Regulatory & Compliance

Climaxing years of bank/credit union clashing, Gov. Matt Blunt has signed the Field of Membership Law which takes effect Aug. 28 and will require state CUs to follow new guidelines on geographic expansion.

New York has become the first state in the country to have authorized its own Community Development Financial Institutions Program. New York Governor Eliot Spitzer signed legislation, which had been strongly backed by the National Federation of Community Development Credit Unions and the New York State Credit Union League, on...

The American Bankers Association and America's Community Bankers wrote a joint letter to Treasury advocating for maintaining a separate Office of the Comptroller of the Currency and Office of Thrift Supervision at Treasury.

NCUA released a legal opinion letter (07-0627) last week clarifying the member-to-member communication provisions in the updated mutual savings bank conversion rule for an attorney at Silver, Freedman & Taff, LLP, which assists in these conversions.

Garden Savings Federal Credit Union has agreed to a Cease & Desist Order from NCUA, without admitting or denying fault, for Bank Secrecy Act noncompliance, the regulatory item credit unions often cite as the most onerous.

The comment period for NCUA's proposal to re-incorporate the Federal Credit Union Bylaws into its rules and regulations has been extended, NCUA announced last week.

Although located across the river from Washington, D.C., NCUA is feeling the heat of Congress' new focus on consumer protectionism.

The Credit Union Regulatory Improvements Act (H.R. 1537) has continued to gain legislative co-sponsors at warp speed in its first few months in the 110th Congress, which NAFCU says is a credit to credit union officials pounding the pavement.