Compliance Blog

Every once in a while, I read a regulatory report that brings tears of joy to my eyes.  I recently had one of those experiences.  Get your tissues ready.

Recently, the Fed released the 94th Annual Report of the Board of Governors of the Federal Reserve System.  (Sniff-sniff.)  Access it here.  The document is more than 400 pages long and covers a ton of interesting and informative topics.  But here's the hidden gem.

On page 134 of the report, the Fed lists the most common violations of a number of regulations - such as Regulation Z, Reg, E, Privacy, and more.  It is unclear whether the information and statistics cover credit unions.  The Fed indicates that the statistics and listed violations come from all FFIEC agencies, which would include NCUA.  But they discuss violations of Reg P, which is the bank world's privacy regulation. In any event, the information is very useful. 

Here's how I would use it:

• Look through the common violations under each reg.
• See whether you make the same mistakes.
• If you measure up well, write a memo showing that you ran a mini-audit based on the Fed Report, and that you passed with flying colors.
• Wait for the applause to end before saying thank you.

***

Last week, the Compliance Guy received an award for a BSA column I wrote last year.  It was on BSA and dating.  You can read the NAFCU Today article about it here, which provides a link to the BSA column.  Guess what?  They spelled my name wrong on the award!  They spelled it Demongone, which sounds like a pesticide spray used by an exorcist.  I'll give you three guesses as to what they served for dinner:

1. Chicken;
2. Chicken; or
3. Chicken.

Feel free to send in your "dinner" answer to the Compliance Guy at ademangone@nafcu.org.  Extra points if you can spell my last name right. :)