capital due to their COVID-19 response efforts. The interim final rule provides relief to federally insured credit unions during the COVID-19 pandemic, while still maintaining the safety and soundness of the credit union system.
 
This letter d iscusses the enclosed administrative order approved pursuant to § 702.201 that reduces the amount of earnings retention required for credit unions classified as adequately capitalized. Additionally, the letter discusses credit unions’ authority to submit a streamlined net worth restoration plan (NWRP) if their net worth ratio declined to undercapitalized predominantly due to temporary share growth during the COVID-19 pandemic.
 
Source: NCUA
CFPB issues TRID Fact Sheet and FAQs
The CFPB has published a   Factsheet on TRID Title Insurance Disclosures   Compliance Aid and   four new FAQs   on—
  • disclosing seller-paid loan costs on a separate closing disclosure for the consumers/borrowers;
  • lender credits,
  • the total of payments (yes, you subtract any negative prepaid interest), and
  • using the optional signature line on the closing disclosure (are you providing a copy for the consumer to retain?)

These two documents can be found on the CFPB's  TILA-RESPA integrated disclosures (TRID) resources page .

Source: CFPB
Reminder: MDI Mentoring Grant Application Deadline is June 30
Small, low-income credit unions certified as minority depository institutions have until June 30 to apply for MDI mentoring grants from the National Credit Union Administration.

The NCUA will make grants of up to $25,000 to help small institutions establish mentoring programs with larger, low-income-designated credit unions that can provide expertise and guidance in serving low-income and underserved populations.

Interested credit unions should review the agency’s mentoring grants guidelines , and they must have an account with the General Services Administration’s System for Awards Management . Eligible credit unions can apply through the NCUA’s Cyber Grants online portal .

Staff from the NCUA’s Office of Credit Union Resources and Expansion will be available to answer questions about the program through June 25. Credit unions should submit questions to staff by email to cureapps@ncua.gov .  
 
Source: NCUA
FFIEC statement on financial inclusion
The members of the Federal Financial Institutions Examination Council (FFIEC) have released the following statement on the importance of financial inclusion:
 
"We, the prudential and consumer financial protection regulators of the U.S. financial system, are committed to financial inclusion. Racism and discrimination must not be tolerated. Everyone deserves the opportunity to participate in our financial mainstream. We remain steadfastly dedicated to ensuring that the financial institutions which we regulate provide fair access and fair treatment to everyone in America.”

Source: FFIEC
Articles of Interest
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. 
   
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.