Compliance Blog

Here's a little review of day one of NAFCU's annual conference.  Technically, it didn't start until today, but I flew out yesterday.

Noon.  I breeze through security at Ronald Reagan National Airport.  In fact, my TSA ID-checker guy was named Eric Love.  This could be a good week.

12:20 p.m.  I spot my nemesis...the DCA airport Antie Anne's Stand.   I tell her that she won't win today.  She just winks and reminds me that I fly back through DCA on my way home.  

12:30-1:45 p.m.  I read emails, with this one catching my eye. (Subscription needed.)  In short, consumer groups are notifying NCUA that, in their opinion, credit unions (including FCUs) are using CUSOs to evade usury limits for payday lending alternatives. 

2:36 p.m.  The stewardess indicates that they no longer take cash.  If you want a beer or a snack, you'll need to pay with a debit or credit card.  Wait, I thought interchange fees were too high?  I wonder how any merchant would ever move away from cash due to those high fees? Hmmm.

2:45-3:30 p.m.  I review NCUA's proposal concerning fiduciary duties.  There are a number of credit union directors at our conference, and I know this will be a topic of interest.  Amazingly, I am captivated by a episode of 30 Rock as I page through the proposal.  Even though I don't have headphones in, Tracy Morgan manages to make me laugh out loud just based on his facial expressions. My neighbor seems a bit confused. 

5:30 to 8 p.m.  I attend a dinner at the East River Arts Center.   The dinner was hosted by NAFCU Services Corporation to gather and celebrate its preferred partner program.   I always like chatting up vendors at conferences to see what solutions or new products are out there.  Regulation E seemed to be a hot topic for many.

That was enough for day one.  Tomorrow should be far busier.

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Here are a few other items of interest. 

• NCUA issues Regulatory Alert 10-RA-10 to warn credit unions about potential risks associated with certain energy retrofit lending programs, commonly known as Property Assessed Clean Energy (PACE) loans, which are available in many states.
• The Fed has planned another Consumer Compliance Outlook audio conference for August 19. Sign up here.