Compliance Blog

Here are a few other nuggets from San Francisco.

• NCUA is aiming for September to release its final rule concerning corporate credit unions. 
• Look for NCUA rules concerning eligible obligations and loan participations. 
• NCUA is working with the SEC to update NCUA Letter to Credit Unions No. 150.  That guidance addresses the sale of mutual funds, annuities and other non-deposit investments. 

All in all, it was a great conference.  There are a good number of attorneys throughout the nation that devote their practice to credit union issues, and it is a great learning opportunity when many of them gather under one roof.

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Earlier, I wrote about Dodd-Frank's tweaking" of Regulation CC.  The Act increases the $100 "next day" availability amount to $200. I incorrectly stated that the effective date of the change was unknown.  About a week ago, a reader left a comment on the blog noting that the change becomes effective once the CFPB is established.  Kudos to James for pointing that out.  I had plans to update that, but...well...you see how that went.  CUNA noted the correct effective date yesterday, so I figured it was about time to correct things here.