Compliance Blog

Mar 15, 2010
Categories: BSA Consumer Lending

Dodd on Reform; NCUA Board Meeting; FinCEN Mortgage Fraud Update

Posted by Anthony Demangone


Today, Senator Dodd (D-Conn.) will release a draft financial industry regulatory reform bill. Here's a link to a NAFCU Today article that discusses this a bit.  NAFCU, of course, had been monitoring the development and we'll review Senator Dodd's bill closely today once it is out.  Any reg reform bill has the potential to negatively affect credit unions.  Its passage, though is no "slam dunk."  So, be on the look-out for his bill, and stay tuned for additional details.

***
NCUA has released the agenda for its March Board meeting. 
  • Proposed Rule – Parts 701, 723 and 742 of NCUA’s Rules and Regulations, Regulatory Flexibility Program.
  • Proposed Rule – Parts 701, 708a and 708b of NCUA’s Rules and Regulations, Fiduciary Duties at Federal Credit Unions; Mergers and Conversions of Insured Credit Unions.
  • NCUA Strategic Plan 2010-2015 for 60-day Public Comment.
  • Insurance Fund Report.
  ***
FinCEN issues a mortgage loan fraud update, centering on foreclosure rescue scam techniques. It analyzes SAR reports concerning foreclosure scams.  The info might be useful to review if your credit union does mortgage lending, as such scams could affect your members.Â