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
Business Continuity Planning
Has your compliance department planned for worst-case scenarios? With all of your daily responsibilities and trying to keep on top of current regulatory changes, planning for potential problems may be on the backburner. However, this year’s extensive flooding across the Midwest demonstrates the need to prioritize preparation for unfavorable situations. Make sure you’re compliant with the Business Continuity Planning information!
Compliance Videos
Compliance Connection Videos
Two new videos have been posted to the Compliance Connection channel on You Tube! 


Our Compliance Connection channel help keep you up to date on trends and topics happening in the Compliance Space! It’s also a great resource to provide training on compliance issues to your non-compliance staff, executive management and Board of Directors.
Compliance News
Update on Status of TX Federal District Court Payday Lending Rule Litigation Stay
On May 30, 2019, the Texas federal district court hearing the case filed by Community Financial Services Association of America, Ltd., and Consumer Service Alliance of Texas challenging the CFPB’s Payday Lending Rule ordered the parties to submit a Joint Status Report, which was filed with the court on August 2, 2019.
 
The status report discusses that in February 2019, the CFPB issued two notices of proposed rulemaking seeking comment on whether to rescind the Mandatory Underwriting Provisions of the 2017 final rule and whether to delay compliance of those same provisions from August 19, 2019 to November 19, 2020. The status report further discusses that on June 6, 2019, the CFPB issued a final rule delaying the August 19, 2019 compliance date for the Mandatory Underwriting Provisions of the 2017 final rule to November 19, 2020 and that “the Bureau is continuing to make progress on its other rulemaking” to rescind the Mandatory Underwriting Provisions. The parties are not requesting that the court lift the stay of litigation or lift the stay of the compliance date at this time. Therefore, the Texas federal court stay of the entire rule and the August 19, 2019 compliance date remains in effect for credit unions under the jurisdiction of the Texas federal district court.
 
Source: CUNA Compliance Blog
Washington trucking company pays $1.7M OFAC penalty
OFAC has announced  that PACCAR Inc., Bellevue, Washington, has agreed to pay $1,709,325 to settle potential civil liability for 63 apparent violations of the Iranian Transactions and Sanctions Regulations for selling or suppling 63 trucks to customers in Europe that it knew or had reason to know were ultimately intended for buyers in Iran. OFAC determined that PACCAR voluntarily disclosed the apparent violations, and that the apparent violations constitute a non-egregious case. The base penalty amount for the apparent violations is $2,713,214.
 
Source: OFAC
Other Article of Interest:
Advocacy Highlight
FedNow Ushers in New Era of Real Time Payments
The Federal Reserve Board ended months of speculation with a recent announcement that it plans to develop a “round-the-clock, real-time payment and settlement service.” Branded FedNow, the service will offer US financial institutions an alternative to the RTP rails launched by The Clearing House in late 2018.

According to the Fed, over 90 percent of the responses to its Request for Comment supported its participation in this arena. CUNA had submitted a comment letter endorsing the Fed’s entry, as did the Independent Community Bankers of America and the Merchant Advisory Group.  Here is more information.
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.