Compliance

CHICAGO – There is greater concern about what’s to come, than what’s already known about the financial reform bill signed yesterday by the president. Credit union CEOs attending NAFCU’s 43rd Annual Conference said already burdensome regulatory and compliance demands will become overwhelming in the next few years.

OMAHA, Neb.-To free the compliance officer from staff questions and to improve compliance knowledge throughout the credit union, one CU has placed all of its compliance knowledge online.

LAS VEGAS-Regulation of credit unions is a "work in progress," but Alan Cameron said the real downside is compliance takes away from the focus of serving members.

ORLANDO, Fla.-Credit unions must be definitive when making loan modifications or debt restructuring and have clear evidence to back up their decisions, according to state regulators.

ORLANDO, Fla.-Regulators in this state, hit hard by the economic downturn, are pledging to work with credit unions to sustain recoveries, but also noting certain red flags simply must be addressed.

MINNEAPOLIS-One analyst is offering some strategies for dealing with the increased regulatory burden every credit union is facing, along with words of caution on compliance risks many may overlook.

Senate leaders last week put off a final vote on the credit union-opposed bank reform bill after the death of Democratic icon Robert Byrd of West Virginia, jeopardizing passage, even as the House was voting final passage of the measure.

PITTSBURGH-According to some small credit unions, there is a disconnect between the direction NCUA is providing examiners on evaluating small CUs and what field staff are actually doing.

SHREVEPORT, La.-To help address risk, BAFS has hired a Seattle firm experienced with business lending to train all of the seven credit unions' MBL committee members, 35 in total.

MADISON, Wis.-Anticipating credit unions will need help in the latter-half of 2010 with managing capital and earnings challenges, CUNA Mutual Group plans to expand its virtual model to bolster education.

ARLINGTON, Va.-Credit unions have been facing longer and more rigorous examinations over the last year, according to a recent NAFCU survey.

NORWALK, Conn.-The Financial Accounting Standards Board last week proposed rules that would extend market value accounting to a new set of holdings, including loans.

CINCINNATI-Despite all the concern over Reg. E, one consultant claims there are ways to make the overdraft controversy irrelevant.

MADISON, Wis.-Credit unions will have to alter their multi-feature, open-end lending plans with a July 1 Regulation Z compliance deadline looming.

SAN ANTONIO-Air Force FCU has agreed to divest itself of loans and deposits associated with members that were added to the credit union's rolls in contravention of its field of membership.

MADISON, Wis.-Consumer protection regulation likely to be passed by Congress will not have a major impact on credit unions if such policies implemented in other countries are good guides.

WASHINGTON-In its comment letter to NCUA on proposed changes to the field of membership rules, CUNA pressed for additional leeway for applications involving multiple political jurisdictions and rural districts.

ALEXANDRIA, Va.-NCUA's proposal on community chartering and field of membership is too restrictive and limits credit unions' ability to grow, contend a number of CU executives and NAFCU, who oppose components of the proposed rules.

WASHINGTON – A top Treasury official tried yesterday to dissuade credit unions from their opposition to the Obama administration’s proposal for a consumer financial protection agency, saying heavily regulated credit unions and banks ought to benefit by the proposed agency because it would put them on equal competitive grounds with non-banks and other lightly regulated financial services providers.