Regulatory & Compliance

The NCUA has revealed more details on what may have led to the collapse of New London Security Federal Credit Union after a financial adviser that worked with the cooperative for years allegedly cooked the books that resulted in a $12.1 million loss.

Bill Bynum, CEO of Enterprise Corporation of the Delta and Hope Community Credit Union, was one of 12 leaders of small banks who met with President Obama today to discuss lending issues.

A bipartisan group of senators last night introduced a bill to expand credit union business lending authority.

The economic challenges facing the industry may be daunting but the Texas Credit Union League said its political action committee fundraising for 2009 hit record levels.

NCUA Chairman Debbie Matz said the legislation introduced by Sen. Mark Udall (D-Colo.) to raise the cap on member business loans is a "welcome demonstration of the growing congressional interest."

President Obama used CUNA's 75th anniversary to praise the work of credit unions.

Credit union employees and volunteers interested in learning more about the implications of Regulation Z on credit cards and mortgage products can sign up for NAFCU's Jan. 6 webcast on the subject.

After Michigan regulators closed Citizens State Bank of New Baltimore and named the FDIC receiver, the FDIC set up the Deposit Insurance National Bank of New Baltimore to serve depositors.