How Bad Could It Be...?
Believe it or not, we often get questions from credit unions who don't want to know how to do something. They realize that they made a compliance boo-boo, and they want to know how hard NCUA might hammer them.  Senior management might have the same question after they realize a compliance mistake has occurred.
I won't get into the gory details. But here are two compliance resources that will come in handy.
First, many compliance gurus have yet to review a very important regulation - Part 747 of NCUA's Regulations. Here's a link to that reg. This regulation governs NCUA administrative actions, adjudicative hearings, and NCUA investigations. And civil money penalties? Check out 12 C.F.R Part 747.1001.Â
In addition, a chapter of NCUA's Examiner's Guide is devoted to NCUA administrative actions. Access it here. This chapter does a better job of explaining NCUA's administrative options in...well, English.Â
Hopefully, you won't need this information any time soon. But if something happens, it is good to know where you stand.