Board of Directors
Become a NAFCU Member
NAFCU Employment Opportunities
Together we are strong. Join NAFCU now and get 1/2 off your 2015 membership dues.
Watch the Video
Legislative & Regulatory Issues
Annual Privacy Disclosure Notices
CFPB's Qualified Mortgage Definition
Credit Union Tax Exemption
Defense Credit Union Issues
Housing Finance Reform
Member Business Lending
Regulatory Comment Letters
Legislative Policy Letters
Beltway Buzz Enewsletter
The Regulatory Affair Enewsletter
Grassroots Action Center
Make an impact with your Senators and Representatives at NAFCU’s Congressional Caucus.
Regulation & Compliance
Contact the Compliance Team
Compliance Resources Search
CFPB Mortgage Rules Compliance
Monthly Compliance Enewsletter
Quarterly BSA Enewsletter
Book of Answers
Compliance GPS Manual
NAFCU Compliance Blog
Additional Compliance Resources
Compliance Certification Program
Become an NCCO
Purchase or Retake Exams
Maintaining Your NCCO
Submit Non-NAFCU Programs for Credits
NCCO Program Frequently Asked Questions (FAQs)
NCCO Compliance Support Package for State-Chartered CUs
Get critical credit union training at the new Risk Management Seminar in August.
Data & Research
Economic & Credit Union Industry Trends
CU Industry Trends Quarterly Report
Economic and CU Research Enewsletter
Macroeconomic Data Flash Reports
NAFCU Annual Report on Credit Unions
Credit Union Federal Tax Exemption Study
Participate in Credit Union Research Surveys
Measure Your CU Financial Performance
Credit Union Capital Management Tools
CU Data & Research Publications
Economic Data & Forecast Web Links
New Economic and CU Monitor Enewsletter reveals data on prepaid cards and 2015 outlook.
Education & Conferences
Strategic Growth Conference
Regulatory Compliance School
CEOs and Senior Executives Conference
Board of Directors and Supervisory Committee Conference
Annual Conference and Solutions Expo
Risk Management Seminar
Management and Leadership Institute
Regulatory Compliance Seminar
Online Training Center
Live and On-Demand Webcasts
Compliance Webcast & Online Training Subscription
Board of Directors and New Staff Online Training Subscription
Management and Leadership Series
Online Training Center All Access Pass
Certification & Training Certificates
NAFCU Certified Compliance Officer (NCCO) Program
Financial Literacy Training Certificate
BSA Training Certificate
Supervisory Committee Training Certificate
Credits for CPAs
Advertise & Exhibit
Save $200 on any conference with code HOLIDAY before Jan. 9!
About NAFCU Services
Preferred Partners A-Z
Growth and Retention
Financial and Insurance
Infrastructure and Operations
Training and Compliance
Live Webinar Schedule
NAFCU Services Blog
Become a Preferred Partner
Browse free educational resources for credit unions.
Visit the Partner Library
House panel split on Operation Choke Point
House panel split on Operation Choke Point
House Financial Services Subcommittee on Oversight and Investigations Chairman Patrick McHenry, R-N.C., led Tuesday's hearing on Operation Choke Point.
July 16, 2014 – During a House subcommittee hearing Tuesday on the Justice Department’s Operation Choke Point initiative, government agency officials said they are not forcing financial institutions to cut off accounts for riskier businesses but are warning them of the entities’ possible fraudulent activities.
Subcommittee members were divided largely along party lines in their expressed views of the program.
The hearing, held by the House Financial Services Subcommittee on Oversight and Investigations, included witnesses from the Justice Department, Federal Reserve Board, FDIC and Office of the Comptroller of the Currency. The hearing reviewed the Operation Choke Point initiative, which was launched in an effort to fight consumer fraud by denying fraudulent businesses access to banking services and holding financial institutions and third-party processors accountable if they continue to serve a client operating in a fraudulent manner.
Subcommittee Chairman Patrick McHenry, R-N.C., accused witnesses of circulating a “government hit list” of legal businesses they deem to be “high-risk” to target. Reps. Stephen Fincher, R-Tenn., and Sean Duffy, R-Wis., were also skeptical of the initiative.
Democrats, meanwhile, were generally supportive of the program, with the panel’s ranking member, Rep. Maxine Waters, D-Calif., declaring the hearing to be a complete waste of time. She thanked the agencies for doing their job and urged them to be as aggressive as they can possibly be.
Justice Department Assistant Attorney General Stuart Delery defended the initiative and said investigations are based on evidence that consumers are being defrauded and the program is not in place to target whole industries or businesses that act lawfully. FDIC and other federal agency witnesses gave similar testimony.
The House Judiciary Subcommittee on Regulatory Reform, Commercial and Antitrust Law will also hold a hearing on the legal authority of the initiative on Thursday.
BSA Blast on sanction violations abroad
Royce: What steps can Congress take on RBC?