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Regulatory Compliance School Day 1: FOM rules, share insurance
Credit union professionals learned about NCUA supervisory exams, field-of-membership regulations, share insurance requirements and more Monday during the first day of NAFCU's Regulatory Compliance Schoolin Arlington, Va.
Monday's program began with a welcome address and an update on NAFCU by association President and CEO Dan Berger. Individual School sessions were led by NAFCU, NCUA and other industry experts.
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 Top: NCUA Director of Supervision Scott Neat discussed NCUA's supervisory exams during a session at NAFCU's Regulatory Compliance School yesterday. Bottom: NAFCU Vice President of Regulatory Compliance updated School attendees on special credit union issues during Monday's closing session. (NAFCU photos) |
NAFCU Regulatory Affairs Counsel Ann Kossachev presented on the legislative and regulatory process, provided an overview of the Federal Credit Union Act and discussed the regulatory duties of the NCUA and the CFPB. NCUA Director of Supervision Scott Neat updated attendees on the agency's supervisory priorities and its examination system, areas of risk evaluation and the CAMEL rating system.
Andy Keeney, partner at Kauffman & Canoles, P.C., spoke at length about the National Credit Union Share Insurance Fund, explaining federal share insurance for single and joint accounts and revocable trust accounts. NAFCU Regulatory Affairs Counsel Andrew Morris talked to attendees about federal credit union bylaws and the FOM rules, particularly as they affect community-charter credit unions and low-income credit unions.
NAFCU Vice President of Regulatory Compliance Brandy Bruyere spoke on special credit union issues, including statutory liens and services to nonmembers.
During the week, attendees will have the opportunity to complete the four exams required to attain a NAFCU Certified Compliance Officer (NCCO) designation. Those already designated as NCCOs can maintain their certification by attending all of the School courses to receive the available 24 continuing education credits (CEUs).
School runs through Friday at the Crystal Gateway Marriott. For updates, follow the #ComplianceSchoolhashtag on Twitter.