Regulatory & Compliance

WASHINGTON-Rich Spillenkothen, an institution at the Federal Reserve Board, has announced he will retire as of June 30. Spillenkothen has spent 30 years at the Fed, 15 of those as director of the Division of Banking Supervision and Regulation. "During Rich's tenure, the Federal Reserve's approach to banking supervision has...

McLEAN, Va. - Martin Baumann, executive vice president of finance and chief financial officer who was instrumental in helping Freddie Mac complete its earning restatement and release its 2003 and 2004 financial results on an improving timeline, resigned from the housing government sponsored enterprise on March 22. Freddie Mac's President...

ALEXANDRIA, Va.-Chrisanthy Loizos has been named NCUA's director of equal opportunity programs, the agency announced last week. "Christie Loizos is a proven asset to NCUA and her experience with equal opportunity issues will bring a new dimension to this position and strengthen the agency," NCUA Executive Director Len Skiles said....

ALEXANDRIA, Va. - Eight months after NCUA issued its Risk Alert 05-RISK-01 concerning "Specialized Lending Activities - Third-Party Subprime Indirect Lending and Participations," the agency has issued a white paper designed to provide examiners with a discussion on measuring and predicting the effect of vehicle loan performance on credit unions'...

WALLINGFORD, Conn.-NCUA is looking into Wallingford Municipal Federal Credit Union for violations of suspicious activity reporting regulations, according to a report from the Record-Journal of Connecticut. The news source reported that a former employee of the credit union was to be arraigned for stealing about $27,000. According to an arrest...

ALEXANDRIA, Va. - NCUA Vice Chairman Rodney Hood recently said he's willing and able to do what is necessary to be sure credit unions have the support they need to have vital business service programs. Hood spoke with members of CUNA's Business/SEG Services Task Force, at a meeting held in...

ALEXANDRIA, Va.-NCUA recently posted to its Web site (www.ncua.gov) the regulations it plans to look at this year as part of its regular one-third review of its rules. NCUA goes through all of its rules every three years in an effort to keep them up-to-date and eliminate unnecessary burden. The...

WASHINGTON-While generally supporting the Office of Foreign Asset Control's interim final rule regarding economic sanctions enforcement procedures, CUNA did request a few adjustments. "CUNA supports OFAC's separate enforcement process for credit unions and other financial institutions, which is designed to take into consideration the role of such institutions, the nature...