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
.
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Updates to the Compliance Calendar have been made and now reflect dates into 2020. As other global compliance-related changes are made, the calendar will be updated accordingly.
Please be sure
your calendar
has been updated to reflect these changes.
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Compliance Connection Video - NEW VIDEO
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In this video
, League InfoSight CEO Glory LeDu talks about the highlights from the 4
th
Quarter of 2018 and the 1
st
Quarter of 2019.
When S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, passed in 2018 there was a lot to understand. Glory LeDu, League InfoSight CEO, provides
Part 1 in this short video
to break it down for you.
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Federally Non-Compliant State IDs and MIP
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As a result of the REAL ID Act, some states are issuing identification cards that note across the top, for example, "not effective for federal purposes" or "not acceptable for identification purposes." Are these cards acceptable for purposes of your credit union’s Member Identification Programs (MIP)?
According to FinCEN, that is going to depend on whether the credit union has included the acceptance of these IDs in its written MIP program. Credit unions may determine, by written policy, the type of IDs it will, or will not, accept based upon the credit union's risk.
The REAL ID Act, passed by Congress in 2005, enacted the 9/11 Commission's recommendation that the Federal Government "set standards for the issuance of sources of identification, such as driver's licenses." The Act established minimum security standards for license issuance and prohibits Federal agencies from accepting non-compliant state issued identification cards for certain purposes. The purposes covered by the Act are: accessing Federal facilities, entering nuclear power plants, and boarding federally regulated commercial aircraft. Since the list of purposes does not include the Bank Secrecy Act compliance programs, you are not prohibited from accepting these identification cards.
Source: CUNA
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NCUA Regulation and Supervision Links
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Social Security Administration Seeks Comments on Rep Payee Program
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The Social Security Administration has published a
request for comments
on the appropriateness of its order of preference lists for selecting representative payees (payees) and the effectiveness of its policy and operational procedures in determining when to change a payee. SSA is seeking this information to determine whether and how it should make any changes to its representative payee program to help ensure that it selects suitable payees for its beneficiaries. Comments are requested by January28, 2019.
Source: Social Security Administration
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Keeping up with CUNA Advocacy
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The CUNA Advocacy Update is published at the beginning of every week and keeps you on top of the most important changes in Washington for credit unions--and what CUNA is doing to monitor, analyze, and influence government agencies and federal law. To receive this update, click on “Get CUNA Updates” on the
CUNA Advocacy page. Additional Advocacy efforts may also be found under
CUNA’s Removing Barriers blog. With the recent updates to CUNA’s website, Advocacy information has also changed. To view recent advocacy issues and see ways your credit union can become involved, visit the
Priorities or
Actions pages.
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Weekly Regulatory Advocacy Report
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The Weekly Advocacy Report provides links to information about a number of recent League, CUNA and NCUA regulatory and advocacy activities.
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Upcoming Education Sessions
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The League has several education sessions coming up. Several focus on compliance issues. They are listed in calendar format on the League website.
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League Consulting Department Staff
(800) 285-5300
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There's more available from InfoSight
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InfoSight content is available from the
League's website
. Visit 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.
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