Compliance Blog

Last Sunday, Michelle Singletary of the Washington Post wrote an article about how some creditors have been garnishing protected funds.  You can read her article here.  (You may have to sign up for free to view the content.) 

I won't get into the pros and cons of her article.  The garnishment of funds is a very complicated subject with very little guidance from our regulators.  There is this proposed joint interagency guidance on the subject.  And then there is the issue of offsetting against accounts where protected funds have been deposited. 

Here's my point for today: articles such as Ms. Singletary's can generate a good deal of buzz within your membership.  I'm sure that quite a few members read her article and then asked themselves whether their credit union garnished protected funds.  Some of them might actually call you and ask.  That's why I think it is important for compliance officers to read the newspapers that their membership might read.  Scan headlines at a minimum to see if an article touches upon an issue that is important for you or your members. 

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So, I received another shopping list from my wonderful wife.  But there was one item that, while appearing simple, turned out to be quite difficult.

Three small turnips.

I had heard of turnips.  I know a turnip is some sort of vegetable.  But I realized that in my 36 years of life on this planet, I had not purchased one.  And as I stared at the poorly labeled vegetable section, I suddenly realized that I probably could not identity a turnip in a vegetable line-up.  I asked one woman for help who admitted that she was in the same boat.  (Before asking why in the world I was purchasing them.  I blamed Mandy.  The woman said she understood.)

Eventually, I found the right vegetable tray.  So know I know what a turnip is, which might come in handy some day.

This marriage thing can be an education in surprising ways.