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
Compliance Connection Video – NEW
New Video for 4th Q 2019 and 1st Q 2020! This presentation provides an overview of regulatory changes that may be impacting the credit union, effective in the 4th quarter of 2019 and 1st quarter of 2020. Included are:
  • NCUA changes
  • CFPB updates
  • NACHA Fast Funds Availability
Compliance News
NCUA Board Votes to Delay Effective Date of RBC Rules
At it’s December NCUA Board meeting this month, the Board voted to delay the effective date of the Risk-Based Capital rules for two years until January 1, 2022. This was after the proposal was brought up earlier this year. There was not any discussion on a plan to govern credit union-bank purchases, which NCUA Chairman Rodney Hood originally would consider by year-end.
Russian nationals charged with banking cybercrimes
The U.S. Department of Justice has joined with the U.S. Department of State and the United Kingdom’s National Crime Agency in charging two Russian nationals, Maksim Y. Yakubets and Igor Turashev, with a vast and long-running cybercrime spree that stole from thousands of individuals and organizations in the United States and abroad. They are charged with an effort that infected tens of thousands of computers with a malicious code called Bugat. Once installed, the computer code, also known as Dridex or Cridex, allowed the criminals to steal banking credentials and funnel money directly out of victims’ bank accounts. Their names and those of their associates have been added to the SDN List.
 
Source: Treasury Department
FinCEN report on increase in fraud against elders
A report has been  released by FinCEN  indicating that elders face an increased threat to their financial security by both domestic and foreign actors. Elder financial exploitation Suspicious Activity Report filings increased dramatically over the six-year study period, from about 2,000 filings per month in 2013 to a peak of nearly 7,500 filings per month in August 2019. The yearly dollar amount of suspicious activity reported for elder financial exploitation also rose.
 
FinCEN Director Kenneth A. Blanco said the SARs filed by financial institutions are used to protect the country and its people from harm and provide unique and valuable information on crime and other threats happening in the U.S. and around the world impacting families and communities. He said, "These SARs are also important to filer banks and MSBs because they show trends and patterns in criminal activity. Every financial institution wants to protect its customers, and SAR reporting helps them do that. Awareness of these reporting trends and potential exploitation methods can also help consumers protect themselves." Additional analysis is provided in the Financial Trend Analysis: Elders Face Increased Financial Threat from Domestic and Foreign Actors
 
Source: FinCEN
Advocacy Highlight
Proposed Regulations Needing Comments:
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.