Compliance Blog

Written by Steve Van Beek

Yesterday, the NCUA Board met and announced a 2011 assessement of 25 basis points for the Corporate Stabilization Fund.  NCUA will begin distributing the invoices with the assessment due by September 27.  

The Board also announced a Management and Oversight Committee for the NCUA Guaranteed Notes.  Finally, NCUA proposed a regulation with technical corrections to the Corporate Rule.  Additional information can be found in NCUA's Board Action Bulletin.  

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NCUA also issued additional information on disaster prep and providing assistance and services after disasters.

Included in the information is information about how credit unions can help other credit unions as well as members and non-members in these types of situations.  Specifically, the information indicates:

"Federal credit unions may also provide assistance to other credit unions, their members, and non-members in the affected areas, under certain conditions.

• Emergency financial services for non-members, including check cashing, access to ATM networks, or other services to meet short-term emergency needs of individuals in the areas affected by Hurricane Irene, can be provided under the authority to engage in charitable activities. Federal credit unions providing services on this charitable basis may not impose charges for services that exceed their direct costs.

• A federal credit union may provide services to other credit unions that it is authorized to perform for its own members or as part of its operations. This activity is part of a federal credit union’s incidental powers, so it may impose charges for these services."  

From yesterday's NAFCU Today story (ha!), it looks like NCUA is working on a legal opinion letter to provide additional details in these situations.  

Sorry - after typing that, I had to chuckle.  Just a few more days until college football kicks off!  Remember, everyone is currently undefeated.