Compliance Blog

Written by Victoria Daka, Regulatory Compliance Specialist

In the NCUA’s Board meeting later this week, the Board will consider the following matters: 1) the final rule on associational common bonds; 2) the final rule on corporate credit unions, technical amendments; 3) the proposed rule on aggregate lending limits for corporate credit unions; 4) the proposed rule on adding share insurance coverage under IOLTA; 5) an exemption request by the State of Connecticut Department of Banking; 6) the final interagency rule on minimum requirements for appraisal management companies; and 7) the Share Insurance Fund Quarterly Report.

Last week, Larry Fazio, Director of NCUA’s Office of Examination and Insurance, testified about the Associational Common Bond rule at the House Financial Services Subcommittee on Financial Institutions and Consumer Credit hearing on regulatory burden.  According to statements made by Fazio, the final rule will add twelve groups that would qualify for automatic inclusion in a federal credit union’s field of membership, as opposed to seven the original proposal suggested.  NAFCU’s Compliance Team will provide a more detailed explanation of the Associational Common Bond Rule once it becomes final next week.

NAFCU’s compliance team will be sure to more thoroughly blog about these issues in the near future. NCUA’s agenda can be found here.

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