Compliance Blog

During yesterday's NCUA Board meeting, NCUA issued a final rule that adds a conflict of interest provision to its eligible obligations rule, which rests at 12 C.F.R. 701.23.  The eligible obligation rule governs how federal credit unions can purchase loans or groups of loans.   The conflict of interest provision is very similar to the conflict of interest provision in NCUA's general lending rule. 

With certain exceptions, the new rule prohibits federal credit union officials, employees, or their immediate family members from receiving, directly or indirectly, any compensation in connection with that credit union’s purchase, sale, or pledge of an eligible obligation under the provisions of §701.23.

Here's a link to the final rule.  It is effective 30 days after it appears in the Federal Register.  The Compliance Guy guesses that it will be published there very soon.

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The Compliance Guy is getting hitched on May 10, 2008.    As part of my pre-nuptial duties, I've been visiting my future family members.  Recently, I visited with my future nieces and nephews.  The youngest nephew shuffled up to me with a broad grin.  In his three-year-old voice, he said the following.  "You're bald and fat."  I told him that he'd make a good consultant some day.

Ergo, the Compliance Guy is on a diet.  The goal?  To lose 70 pounds in 6 months.  Is this obtainable?  Likely not.  But as a compliance officer, the Compliance Guy is used to difficult goals with short deadlines.   Wish me well, folks.  Wish me well.

Current Weigh Loss: 2 pounds. 
Needs to Lose: 68.
Days until Wedding: 176.
Current Estimated Odds of Success:  100 to 1.