Compliance Blog

The NCUA Board meeting was a long and full one yesterday.  The most significant agenda item was that of the insurance premium assessment.  The Board voted to assess federally insured credit unions a premium of 0.1242 percent of insured shares to increase the equity of the NCUSIF to over 1.20 percent.  NCUA believes with this assessment that the equity ratio will be restored to 1.3, but will only stay above 1.2 to June 2011.  The possibility for an assessment next year is great.  As NAFCU has requested, NCUA has announced it will again give an assessment range for credit unions for 2011, at its November board meeting. 

NCUA staff provided a detailed presentation on the impact of the Dodd-Frank regulatory reform bill to the agency and federal credit unions.  The NCUA Board also approved payday loan alternatives. More information on these items is available today in the NAFCU Today articles.

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Now, on to the shameless plugs.

Fiduciary Duties.  On September 29, I'll deliver a NAFCU webcast on fiduciary duties for credit union directors.   You can watch the webcast live, watch the webcast and receive a CD, or just purchase a CD version of the webcast.  Or you can not buy any of it.  Your choice.  Details lurk behind that link up above.

Online Board and New Staff Training.  If you are interested in taking advantage of a free, 2-week trial of the online training program I put together, you can sign up for that program here.  After you click the subscribe button, you'll see the option for the free, 2-week trial.  Here's a few tidbits about the training program.

• Here's a detailed outline of what the director training modules cover. (Might be nice to show to an examiner.)
• It is one price for your entire credit union.  So, all staff and officials use the same log-in.  If you need to track who has done what, just use one of our training tracking sheets. 
• We're working on a "Reading Financial Reports" module.
• There is optional testing for each module.
• Each module has a transcript, as well as handouts.  Read more in our FAQ document. 

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Have a great weekend, everyone!  I'm not even going to mention a certain football team, as it did not turn out so well for me the last time I did that.