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
Updates to the Compliance Calendar
Many important dates have been added to the Compliance Calendar this week. Be sure to get them on your calendar so you don’t miss an important date!
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
CFPB Adds FAQ On Providing TRID Loan Estimates
The CFPB recently updated its  FAQ guidance on the TRID Rule, adding five questions related to providing loan estimates to consumers:
  1. When is a creditor required to provide a loan estimate to a consumer?
  2. Can creditors require consumers to provide additional information (other than the six pieces of information constituting an application) in order to receive a loan estimate?
  3. Can creditors require consumers to submit verifying documents before they receive a loan estimate?
  4. Is the requirement to provide a loan estimate triggered if the consumer submits the six pieces of information to receive a pre-approval or pre-qualification letter?
  5. What if a creditor needs to collect additional information (beyond the six pieces of info constituting an application) or verifying documents to process a pre-approval or pre-qualification request?

Source: CFPB
Bureau Reopens Comment Period On HMDA Rule Amendments
The CFPB has published a notice [ 84 FR 37804] reopening the comment period for the proposed rule published May 13, 2019, at  84 FR 20972, but only with respect to the proposed changes relating to the permanent coverage thresholds for closed-end mortgage loans and open-end lines of credit in §§ 1003.2(g)(1)(v) and (g)(2)(ii) and 1003.3(c)(11) and (c)(12) and related commentary. Comments must be received by October 15, 2019.

The comment period on those proposed changes is being reopened to allow stakeholders further comments to be informed by the release later this summer of the national loan level dataset for 2018 and the Bureau's annual overview of residential mortgage lending.
 
Source: CFPB

What to Do If Your Credit Union Becomes a Victim of Business Email Compromise Fraud
“Business email compromise fraud” is a mouthful, isn’t it? But what exactly does it mean? Simply, it’s when a criminal uses email to impersonate a legitimate business or person for financial gain. So, what can credit unions do to help combat this risk to their institution and reputation? Well, NCUA’s latest risk alert ( 19-RISK-01) outlines 10 preventative steps for credit unions, such as:
  • Use a two-step verification process to verify wire requests with members and use information from previously known email addresses and phone numbers rather than what is provided in the wire transfer request.
  • Require staff to investigate and verify changes to members’ personal information or business practices of the credit union’s vendors or member business accounts.
  • Know the routines of members’ wire activity and contact them with any changes or concerns before sending a wire transfer.

The risk alert also offers some key tips if (when) your institution is a victim of this type of fraud. NCUA strongly encourages credit unions to file a complaint with the FBI’s Internet Crime Complaint Center, and by doing so credit unions can promptly increase their chances in recovering funds as a result of fraudulent wires. Detailed information on key prevention steps and the FBI’s Internet Crime Complaint Center, is in the risk alert.

Source: CUNA Compliance Blog
Other Article of Interest:
Advocacy Highlight
Debt Collection Practices (Regulation F); Extension of Comment Period
On May 21, 2019, the Bureau of Consumer Financial Protection (Bureau) published in the Federal Register a Notice of Proposed Rulemaking (NPRM) requesting comment on the Bureau's proposed amendments to Regulation F which implements the Fair Debt Collection Practices Act (FDCPA). The proposed amendments would prescribe Federal rules governing the activities of debt collectors, as that term is defined in the FDCPA. The NPRM provided a 90-day comment period that was set to close on August 19, 2019. To allow interested persons more time to consider and submit their comments, the Bureau has determined that an extension of the comment period until September 18, 2019, is appropriate.

Source: CFPB

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.