Compliance Blog

Posted by Anthony Demangone

Wow, was yesterday a big day on Capitol Hill.

First, a movement to give bankruptcy judges the ability to "cram-down" mortgages in certain situations was unsuccessful yesterday.  As you may recall, NAFCU opposed the proposed legislation.  The movement, which was pushed as an amendment to major housing legislation before the U.S. Senate needed 60 votes.  It fell short of 50.  Kudos to NAFCU's team of lobbyists, who worked around the clock the last few weeks. 

The Senate is also looking at giving NCUA additional borrowing authority to deal with the corporate credit union situation, as extending the share insurance increase to $250,000.

Finally, the House passed legislation to provide additional legislative protections to consumers in the area of credit cards.  Much of the legislation is already going to take affect as part of UDAP.  But the legislation would codify those changes, making them much more difficult to roll back.  That now moves to the Senate. 

Rather than hash out all the details, NAFCU Today has done a good job of providing great overviews of what took place.  Read all about it here.

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NCUA issued prohibition orders on Wednesday.  Read all about them here.  The orders are good wake-up calls for two groups of people:

1. Those who refuse to believe that there are people simply looking to rob your credit union blind; and
2. Those people who think no one is looking for insider abuse.

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Have a great weekend, everyone!  Mandy and I have a babysitter for Saturday! My goal is to have an adult beverage or two, have a nice dinner, and then fall asleep by 9 p.m.

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Added by Steve Van Beek

NAFCU Softball Update: The NAFCU Nationals split their games on Thursday night.  The first game was a nail biter with NAFCU losing 11-10.  We rallied in the bottom of the last inning and had the tying run on third base but their centerfielder made a diving catch to end the game.

Game Two was a whole new game with the NAFCU bats catching fire.  The game started with a inside-the-park homerun by Quincy, one of NAFCU's lobbyists, and we never looked back.  Final Score: 23-3 (the good way).