Regulatory & Compliance

CUNA and NAFCU wrote individual letters nominating four different credit union community representatives to the Financial Crimes Enforcement Network's Bank Secrecy Act Advisory Group.

NCUA announced the cancellation of its January monthly board meeting last week. The open board meeting was originally scheduled for Jan. 18, but was canceled "due to the lack of finalized agenda items," according to an agency news release. A call to the agency yielded no further information. The closed...

The Federal Reserve Board has announced 10 new members to its Consumer Advisory Council for three-year terms, none of which are credit union representatives.

House Financial Services Committee Ranking Member Spencer Bachus (R-Ala.) was joined by Chairman Barney Frank (D-Mass.) to reintroduce legislation to help ease financial institutions' reporting requirements.

NCUA liquidated $8.3 million Marian Miami Church Federal Credit Union in Arizona on Dec. 19, due to insolvency.

Christopher T. Renzo has been barred by NCUA from serving at any federally insured institution.

The Securities and Exchange Commission and Board of Governors of the Federal Reserve System announced Dec. 18, the release of joint proposed rules to implement the "broker" exceptions for banks under Section 3(a)(4) of the Securities Exchange Act of 1934.

In a joint release at the end of 2006, the Federal Reserve Board, the FDIC, and the Office of the Comptroller of the Currency announced the annual increase in the Community Reinvestment Act reporting thresholds.