Compliance Blog

Posted by Sarah Loats

NCUA's April 2009 Newsletter is available. Nothing earth-shattering here, but it's another resource for recent NCUA information, including a piece on NCUA's Share Insurance advertising campaign, a 5-month video, print, and electronic campaign with Jane Bryant Quinn, a financial journalist, to promote that member accounts in federally insured credit unions are safe and secure.

You can find the share insurance advertisement on YouTube. Sweet.

Proposed Rules. NCUA recently issued three proposed rules. The first proposal would amend NCUA regulations to conform them to NCUA’s new online reporting system, which "modernizes" the way insured credit unions submit reports and other information. NCUA also proposes to exclude CU SIP and CU HARP investments from a credit union’s total assets for operating fee calculation purposes. Finally, NCUA issued proposed amendments to Truth in Savings for electronic disclosures and overdraft fee disclosures to align it with the Federal Reserve’s Regulation DD.

In addition the Federal Reserve recently issued a proposal to amend Regulation Z to implement the Higher Education Opportunity Act of 2008.

The links will take you to NAFCU's Regulatory Alerts (Member log-in required), which summarize the proposed rules for you.

NCUA has released its agenda for its April 21, 2009 Board Meeting.  Looks like there is an ANPR and a Final Rule on the same thing (Part 717, Subpart E, Sections 717.40-717.43, Appendix E of NCUA’s Rules and Regulations, Fair Credit Reporting). Hmmmm... stay tuned.