Compliance Blog

Posted by Anthony Demangone

Here are a few items that I wanted to share.

• NAFCU's senior management team and board of directors just visited the Federal Reserve.  For our annual visit, we always prepare our "Fed Report," which you can download here.  For those who write articles, board reports, or other industry-related items, the report provides a nice overview of the credit union industry. 
• Here's an interesting piece (Governance and Strategic Planning Blog) on the Audit/Supervisory Committee's possible role concerning credit union policies. 
• The FTC has released these gift card buying tips. If your credit union has a blog, Twitter feed or Facebook page, this might be something nice to share.
• Now that most credit card issuers must submit their agreements to Fed, we can expect more articles and blog postings like this one from Felix Salmon.  The article links to two lists - the 10 most difficult to read credit card agreements, and the 10 wordiest credit card agreements.  Credit unions are on both lists. I'd check to see if your shop is on either list. 
• In the midst of the current recession, it seems that financial illiteracy/indifference may be increasing. (Walletpop.com)  I'm all for financial literacy, but sometimes I wonder how useful all the efforts are to force financial literacy down the throats of consumers.  It seems to me that when someone is interested in their finances, there's more than enough information available to answer their questions.
• It seems the GOP will hold the CFPB's feet to the fire. (WSJ.com)  As much as they can, anyway. 
• NCUA recently issued the latest batch of its Prohibition orders.  If anyone out there thinks insider fraud isn't a problem, they should take a look at these orders.  One involves an order for restitution for more than $2 million.