Regulatory & Compliance

Despite vigorous banker opposition, the Credit Union Association of New York is moving ahead this month with its legislative campaign to win support for a compromise bill allowing the deposit of public funds in CUs with a $250,000 cap.

One day after its next regularly scheduled meeting on July 29 the NCUA Board will hold a special closed meeting at 10:00 a.m., the agency announced today.

David Chatfield, interim California and Nevada Credit Union Leagues president/CEO, wasted no time jumping back into the spotlight, harshly criticizing the NCUA in a June 30 interview with Credit Union Times from his home in Prescott, Ariz.

NAFCU is renewing its push with the Federal Trade Commission to give federal credit unions an exemption from premerger notification rules and accompanying fees under the Hart-Scott-Rodino Act.

With the recent proposed merger announcement from $2.7 billion Wings Financial Community Credit Union and $41 million Highgrove Community Federal Credit Union, the pool of small credit unions just got a little smaller.

The accounting firm that reviewed the financials and performed audits of the defunct New London Security Federal Credit Union's records has denied claims that it failed to detect fraudulent activity, an allegation made by NCUA in a March 19 complaint.