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
What's on your InfoSight Home Page?
Did you know that your League’s InfoSight Home Page is an “Active” page that may have specific information just for YOU? AND – that it might change every so often?
 
For example, at the top of the screen is a space where you may find important alert messages like this:
You may see an orange box that says “Compliance Training” – or it might look like this:
or this:
InfoSight is THE place to find the resources you need. Be sure to visit it often!
Compliance and Advocacy News & Highlights
NCUA Updates 2020 Supervisory Priorities
In a recent Letter to Credit Unions , the NCUA updated its 2020 supervisory priorities to reflect economic conditions that emerged in response to the COVID-19 pandemic, as well as various statutory and regulatory changes that have occurred since March 2020. With these revised priorities, the NCUA is focusing its examination activities on areas that pose elevated risk to the credit union industry and the National Credit Union Share Insurance Fund given the current environment.
 
Source: NCUA
Court Rules in FTC’s Favor Against Student Debt Relief Scammers
The Federal Trade Commission has  announced  that the U.S. District Court for the Central District of California has  ruled in favor of the Commission  in a case against the operators of a student loan debt relief scheme. The defendants are banned from telemarketing or providing debt relief services.
 
The court found that the operators, doing business as Federal Direct Group, Mission Hills Federal, The Student Loan Group, and National Secure Processing, falsely claimed that consumers’ loans would be forgiven or their payments reduced to a specific amount, and that defendants would take over servicing of consumers’ loans and apply most or all of consumers’ monthly payments to pay down their student loans. The defendants then charged consumers hundreds to thousands of dollars in illegal upfront fees. The defendants also obtained consumers’ student loan credentials to log in and change consumers’ contact information, effectively hindering or entirely preventing consumers’ loan servicers from communicating with consumers. The defendants' actions violated the Federal Trade Commission Act and the Telemarketing Sales Rule.
 
Source: FTC
FinCEN alert on Twitter virtual currency scam
FinCEN has issued an Alert emphasizing a high-profile scam exploiting Twitter accounts to solicit fraudulent payments denominated in convertible virtual currency (CVC). Cyber threat actors compromised the accounts of public figures, organizations, and financial institutions to solicit payments to CVC accounts, claiming that any CVC sent to a wallet address would be doubled and returned to the sender. Persons who receive one of these solicitations should not send money or provide any personal or confidential information to these individuals without independent verification of authenticity.
 
The Alert says it is critical that CVC exchanges and other financial institutions identify and report suspicious transactions associated with this type of activity as quickly as possible. For example, a CVC or other financial account may receive a high volume of payments in a short period of time from previously unaffiliated accounts and/or multiple originating CVC addresses.
 
Source: FinCEN
CFPB Amendment to Regulation E - International Remittance Transfers (Effective 7/21/2020)
The CFPB amended Regulation E and the official interpretations to allow certain exceptions when using estimates instead of exact amounts for International Remittance Transfers. The previous exception was temporary and set to expire. The safe harbor threshold in the rule is also increasing from 100 to 500. If the credit union has provided 500 or fewer remittance transfers in the previous and current calendar year, they are provided a safe harbor and not considered a remittance transfer provider under the rules. 
 
Source: CFPB
CFPB issues annual Reg Z inflation adjustments
The CFPB has issued a  final rule  revising certain dollar amounts in Regulation Z, based on the annual percentage change reflected in the Consumer Price Index (CPI) in effect on June 1, 2020. These changes will not be effective until January 1, 2021.
 
Source: CFPB
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.