Compliance Blog

With falling house values and many consumers in financial distress, some financial institutions have considered reducing or suspending HELOCs.  The FDIC issued a financial institution letter designed to remind banks that there are consumer protections built into HELOCs that they'd better not forget.  In the FDIC's words:

Institutions must comply with several laws and regulations when HELOCs are reduced or suspended. The Truth in Lending Act, as implemented by Regulation Z, specifies the circumstances under which lenders may reduce or suspend home equity lines of credit. Lenders must also be mindful of their responsibilities under Section 5 of the Federal Trade Commission (FTC) Act, the Equal Credit Opportunity Act and the Fair Housing Act, to ensure their actions are implemented in accordance with these laws. Violations of these laws will result in enforcement actions...

Federal credit unions are under similar, if not identical regulatory regimes.  Therefore, I thought it would be a good read. Here's a link to that guidance.

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The Compliance Guy is in San Diego, attending NAFCU's annual conference.  It is tough work!  Tonight I'm going to the Padres game.  Speaking of baseball...

Here are the top 5 baseball stadiums that I have visited.

1. Camden Yards, (Baltimore, MD).  This is the stadium that changed the way stadiums are built.
2. PNC Park, (Pittsbugh, PA).  Cheap tickets.  Fantastic view.  Wonderful town.
3. Citizen's Bank Park (Philadelphia, PA).
4. Wrigley Field (Chicago, IL).  I know. Ranking this place 4th sounds like baseball heresy.  But it was cold when I went there.  In late May. Plus, the Nats were swept that weekend.
5. Dodger Stadium (Los Angeles, CA).  Perhaps it was just hearing Vin Scully's call of the game as you wandered around the stadium. Or running into Annette Benning, who was drinking a beer with her husband, Warren Beatty.

Honorable mention: Harry Grove Stadium (Frederick, MD).  This is to honor all the wonderful minor league baseball stadiums where you can still sit behind home plate for less than $15.  And yes, I did not include Nationals Stadium on the list.  (Even though that place vacuums money out of my wallet on a regular basis.  Or perhaps because of that fact.)