Compliance Blog

Posted by Anthony Demangone

San Francisco was fantastic.  I learned a ton, which I will share with you.  But not today.  Today, please allow me to share a few items of interest for compliance peeps.  And a few general observations about San Francisco.

Changes at NCUA.   NCUA has a new, yet familiar, Associate General Counsel, Director of Operations - Hattie Ulan.  Hattie replaces Sheila Albin, who announced that she'll be retiring from NCUA at year's end.   This is important news for compliance peeps, as the position is fairly important.  

As OGC Division of Operations Director, Ulan is responsible for providing interpretations of the Federal Credit Union Act and NCUA Rules and Regulations to the agency and to outside parties; processing Freedom of Information Act requests; advising the Board and the agency on general legal matters; and drafting regulations designed to ensure the safety and soundness of credit unions as well as implement statutory requirements.

Hyland on Volunteers.  NCUA Boardmember Hyland spoke before a credit union director's conference on the challenges faced by credit union officials.  Read about it and access the presentation here.  (It is fairly close to the presentation she delivered at NAFCU's Annual Conference in Chicago.)  The presentation contains a ton of graphs and data on credit union trends.

Say what?  Senator Dodd (D-Conn.) indicated the the Dodd-Frank Reg Reform Act is just the beginning.  In all seriousness, he raises a good point.  The Act sets the stage, but the hard work of drafting regulations has yet to come.  Everyone, buckle up. 

Interchange.  Have doubts about how the 2-tier debit card interchange rates will work?  You're not alone.  The OCC has its doubts as well.

NCUA examiners.  Roughly 45 percent of NCUA's examiners have been at the agency for less than 2 years.  But NCUA indicates that it is working hard to bring all of them up to speed.  (CU Times.)

San Francisco.  I made the following observations during my trip:

• I think the laws of physics, or the general laws of the universe do not apply to San Francisco.  Every day I was there, the temperature never rose above 59 degrees.  It may just be a clever trick, forcing thousands of tourists to have to by cheap sweatshirts from vendors.  Washington, D.C. also sits along the water.  And it was 130 degrees today, with 110 percent humidity. 
• The hills of San Francisco are brutal.  It is a nice city to photograph, but a rather awful one for walking.  On at least three occasions, I saw people carrying folks up certain hills.  
• I'd like to say that the people of San Francisco are nice.  They may be, but I wouldn't know.  Everyone I heard talking sounded German, French, Spanish or English.  It was very strange.  Almost as strange as some of the sneakers worn by these European tourists.  
• Seriously, though, San Francisco is an American gem.  The architecture, diverse neighborhoods, fantastic food, and summer weather, that in no way resembles a scene from Dante's Inferno, make it a "must visit" city.  Now, if they could just do something about those hills...