January 8, 2018
In This Issue
Lagniappe Listserv
Have a question for your peers?

Email the Lagniappe Listserv at  louisiana-cu-compliance@googlegroups.com  t o get input on compliance related issues, share best practices, or share policies, procedures and the latest in fraud awareness.   
ComplySight: FREE Recorded Webinars
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ComplySight training webinars are available at any time, and registration is not required. 

NEW! Complaint Management System

 

Overview (3 minutes) 

Setting up Users (3 minutes) 

Creating a Complaint (9 minutes)

Managing Complaints (5 minutes)  

Managing Sub Categories, Member/Non-Members, and Branches (7 minutes)

Reports (2 minutes) 


 

New User Training and Tips

 

Introduction to ComplySight

Training & Tips - Where to Start? 

Training & Tips - Exporting 

Training & Tips - Reg Alerts, Etc. 

Training & Tips - Reports
 

Overview of ComplySight Enhancements and Features

 

Factor Grading Screen and Factor Grade Reports 

Factor Selection Navigation Screens 

Access Level 2.5 and How to Use It

 
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2018 Compliance School: Register Today! 

Make plans to join us in Monroe on Feb 21st and 22nd for Compliance School 2018.  Whether you need updates on operations compliance issues, want to know the changes in lending compliance or BOTH...we've got you covered. 

Click here for more information and to register
InfoSight Highlight: IRS Form 1098 

Credit unions (i.e., "interest recipients"/lenders) who receive mortgage interest payments of $600 or more during a calendar year, must report those interest payments to both the member (i.e., payer of record making those payments) and to the IRS on "Form 1098, Mortgage Interest Statement."

In 1994, the IRS issued a final regulation on reporting prepaid interest in the form of points paid on residential mortgages. Although this regulation took effect December 8, 1994, the reporting requirements do not apply to points received before January 1, 1995.
The IRS compares the 1098 provided by the credit union with the mortgage interest payments claimed as deductions on the member's income tax return.

What is a mortgage?
For purposes of this reporting requirement, a mortgage is defined as an obligation (e.g., a loan) secured (all or in part) by real property. It is the credit union's responsibility, as the interest recipient, to make the determination as to what a mortgage is. Note that real property includes a manufactured home, including certain mobile homes.

How do multiple mortgages effect credit unions?
The credit union must file a separate 1098 for each mortgage on which it received interest of $600 or more during a calendar year. If the credit union receives less than $600 of interest on a mortgage then no reporting is required.

What are mortgage interest payments?
According to Form 1098, the term mortgage interest includes "interest on any obligation secured by real property, including a home equity, line of credit, or credit card loan."

Delay of Prepaid Accounts Rule likely    

The CFPB has issued a  statement on its Prepaid Accounts Rule , indicating that it "expects to issue a final rule amending certain aspects of its 2016 rule governing prepaid accounts soon after the new year. As part of that process, the Bureau expects, based on its review of the comments received, to further extend the effective date of the 2016 rule to allow additional time for implementation of the final rule. The Bureau proposed making changes to the prepaid rule in June; the comment period on the proposal ended in August."
NCUA issues Letter to Credit Unions regarding examination priorities  
 
In case you missed it, the NCUA recently issued a Letter to Credit Unions highlighting the agency's areas of examination focus for 2018:  cybersecurity, bank secrecy (customer due diligence), internal controls and fraud prevention, interest rate and liquidity risk, auto lending, commercial lending, consumer compliance (HMDA, MLA, and overdraft policies).  

 
Source:  NCUA
Compliance Calendar

March, 2018
Upcoming Educational Events

January 14-15
 
January 18
 
January 24
 
January 24-25
 
January 30
 
February 6
 
February 8
 
February 14
 
February 21-22
 
For a complete listing of educational opportunities available from LCUL and to register, visit the League website and click on "Education"