Compliance Blog

Editor's Note: NAFCU's offices will open 2 hours later today (11 a.m.) due to yesterday's snow storm. I know people like to make light of Washington D.C. and what we consider bad winter weather.  But last night was bad. Very, very, bad. 

Posted by Anthony Demangone

Here are some items of interest.

Interchange. The U.S. House of Representatives Financial Services Committee has announced its tentative committee schedule.  If you glance at the list, you'll see that on February 17, the House Financial Services Subcommittee will hold a hearing regarding the Fed's interchange rulemaking process. Rep. Bachus (R-Ala.), who chairs the House Financial Services Committee has already voiced his desire to review the interchange rule, so this hearing should be one to watch. It didn't hurt that President Obama spoke about the need to chip away at the nation's regulatory burden during his State of the Union address on Tuesday.  We sent a letter to the Hill recently regarding the Durbin amendment with a clear message: Blow it up, please. 

SOTU. Speaking of President Obama and the State of the Union address, NAFCU's Fred Becker quickly fired off a response to President Obama's message.  We agree that the regulatory burden should be reduced, and we defended the federal credit union tax exemption, among other things.

Board governance.  Here's another thought-provoking post from the Board Governance Blog. The author talks about the interplay between NCUA's new fiduciary duties rules, and a federal credit union's board governance policies. 

Shameless plug.  Just a reminder that I will take part in a NAFCU webcast next Wednesday regarding NCUA's new fiduciary duties webcast.  The webcast will address the new rule, and it will also provide financial literacy training for directors. Read all about it here.