Regulatory & Compliance

In what might be the strongest regulatory effort to date that addresses unsolicited merger attempts within the movement, Texas state-chartered credit unions could potentially have more protections than those in other states.

NASCUS welcomed two new state regulators into its fold at its Washington, D.C.-area headquarters June 20-21.

According to a local newspaper report, NCUA liquidated $2.7 million Cambria Federal Credit Union last week.

Credit union representatives and their regulator applauded a recent Treasury and Financial Crimes Enforcement Network announcement that it would be seeking ways to streamline Bank Secrecy Act compliance.

Commenters on NCUA's proposed regulation regarding the disclosure of executive compensation in a voluntary merger generally agreed that such decisions should be left up to the board of the credit union.

The banks that have received a lot of media attention for Bank Secrecy Act violations had a lot of common problems, Charlotte Bahin, partner with Lord, Bissell & Brook LLP, shared with attendees of the <em>Credit Union Times</em>/EEI BSA conference today.

The Credit Union Regulatory Improvements Act has added seven more co-sponsors in the latter half of this week for a total now of 114 with primary sponsor Paul Kanjorski (D-Pa.).

NCUA has brought its Bank Secrecy Act Examination expectations to the same level as the other banking regulators after once being thought of in catch-up mode one expert told Credit Union Times' BSA conference yesterday.