Compliance Update with Amy K
by Amy Kleinschmit
Chief Compliance Officer

LIBOR Webinar. The Federal Financial Institutions Examination Council (FFIEC) is hosting a webinar on Dec. 6 at 12 p.m. CT to discuss possible future alternatives to the London Interbank Offered Rate, or LIBOR, because of the uncertainty as to its continued availability after 2021.

The one-hour webinar will provide participants with background information on LIBOR and recent developments in the market, including initiatives of the Alternative Reference Rates Committee (ARRC). The agencies, including NCUA, will also answer questions submitted by participants.

This webinar and other communication activities are part of a broader FFIEC initiative that will inform supervised financial institutions and examiners about the potential transition from LIBOR, including the effect on institutions and financial products. Staff from FFIEC member agencies will supplement information produced by the ARRC to clarify and highlight potential impacts to supervised financial institutions and to answer questions about the potential transition from LIBOR to an alternative reference rate.

Credit unions should be aware of possible alternative rates that will be used as benchmarks in the future and how to prepare for that possibility. To register, please visit the industry outreach registration website.

NCUA Letter to Credit Unions. The National Credit Union Administration (NCUA) recently issued Letter to Credit Unions 18-CU-05 which can be found here. This letter encourages federally insured credit union to conduct and submit the annual Voluntary Credit Union Diversity Self-Assessment before the end of the year. The letter includes links to updated self-assessment form, instructions and other useful diversity-related tools and resources. As noted in the Letter, “this voluntary collection is not part of the NCUA or state regulatory examination process and has no impact on CAMEL ratings.”

CFPB Updates Guides. The Consumer Financial Protection Bureau (CFPB) recently announced that updated guides for its Loan Originator Rule and HOEPA Rule are now available. These updates reflect amendments made by Section 107 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. Find these updated guides, and others, here.

As a note, the CFPB also updated their Compliance and Guidance webpage to streamline access. Find more compliance fun here.

Webinar – Understanding the Dark Web. The IRS will be hosting a free webinar during Tax Security Awareness Week on Understanding the Dark Web. This 100-minute free webinar will take place on Monday, December 3, 2018, at 1:00 p.m. CT.  

Understand the Dark Web and how it is used as a repository for stolen identities, credit data, tax information, banking/financial information, and more. During this webinar IRS Criminal Investigators will provide an overview of the Dark Web and answer questions that will help you recognize the risks and use by cyber criminals. A live Q & A is included.

Register for the webinar here, and you can find this event archived on about three weeks after it airs.


As always, CUAD members may contact Amy Kleinschmit with any compliance related questions. 



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