Compliance Blog

Posted by Anthony Demangone

I hope everyone had a great weekend.  Now, let's roll up our sleeves and get to work!

Accounting.  NCUA recently issued Accounting Bulletin 10-01.   The purpose of this Accounting Bulletin is to transmit Interagency Supervisory Guidance on Bargain Purchases and FDIC- and NCUA-Assisted Acquisitions. The guidance was issued jointly by the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the Office of Thrift Supervision (OTS) (the Agencies).  Just make sure your accounting team is aware of the guidance.

Corporate.  NCUA has released a presentation that is designed to help individuals understand the current corporate credit union situation.  You can access the presentation here.  Kicked off by NCUA Chair Debbie Matz, the presentation runs roughly 30 minutes.  NCUA will release additional presentations on the subject.  This could be used as a nice overview or refresher for a board or senior management meeting.

NCUA Board Meeting.   The agenda is now available for this week's meeting.  On the agenda?

1. Final Rule - Part 701 of NCUA's Rules and Regulations, Interpretive Ruling and Policy Statement (IRPS) 10-1, NCUA's Chartering and Field of Membership Policies.
2. Delegations of Authority - Chartering.
3. Proposed Rule - Part 741 of NCUA's Rules and Regulations, Requirements for Insurance, Interest Rate Risk Policy and Program.
4. Insurance Fund Report.
5. Temporary Corporate Credit Union Stabilization Fund Accounting Standard.
6. Temporary Corporate Credit Union Stabilization Fund Payment of Insured Shares.
7. Temporary Corporate Credit Union Stabilization Fund Assessment.

Region III.  Herb Yolles ws named the temporary Regional Director for Region 3 for the rest of 2010.  Why do I mention this? Regional Directors play a big role in compliance.  They oversee the Region's staff, ultimately approve waiver requests and play other pivotal roles.

John Wooden.  You may have heard of the passing of John Wooden.  If you are not a sports fan, Mr. Wooden is generally regarded as the greatest college basketball coach our nation ever produced.  Some would say that he is the best coach of any category.  I've been reading quite a few stories about him.  There were times when the UCLA basketball team would come in for halftime, and Coach Wooden's entire halftime speech would center on...enthusiasm. He wouldn't talk about boxing out, or how to work on a trap.  He'd often just talk about an important quality he wanted on his team.  It could be enthusiasm, or friendship, or self-control.  Coach Wooden's thought was that if you took care of certain smaller things, success was inevitable.  He turned it into the pyramid of success.  I downloaded that pyramid and I'll post it somewhere.  The pyramid is made up of qualities that lead to success.  I don't care if it is basketball, soccer or compliance.  That chart works for me.  Perhaps it will work for you.