Compliance Blog

Posted by Anthony Demangone

We've made it to the end of the week.  If you told me I would have made it this far on Wednesday, I would have had my doubts.  Here are a few thoughts on a few items.

• NCUA has its monthly board meeting today.  Usually, they post their draft items that they considered on this site by mid-morning.
• The Fed has indicated to us that they'll soon issue guidance on the Reg Z "floor" issue.  I don't know what it will say, or in what form it will come.  Stay tuned.

• The most recent "Current Issues in Credit Unions" is available.  I'm now a co-host for this information-packed podcast.  I do feel like the pig in the parlor, though, when I see all the other legal eagles who co-host.  This issue addresses Reg Z, Reg E (ODP), Reg CC, Interest Rate Risk, and the SAFE Act.  These things are great, as there's nothing quite like listening to different points of view to hone your own understanding of an issue. 

• FinCEN has released the latest issue of SAR Activity Review: By the Numbers.   NAFCU has produced a nice overview article, which you can read here.  And this older blog post shows how you can use this guidance document to freshen up BSA training sessions.

• NCUA has released its latest batch of prohibition orders.  As I always say, these orders can drive home security training and they also underscore the need for good internal controls and audits.

• Representative Barney Frank (D-MA) released this memo on the CFPA.  It is a good read for those who think the CFPA, as currently envisioned, is not an issue for credit unions.  Because those folks would be mistaken.

Have a great weekend, everyone.  You deserve it.