Compliance Blog

Aug 11, 2011
Categories: Board and Governance

Letter to Credit Unions on Debt Downgrade; Still Learning

Written by Steve Van Beek

NCUA issued a Letter to Credit Unions yesterday on how the debt downgrade could impact NCUA, credit unions and members.  The Letter can be found here.

The LCU discusses the follow issues:

  • Credit Union Investments;
  • NCUA Guaranteed Notes;
  • Corporate Credit Union Liquidity Guarantee Program;
  • Money Market Funds;
  • Consumer Confidence; and
  • Communications with Members.

The full Letter to Credit Unions is here.  The previous guidance from last Friday is here.  Additional details can also be found in the NAFCU Today.

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I had a wonderful compliance officer quiz me on the number of days until the wedding.  Failed again.  Luckily, I have a trip to Ohio (Wooster) this weekend.  I have a feeling by the end of the trip I will have a much better internal countdown clock.  Currently:  72 days and counting.