Regulatory & Compliance

KENSINGTON -- Lawyers for Lafayette Federal Credit Union have denied that the CU is using litigation to punish a former CEO, William Brooks, and his son, William Brooks Jr., for their opposition to the CU's aborted move to become a mutual bank.

In a move which some credit union supporters expected but hoped would not happen, California Governor Arnold Schwarzenegger has vetoed a landmark piece of legislation that would have given credit unions recourse in the courts when damaged by a merchant's card security breach.

Congressman Kevin McCarthy (R-Calif.) has joined the House Financial Services Committee, Ranking Member Spencer Bachus recently announced.

The 13-member Georgia congressional delegation has written House Financial Services Committee Chairman Barney Frank (D-Mass.) and Ranking Member Spencer Bachus (R-Ala.) urging a hearing on the Credit Union Regulatory Improvements Act (H.R. 1537).

Crucial changes are needed to the Federal Reserve's proposed Regulation Z changes in order to not overburden consumers or financial institutions, the two national credit union trade associations said in official comment letters.

Regulatory and Compliance 10/24/07 Issue

Regulatory and Compliance 10/24/07 Issue

WASHINGTON--Financial Crimes Enforcement Network Director James Freis told a room full of bankers and lawyers that Treasury is looking at ways to enhance the risk-based approach to Bank Secrecy Act examination.