Regulatory & Compliance

The number of co-sponsors to the Credit Union Regulatory Improvements Act (H.R. 1537) is now up to 136, plus primary sponsor Paul Kanjorski (D-Pa.).

After losing deposits and seeing members flee following a storm of bad publicity over losses from speculative real estate loans in southeast Florida, a raft of lawsuits and a five-month federal conservatorship, NCUA will stop the bleeding by merging Norlarco Credit Union.

In its latest SAR Activity Review--Trends, Tips, & Issues, the Financial Crimes Enforcement Network found inconsistencies among shared branch suspicious activity report filings.

The Emergency Home Ownership and Mortgage Equity Protection Act (H.R. 3609) is in limbo after House Judiciary Committee is rethinking a mark up of the bill today.

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).