Compliance Blog

Jun 30, 2008

NCUA Happenings

(Editor's note.  I originally had a long and happy post on things happening at NCUA.  Then the computer crashed, and the post was lost.  As was the 30 minutes I spent putting it together.  What follows is a shorter and crankier version.)

  • NCUA recently released two Letters Credit Unions. The first highlights a new enhancement to NCUA's website - the Fraud Information Center. (The letter doesn't contain a link, and the webpage is hard to find on NCUA's website. See, I said this would be cranky.) You can access the page here.  For credit union security guys and gals, this is a good resource.  The second letter to credit unions highlights a FinCEN report that touches upon mortgage fraud.  For credit unions that offer mortgages, this is a must read.  As I always tell folks, NCUA just doesn't issue these letters for the fun of it.  They expect that you'll read them.
  • We're going to have a new NCUA Chairman.  It never is clear how a new NCUA Board Member will affect NCUA's stance on regulations.  But remember, Board Member Hood voted against data collection due to fears of regulatory burden.  Only time will tell.
  • While I am aware that the House recently passed a bill that contains regulatory relief for credit unions, nothing will happen without the Senate's help.  Only time will tell.  If this gets closer, I'll take a closer look at what it contains.