Compliance Center: NCUA Issues Final Rule on Derivatives to Mitigate Interest Rate Risk

The National Credit Union Administration board has adopted the final rule to give federal credit unions limited authority to use derivatives to mitigate interest rate risk. Also in today’s Anthem: Legal Briefs and the Question of the Week: What happens to a guardianship when the incapacitated person passes?

Exploration of the NCUA Credit Union Derivatives Rule

The NCUA is proposing allowing well-managed credit unions to purchase limited amounts of simple derivatives. Our Compliance team takes a deep dive into what is known so far about the proposed rule.

Compliance Question of the Week

If our member gave someone his credit card number to make an online purchase and that person takes the number and purchases several other times against the Visa, what is the credit unions liability? Would we have to refund the member for the purchases that were made with the Visa, or would the member need to take action against the person who made the transactions against their account?

FTC Announces Schedule for Reviewing Regulations and Rules Transfer to CFPB

The FTC issued a press release updating its 10-year review schedule, announcing that it would not review four rules previously scheduled for review in 2012. The release also clarified the rules whose authority would be transferred to the CFPB.

President Obama to Use Recess Appointment to Install CFPB Director

The White House will install Richard Cordray as director of the CFPB after Congress failed to act on Cordray’s nomination, a move that NWCUA CEO John Annaloro described as “awakening a new beast” on the regulatory front.

CFPB Releases Supervision, Examination Guidance

The Consumer Financial Protection Bureau recently released a manual to aid the agency’s examiners as they oversee financial services firms.

Senate Holds CFPB Hearing on Cordray Nomination

The Senate Banking Committee held its first hearing on the nomination of Richard Corday as CFPB director, marking another much-talked-about step in a process that has already been controversial. Also outlined is the NWCUA’s response to the NCUA’s CUSO proposal.

Credit Union Views Sought on CUSO Reporting Plan

The National Credit Union Administration is proposing a controversial requirement that credit union service organizations (CUSOs) file their financial statements to the agency. Credit union professionals with concerns about the proposal have until September 26 to file comment letters.

New NCUA Office Means Compliance Change for Federal Credit Unions

The NCUA’s new Office of Consumer Protection became effective on february 1. In addition to its obvious consumer protection role, one division of the new office will be responsible for consumer compliance policy, program and rulemaking, fair lending examinations, financial literacy programs and more.

NCUA: Directors Can Delegate Authority, with Limits

In a Letter to Federal Credit Unions, the National Credit Union Administration said an FCU’s board can, with some limitations, delegate to its CEO the authority to hire, fire, and compensate subordinate employees, including other management personnel.

WCUL CUAO Merger Voter’s Packets to be Mailed this Month

Paper ballots on the merger of the Washington Credit Union League and the Credit Union Association of Oregon will arrive in delegates’ mailboxes Thursday, Oct. 21.

Member Directions October 1, 2010

Recent news of your colleagues and the credit union movement.