September 20, 2018
In This Issue
Lagniappe Listserv
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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
Recorded Webinars - Watch on Demand!

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

Get immediate access to ComplySight with a 30-day, risk-free trial! Use prmo code: FREETRIAL810
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. 

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!
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.
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
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