National Credit Union Administration (NCUA) 

Register Now for April 4 Liquidity Risk Management Webinar 

The NCUA will host a webinar on April 4 on liquidity risk management. The webinar is scheduled to begin at 2 p.m. Eastern and run approximately 60 minutes. On January 17, 2024, the NCUA released an advisory to credit unions on the importance of having a strong liquidity management framework given the growing levels of liquidity stress over the last few quarters. This webinar will discuss the key principles highlighted in that advisory, including: 

• Managing and forecasting cash flows under normal operating and stressed conditions. 

• Controlling asset composition such as lending quality and volume, including pricing, limits for lending personnel and loan types, and originating loans eligible for future sale. 

• Structuring liabilities to be congruent with asset growth. 

• Developing governance and monitoring structures suitable for the credit union’s size, complexity, and financial condition. 

• Maintaining diversified liquidity sources that can be accessed in various situations. This funding diversity includes having access to at least one contingent federal liquidity source, like the Federal Reserve’s Discount Window or the Central Liquidity Facility. 

Register Now for “Money Moves to Build Savings and Financial Capability” Webinar on April 11 

The NCUA will host a webinar on April 11 to share information about building financial capability. 

With speakers from America Saves and Bank On, Money Moves to Build Savings and Financial Capability will explore the importance of saving and having safe, fair, and affordable accounts for all. The webinar will discuss the essential elements of financial capability: having a low- or no-cost credit union account, saving for emergencies, and knowing where to go for unbiased financial education. Attendees will also receive tips and resources that help consumers develop healthy savings habits along with tools to support credit unions’ financial literacy and savings programs. 

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Consumer Financial Protection Bureau (CFPB) 

CFPB Blog: ASC Hearing Addresses Appraisal Bias, Highlights Deficiencies with The Appraisal Foundation 

The CFPB recently issued a blog post raising concerns about the Appraisal Foundation with the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council. The Appraisal Foundation, sets qualifications for becoming an appraiser and standards for conducting appraisals. Recent developments, including shifting explanations and deficient policies around conflicts of interest, have raised troubling questions about whether The Appraisal Foundation can realistically address challenges including appraisal bias. 

League InfoSight Highlight: What Can You Find in InfoSight? 

Consolidated Compliance Information 

Research compliance information from 13 operational areas! Learn what the compliance issue is, how it affects credit unions, and what your credit union needs to do about it. Easily view (and print) all information. 

State Compliance Content
State-specific content for 30+ topics is available for all 50 states! State content is clearly labeled so it’s easier than ever to understand how state laws and regulations may impact your credit union. 

Interactive Dashboard
Customize the “Topics of Interest” and “Recently Updated” areas to quickly access topics and review updates for the compliance topics that are important to you. Pick up where you left off with the “Recently Visited” listing! 

FAQs and Checklists
More than 70 checklists are available for various compliance topics, which credit unions can use to see if a regulation affects them. Frequently Asked Questions (FAQs) provide useful answers to common questions on various topics. FAQs are part of a searchable database to make finding answers easy! 

Compliance Calendar
Stay on top of upcoming effective dates and compliance due dates with our Compliance Calendar! The calendar is available right from the dashboard, so you have a front-row view of what’s coming up. 

Compliance Videos
InfoSight's compliance videos provide condensed overviews of timely regulatory topics that can help your credit union and board of directors stay informed and understand compliance changes.  

It’s Free!
Don’t forget that InfoSight is provided as a FREE resource from your league/association! If you haven’t been taking advantage of InfoSight, now is the time! Click here to find your state's InfoSight link. 

Mary Ann Koelzer,
Senior Technology Products Manager, League InfoSight 

Whether you are a federal or state-chartered credit union, there are state laws that impact your operations. The most efficient and quickest way to find those laws is through InfoSight. This member benefit provides you with access to applicable state content for all 50 states, without you needing to search through tons of random online sources. Stop wasting time trying to research when InfoSight has aggregated all the information your credit union needs to stay compliant in an ever-changing and evolving federal and state environment. 

Agencies Take Temporary Action on Appraisal Requirements in Area Affected by Hawaii Wildfires 

FTC Convenes Advisory Group to Fight Scams Against Older Adults 

FTC Implements New Protections for Businesses Against Telemarketing Fraud and Affirms Protections Against AI-enabled Scam Calls 

Trade Groups Sue CFPB to Stop Credit Card Late Fees Rule 

State UDAAP Developments 

Did You Get a Call or Text About a Suspicious Purchase on Amazon? It’s a Scam 

What to Know Before You Click on a “Free” Computer Security Scan 

Paycheck Protection Program Lender Pays the Price for Lying About Loan Processing Times 

New Tech Support Scammers Want Your Life Savings 

Mar 22, 2024: Last day to submit IRS ERC Voluntary Disclosure Program 

Mar 25, 2024: CFPB Proposed Rule on NSF (Declined Transaction) Fees 

Apr 1, 2024:  Comments Due CFPB Overdraft Rule 

Apr 4, 2024: NCUA Liquidity Risk Management Webinar 

Apr 11, 2024:  NCUA “Money Moves to Build Savings and Financial Capability” Webinar 

Apr. 30, 2024: 5300 Call Report Due 

May 12, 2024: FRB Interchange Fee Proposal Comments Due 

May 27, 2024: Memorial Day – Federal Holiday 

Our credit union has determined that we will not bank marijuana related businesses. However, we have members of other credit unions that try to deposit funds to their marijuana related business through the Shared Branching Network. What should we do? 

This would be a credit union decision. Since you have made the decision not to bank marijuana related businesses, you would most likely not want to accept the deposits for another credit union through shared branching. The reason for this is because your credit union hasn't performed any of the due diligence on the account, so you cannot guarantee that the business is not violating and of the items in the Cole Memo or FinCEN guidance. 

If the credit union does accept the deposit, you should file a SAR. This would not be a marijuana limited SAR since you don't have any of the due diligence documents-- it would be a normal SAR filing. 

Additionally, you should see if your Shared Branching contract addresses this. The marijuana related businesses may be prohibited from depositing funds via Shared Branching (some credit unions prohibit it through their contract with the marijuana related business). 

For your individualized login, select your state below. 

If you have questions about this communication, contact us at 800.546.4465, or via our shared email inbox at compliance@gowest.org.

Have a great week!

Your GoWest Compliance Team, 

Copyright © 2023 GoWest Credit Union Association. All Rights Reserved.

Mailing Address:
GoWest Credit Union Association, 18000 International Blvd, Ste. 1102, SeaTac, WA 98188, United States
1.800.995.9064

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