Compliance Blog

NAFCU has a team of economists that publishes a monthly economics report, known as the Flash Report. In February, the report centered on compliance issues. There was some interesting stuff here:

• When asked how the current economic climate affected their credit unions’ compliance training budget, a vast majority of respondents stated that it stayed the same when compared to 2008. However, less than half of the respondents’ credit unions expect to spend more money on compliance in this environment of declining income and return on average assets.
• About two thirds of the respondents’ credit unions have a staff member who is dedicated full time to compliance issues, but only 1 out of 10 anticipate hiring more compliance staff over the next 12 months.
• Survey respondents considered Regulation Z and lending related compliance issues to be the biggest compliance issue in 2009 , followed by BSA and OFAC, information security and privacy, and vendor related compliance issues.

NAFCU members can access this Flash Report here. For any econ junkies out there, access NAFCU's Economics Trends/Analysis page here.

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Yesterday's Federal Register announced that NCUA is amending its rules of practice and procedure to adjust the maximum amount of each civil money penalty within its jurisdiction to account for inflation. This action, including the amount of the adjustment, is required under the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Debt Collection Improvement Act of 1996. Access the Federal Register notice here. This amends Part 747 of NCUA's rules and Regs, by the way. The new amounts? You'll find a nice chart at the top of the second page. I will say this: the amounts were not adjusted down.