This and That...
Posted by Anthony Demangone
Happy Friday and Happy October, everyone. My inbox is overflowing, so here are some compliance tid -bits for your general consumption.
Investment due diligence. Â NCUA has issued Letter to Credit Union 10-CU-18Â to clarify its expectations regarding due diligence efforts with credit union investments. The guidance stresses the importance of due diligence, and provides seven areas of issues that credit unions should clarify before purchasing an investment.Â
Overdraft protection. Here's an interesting blog post (Bank Lawyer's Blog) on how the financial industry may have overblown the effects of Regulation E's restrictions on overdraft protection programs.
Prohibition orders.  NCUA has issued its latest batch of prohibition orders.   As I've said many times, these orders are a nice way to remind folks at your credit union that people will try to rip you off from the inside.
RESPA. Â HUD has issued volume two of its RESPA roundup. It is a short, two-page document. Â Be sure to pass it along to your resident RESPA expert.Â
Corporate stabilization.  NCUA has produced a 4th presentation in its corporate stabilization series. This presentation details NCUA's corporate resolution strategy.
MDIA. Â NAFCU members: our Regulatory Alert on the Fed's Interim Final Rule implementing the MDIA is now available. (Member log-in needed.)