Compliance Blog

Operations Nov 29, 2007

Sarbanes-Oxley and Credit Unions

Many people believe that the Sarbanes-Oxley Act of 2002 only applies to publicly-traded companies.  This is not exactly true. 

Two provisions clearly apply to non-profits.  Those would be Section 802 (document destruction) and Section 1107 (whistle-blower protections).   Here's an ABA article (not that ABA) that provides a nice overview of the issue.

Finally, NCUA's only real guidance concerning SOX and federal credit unions is Letter to Federal Credit Unions 03-FCU-07.  The guidance does not discuss the two provisions noted above, however.

It is probably worth noting that NCUA already has a whistle-blowing provision that protects credit union employees when they share information with NCUA.  Here is that provision.

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