June 7, 2018
In This Issue
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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
InfoSight Highlight: Advertising!

Did you see the recent changes to the advertising requirements for use of the official NCUA sign/slogan? If you didn't, these changes become effective on May 25, 2018 and provide regulatory relief to federally insured credit unions, allowing an additional option for the official advertising statement.  Credit unions advertising their accounts, now have the option of using "Insured by NCUA."

In addition to that new alternative, there was also an amendment to the exemption on the use of the official statement for radio and television advertisements, which is now not necessary for those advertisements less than 30 seconds as opposed to the previous 15 seconds.
Additionally, there is no longer a requirement to have the NCUA logo or official statement on the first page of your annual report, or statements of condition required to be published by law.

Check out these changes and helpful FAQs on the Advertising channel!
S. 2155 becomes law...key provisions and effective dates for compliance

Last week's passage of S. 2155 was a huge victory for credit unions!  This landmark regulatory relief bill benefits credit unions in a variety of ways, from increasing the MBL cap by removing 1-to-4 family non-owner occupied residential property from the cap, to rolling back the onerous HMDA data points imposed by Dodd-Frank.  Here at CUNA Compliance, the questions about S. 2155 have been rolling in at a steady pace, so we have compiled a summary chart of the provisions most likely to affect credit unions, and when they become effective.  Note that these summaries are provided by the Senate Banking Committee and the full version is available here.

Note that the effective date field is blank for the majority of the provisions.  This means that the Act was silent and did not specify an effective date for that particular provision.   This usually means that the provision is effective upon the date of enactment (which was 5/24/2018).  However, from a compliance standpoint it is not always that simple, as the agency regulation could not contain conflicting information that will need to be revised.  We hope that the agencies will work with the industry in facilitating compliance with the Act as quickly as possible and provide us with guidance in the interim.  

Source:  CUNA Compliance Blog
NCUA seeks expansion of payday lending alternatives  

Federal credit union members could have more options for short-term, small-dollar borrowing under a rule proposed by the National Credit Union Administration Board. The  proposed rule would create one new product in addition to the  current payday loan alternative  that has been available to federally chartered credit unions since 2010. The Board also is requesting credit union stakeholders to comment on a possible third option. 

Click here for the proposed rule published 6/4/18 with 60-day comment period ending 8/3/18.

Source:  Federal Register
Compliance Calendar

July, 2018

July 1st: Regulation CC Amendments - Availability of Funds and Collection of Checks

April, 2019

April 1st:  

Prepaid Accounts under the Electronic Fund Transfer Act/Regulation E and the Truth In Lending Act/Regulation Z (Date Extended)