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ComplySight: FREE Recorded Webinars
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Recorded Webinars - Watch on Demand!
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League InfoSight Product Survey- NEW!!!
It's that time of year again!
In an effort to make sure League InfoSight products are effective and meeting your needs, we are conducting our annual survey! Please take a few minutes to answer this
2018 League InfoSight User Survey
so League InfoSight is better able to assist credit unions by prioritizing product development and determining what additional products and services would be most impactful based on your needs!
Please Note: This is a new survey, separate from the survey from two weeks ago. We value your input so please take a few minutes to complete this survey today!
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Compliance Connection Video- New!
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LCUL Distributes 2018 State Legislative Session Recap, New Laws Affecting Louisiana CUs
The Louisiana State Legislature was in session from March 12 through May 18, reconvening in three special sessions: the first from February 19 to March 5, the second from May 22 to June 4, and the third from June 18 to June 24. During the 2018 session, a number of bills passed that will impact financial institutions.
What does this mean for Louisiana credit unions? In the latest issue of LCUL's Pelican Politics, we collaborated with strategic partner Kudulis, Reisinger, and Price LLC (KRP) to provide a summary of those bills and the impact they will have on Louisiana credit unions.
These topics and more will be covered at LCUL's upcoming New Laws & Compliance Conference set for September 18-19 at L'Abuerge Baton Rouge.
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FCRA changes in S. 2155 (P.L. 115-174)
Q. Does S. 2155 (now Public Law 115-174) impose any additional FCRA obligations on credit unions?
A. The compliance obligations contained in the new law directly impact credit reporting agencies, not credit unions. However, credit unions as users of credit reports will experience changes in the way certain information is reported and/or restricted by credit bureaus.
Section 301:
- Requires credit bureaus to provide fraud alerts on consumer credit reports for at least one year (up from 90 days) when notified by an individual who believes he or she has been or may become a victim of fraud or identity theft; and
- Provides consumers the right to place (and remove) a security freeze on their credit reports free of charge (in the case of a minor, the parent or authorized representative may request the credit freeze).
Section 302:
- Mandates that certain medical debts incurred by a veteran be excluded from the veteran's credit report until one year has passed from when the medical service was provided (credit bureaus had already implemented a 6-month delay);
- Requires the removal of veterans' delinquent medical debts from credit reports once they are fully paid or settled;
- Establishes a dispute process and verification procedures for veterans' medical debts contained in consumer credit reports;
- Requires the Veterans Administration to establish a database within one year to allow consumer reporting agencies to verify whether a debt furnished to a consumer reporting agency is a veteran's medical debt subject to these new protections; and
- Requires free credit monitoring to active duty military members that would alert them to material changes in their credit scores.
Section 602
- Allows consumers to request information related to a default on a qualified private student loan be removed from a credit report if the borrower satisfies the requirements of the lender's loan rehabilitation program (as approved by the lender's regulator).
This is just a brief snapshot of these provisions - more details will follow in the coming days, weeks and months as the financial services industry and regulators work through all of the various changes.
Source: CUNA Compliance Blog
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Credit Unions begin using new rules "For Mobile Deposit Only"
New Federal Reserve Board rules that took effect July 1 now have many credit unions scrutinizing what's written on the back of checks they deposit, and credit unions that aren't doing so could face more indemnity claims, according to one compliance expert.
The new rules are part of the Federal Reserve Board's Regulation CC, which governs things such as check collection and funds availability, and they reflect the country's growing digitization of check collection processes.
Source: CU Times
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Upcoming Educational Events
August 8
August 9
August 15
August 16
August 22-23
August 30
September 18-19
For a complete listing of educational opportunities available from LCUL and to register, visit the
League website
and click on "Education"
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