Compliance Blog

Editors's note:

Due to the blizzard of 2009, the Federal Government has closed its agencies in the Washington, D.C. area.  NAFCU follows the Fed's lead in this area, so our offices are closed today.  And that's just as well, as I'm unable to lift my arms after shoveling out two cars.   We'll hopefully get back at it on Tuesday.

 

A view from my front window Sunday morning.
 

Posted by Anthony Demangone

Here are a few things worth sharing.

• The FDIC has issued its most recent "Supervisory Insights" publication.  Of note in this issue: interest risk management.  The FDIC sees that bank asset maturities are lengthening.  And in this rate environment, that comes with added risk. 

• The FFIEC has issued proposed guidance to address compliance and reputation risks when offering reverse mortgages. The proposed guidance appears to be a nice primer on reverse mortgages if you need one.

• If you missed the Fed's recent teleconference on Reg E, they archived the presentation.

• NCUA has issued a legal opinion letter that clarifies how share insurance protection can cover "529 accounts."

• FinCEN has released its 2009 fiscal year annual report.  It provides a decent 20,000 foot analysis of what the agency was up to during the past fiscal year.

Last week, NAFCU's credit union locator website CULookup.com was featured on the CBS Early Show. You can follow this linkto an article as well as the video that was shown last Thursday.  Financial contributor Vera Gibbons spent a good amount of time with Harry Smith discussing the great benefits of credit unions and why many people are switching over to credit unions from banks right now. She mentions NCUA insurance, the fact that credit unions have money to lend, and that credit unions are member-owned and member-operated.

Now, just how did she find out all of this information? Well, our PR department put her in contact with our CEO Fred Becker, who met with her and provided her with some great credit union information. Trade associations are known for their lobbying and regulatory work but they are working hard for you in many many ways, including PR and marketing.

In the piece, she points viewers to a great tool - CULookup.com- as a place to find a credit union they could join. CULookup.com was developed and is maintained by NAFCU's subsidiary, NAFCU Services Corporation. For NAFCU members, listing your credit union on this website is free - go check it out and make sure your credit union is listed and the information is accurate.