NCUA Issues Final IRPS on Section 205(d)
Yesterday, NCUA issued IRPS 08-1, an IRPS that does...well, I'll allow NCUA to explain.
Section 205(d) of the FCU Act prohibits a person who has been convicted of any criminal offense involving dishonesty or breach of trust, or who has entered into a pretrial diversion or similar program in connection with a prosecution for such offense, from participating in the affairs of an insured credit union except with the prior written consent of the NCUA Board. This IRPS provides direction and guidance to federally-insured credit unions and those persons who may be affected by Section 205(d) because of a prior criminal conviction or pretrial diversion program participation by describing the actions that are prohibited under the statute and establishing the procedures for applying for NCUA Board consent on a case-by-case basis.
You can access the IRPS here.  It is a fairly quick read. But it is a must read for your HR department.  And if you're a compliance officer, I'd give it a read as well.
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The Compliance Guy is looking at a weekend of minor league baseball, family, friends and barbecue. I hope you have as much fun as I plan on having. Have a great weekend, everyone.