Compliance Blog

Written by Brandy Bruyere, Regulatory Compliance Counsel

NAFCU Testifies Before Senate Banking Committee.

Yesterday, XCEL Federal Credit Union President and CEO Linda McFadden testified on behalf of NAFCU before a Senate Banking Hearing regarding regulatory relief. McFadden told the Committee that “enough is enough” with regard to overregulating credit unions. In addition to addressing problems with NCUA’s “one size fits all” risk-based capital proposal, McFadden also urged support for multiple regulatory relief bills addressing issues such as annual privacy notices, points and fees requirements for qualified mortgages, and the member business lending cap. McFadden’s prepared testimony also covered additional regulatory burdens outlined in NAFCU’s Dirty Dozen in greater detail such as Regulation D’s current six-transaction limit for savings deposits.

Agenda for Tomorrow’s NCUA Board Meeting. NCUA seems to have a light agenda for this month’s Board meeting. The following matters will be considered:

• Final Rule, Parts 701, 706 and 790 of NCUA’s Rules and Regulations, Technical Amendments;
• First Service Federal Credit Union (Groveport, Ohio), Request to Expand Community Charter;
• Corporate Stabilization Fund Quarterly Report.

NAFCU will keep members posted on Thursday regarding the outcome of this meeting.

NCUA Videos on Protecting Seniors from Financial Abuse. On Monday, NCUA announced the release of two videos designed to help credit unions recognize and prevent exploitation of and fraud against senior citizens. The first video aims to show how a consumer could be victimized by a typical “lottery” scam where a member receives a check for their “winnings,” with a request to pay taxes and fees by wire transfer. The second video is a Consumer Protection Update that reviews how to report elder financial abuse and exploitation, as discussed in further detail in this 2013 Letter to Credit Unions.

NAFCU's New Website Improves Search Functions. NAFCU members can check out the new Compliance Resources Search on our completely revamped website. It’s an easy way to find helpful information in a variety of formats. Search and filter by resource type to find articles, charts, common questions and answers, final regulation summaries, regulatory alerts and more. 

Getting Ready for Baby. The nursery, or as I’m calling it, the “Seuss-ery,” is coming together nicely. However, I hope Lemmy learns that the “baby brother” isn’t a pillow because it won’t be as cute when he’s crying in Lemmy’s face! But from the looks of it, both Lemmy and nursery are ready for baby.