Compliance Blog

Posted by Anthony Demangone

NCUA recently issued Letter to Credit Union 09-CU-09, which contain guidelines for NCUA's (take a deep breath) Community Development Revolving Loan Fund Technical Assistance Grant Program.  Access the guidance here.

The grants for 2009 total almost $1 million. 

The NCUA’s CDRLF was established by Congress to support credit unions that serve low-income communities by providing loans and technical assistance grants (TAGs) to qualifying institutions. The programs are designed to increase income, ownership, and employment opportunities for low-income residents, and to stimulate economic growth. In addition, the programs provide assistance to improve the quality of services to the community and formulate more effective and efficient operations of low-income designated credit unions.

Credit unions wishing to participate in the CDRLF’s programs must be designated as a “low-income” credit union as set forth in NCUA’s Rules and Regulations Section 701.34. A state chartered credit union must have the equivalent low-income designation from its respective state supervisory authority and concurrence from NCUA.

Grants always make think of that Dire Straits song, Money for Nothing.  In today's economy, this program is something to look into - if you meet the "low-income" designation.

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OK, so this isn't completely compliance.  But since compliance officers are supposed to be the folks with all the answers, I thought I'd pass this along.  NCUA recently issued a user's guide for for NCUA's Financial Performance Report.  Access it here.  This is good stuff.  You can gain a ton of financial information about any credit union you want using this system.    You can see how your credit union's financials are tracking.  How you measure up against other folks.  You get the picture. Find out who tracks this data at your credit union.  It might be the CFO.  And forward this to them.  And be ready to say "you're welcome." 

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We have a webcast coming up on UDAP and Reg Z - focusing on how all the new legal mumbo jumbo will affect credit cards.  Click on the icon below for more details.        

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Ah, this weekend couldn't get here soon enough.  For those who want more twin pictures, visit my blog here.  Have a great weekend, everyone!