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Jan 20, 2011
Categories: BSA

This and That; Shameless Plug

Posted by Anthony Demangone

Here are a few things of interest.

  • The White House and Regulatory Burden. President Obama recently signed an executive order that will attempt to rein in unnecessary regulatory burdens.  You can read about the issue here (The White House Blog).  The post includes a general discussion regarding how the President views regulatory burden, and it includes a link to the executive order. In our response, we agreed with the spirit of the White House initiative.  Regulatory burden is a complicate beast.  Regulators, who craft the regulations, will often point back to a law that requires those "burdensome" regulations.  And laws are hard to amend or erase.  So I don't think we'll see regulatory burdens going away any time soon.  And by any time soon, I mean in my lifetime.  
  • Dodd-Frank.  And speaking of regulatory burden, the ABA points out that Dodd-Frank has already killed quite a few trees. Six months into the Dodd-Frank era, we're already under 1,350+ pages of new regulations and proposals. 
  • FinCEN.  For you BSA officers, FinCEN has issued its 2010 annual report.   Ninety-six pages in length, this report is a nice snapshot of 2010 as seen through the filter of FinCEN.  The annual report also goes into the history of FinCEN, the BSA, etc.  These things are a good reference document. 

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Shameless plug

On February 2, NAFCU will offer a webcast that will address 2 aspects of NCUA's recently issued rule on fiduciary duties. I'll spend the first hour providing an overview of NCUA's regulation so that credit unions and their directors understand what it means and what they may need to do.  In the second hour, Dan Clark will provide a financial literacy overview that will touch upon basic finance and accounting principles, as well as an overview of financial reports. Attendees will have the option of purchasing a CD that could be used by others as a training tool. Participants will also be able to obtain a certificate to note their completion of the financial literacy component of the webcast.  Check out additional details and sign up here.

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