Regulatory & Compliance

NCUA's legal team has stated that guardian accounts, as set up under Georgia law, receive $100,000 deposit insurance coverage.

The Securities and Exchange Commission said it is motivated by the recent passage of the Financial Services Regulatory Relief Act of 2006 and plans to wrap up its proposed new rules to implement the bank broker provisions of the Gramm-Leach-Bliley Act by Dec. 31.

NCUA announced last week that it had approved a charter for Reid Temple AME Church Federal Credit Union in Glenn Dale, Md.

NCUA issued prohibition orders for two former credit union employees last week.

The Department of Housing and Urban Development has granted the National Credit Union Foundation $1 million for CUs to counsel low-income CU members about home ownership.

The handful of commenters on NCUA's proposed rule on federal credit unions' permissible investments (Parts 703 and 704) generally said they liked the idea of this new authority for credit unions, but would like to see less regulatory redundancy.

Early last week, credit union lobbyists were hopeful that the Financial Services Regulatory Relief Act would make its way to a final vote by the end of the week, but budgetary concerns threw a wrench in the process. On Sept. 11, CUNA Senior Vice President of Legislative Affairs John Magill...

NCUA distributed its open board meeting schedule for 2007 last week.The board plans to convene 11 times in 2007: o Jan. 18 o Feb. 15 o March 15 o April 12 o May 24 o June 21 o July 26 o Sept. 20 o Oct. 18 o Nov. 15 o...