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Email the Lagniappe Listserv at:
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o get input on compliance related issues, share best practices, or share policies, procedures and the latest in fraud awareness.
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ComplySight: FREE Recorded Webinars
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Recorded Webinars - Watch on Demand!
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Do you know someone in Marketing? Let them know about the upcoming Marketing & Business Development Conference!
Membership growth, brand awareness, and increased product sales are among the paramount goals of both your marketing and business development teams. How do you make that happen? Join us at the 2018 Marketing and Business Development Workshop at the Golden Nugget Lake Charles to discover keys and tips to help you advance and succeed in both of these areas. This year we spend one full day focused on marketing concepts and one full day on the advanced sales techniques behind business development. Come for the full 2-day workshop OR choose the day that best suits your training needs.
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InfoSight highlight- Safekeeping Rules
Safekeeping requirements are governed by the criteria contained in Part 703.9 of the NCUA Rules and Regulations. Additional guidance is contained in Letter to Credit Union, Number 29, April 17, 1979.
The following summarizes these requirements. The credit union must:
- Retain its investments and repurchase collateral using one of the following methods
- Retained in its possession;
- Recorded as owned by the Federal credit union through the Federal Reserve Book-Entry System; or
- Held by a board-approved safekeeper, under a written custodial agreement.
- Obtain an individual confirmation statement for each investment purchased or sold.
- Use only a safekeeper that is regulated by the SEC, a state or federal depository institution regulatory agency or a state trust company regulatory agency.
More information is found on
this channel in InfoSight, so make sure you're in compliance today!
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Compliance Connection Video
Are you sure you're in compliance with the FinCEN requirements that were effective in May? You may want to take another look at the
FinCEN Customer Due Diligence video from League InfoSight's CEO Glory LeDu to be sure!
Just a reminder that Compliance videos since 2016 can be found on YouTube at
the Compliance Connection channel
, where they are generally updated quarterly.
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FinCEN grants permanent exceptive relief from Benefiaicl Ownership Rule
FinCEN issued a
ruling [
FIN-2018-R003
] on
Friday granting permanent exceptive relief from Beneficial Ownership requirements for legal entity customers for certain account rollovers, renewals, modifications and extensions. The permanent relief, issued hours before a previous temporary exceptive ruling was due to expire, broadened somewhat the scope of relief provided by the temporary ruling, but maintains strict definitional limits on which accounts are affected. Financial institutions will continue to be required to identify and verify the identity of beneficial owners of legal entity customers at the initial account opening of all accounts (including those affected by the exceptive relief) occurring on or after May 11, 2018.
The exceptive relief applies to:
- A rollover of a certificate of deposit that does not allow additional deposits during its term;
- A renewal, modification, or extension of a loan (e.g., setting a later payoff date) that does not require underwriting review and approval;
- A renewal, modification, or extension of a commercial line of credit or credit card account (e.g., a later payoff date is set) that does not require underwriting review and approval; and
- A renewal of a safe deposit box rental.
Source: FinCEN
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Federal Reserve Board approves final amendments to liability provisions of Regulation CC
Earlier this week, the Federal Reserve Board
approved final amendments to the liability provisions of Regulation CC
, which governs availability of funds and collection of checks. These amendments continue the Board's efforts to update Regulation CC to reflect the evolution of the nation's check collection system from one that is largely paper-based to one that is virtually all electronic.
In today's check collection environment, original paper checks may be unavailable for inspection in certain disputes between banks. When the original check is not available, the final amendments update Regulation CC to include a presumption that a substitute or electronic check was altered in certain cases of doubt. The presumption applies only to disputes between banks and only when one bank has transferred an electronic or substitute check to the other bank. As with existing rules under Regulation CC, the parties may, by mutual agreement, vary the effect of the amendments' provisions.
In addition, the final amendments clarify that the presumption does not apply if it is contrary to another federal statute or regulation, such as the U.S. Department of the Treasury's rules regarding U.S. Treasury checks.
The amendments become effective January 1, 2019.
Source: Federal Reserve
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Upcoming Educational Events
September 25
September 25
September 27
October 10-11
November 13
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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