Compliance Blog

Oct 26, 2007

NCUA Board Meeting

NCUA issued three final rules during its  meeting yesterday.

  1. Incorporation of NCUA's Bylaws into NCUA regulations;
  2. The FACT Act's Identity Theft Red Flags and Address Discrepancies Final Rule; and
  3. The FACT Act's Affiliate Marketing Rule

Here's a nice, short synopsis of the Board's actions.  NAFCU is working on Regulatory Finals for these rules.  We'll have those available for our members in a few weeks.  (Note, we generally wait for final rules to be published in the Federal Register before issuing alerts, and we expect publication in the Federal Register in a week to 10 days.)


With all of these final rules, the Compliance Guy thought that he'd talk about the beauty of the "preamble."  When an agency issues a proposed or final regulation, they do more than just issue the new regulatory text.  They give a summary, background information, and lengthy discussions about their proposal or final rule.  While it may be tempting to skip to the end of a final rule to read the new regulatory language, there are countless gems to be found in the text of the stuff I mentioned above.  (Which I call the preamble.)  Happy reading!


Have a great weekend.  If he can get his chores done, the Compliance Guy will be watching this and this.  Be safe.