Compliance Blog

Here are a few tid-bits from Thursday at NAFCU's Annual Conference.

Chairman Matz. NCUA chairman Debbie Matz spoke to attendees on Thursday.  She took the opportunity to indicate that NCUA will look closely at credit unions with indirect lending, member business lending and loan participations.  She underscored that credit unions with these programs must conduct adequate due diligence, even if the other institution involved in the transaction is a CUSO or credit union.  She also said that if NCUA makes a finding during an exam, examiners will follow up to make sure that proper progress is being made.  If not, NCUA will consider LUAs or even a cease and desist order.  

BSA.  I gave a BSA presentation in the afternoon designed for volunteers.  Are credit unions officials taking BSA seriously?  It seems so.  More than 175 credit union officials attended.

The Buzz.  Many, many conversations centered on the size of NCUA's upcoming assessment, risk management, the ever-growing regulatory burden, and current corporate credit union situation. 

Three to four?  I had dinner at a famous Chicago pizzeria - Giordano's.   Three of us ordered a pizza that was listed as serving three to four people.  When we threw in the towel, nearly half the pizza remained.  

Time is a wee bit short this evening, so I'll try to write more next week on what took place in Chicago.  For now, this will have to suffice.  Have a wonderful weekend, everyone.