Regulatory & Compliance

Yesterday's financial services regulatory overhaul deal to force banks to fund the FDIC's return from a 1.15% equity ratio to 1.35% has the American Bankers Association asking what about the NCUSIF.

NCUA Director of Congressional and Public Affairs John McKechnie dropped a bombshell in response to criticism that the agency acted too swiftly in its June 25 conservatorship of the $876 million Arrowhead Credit Union: Arrowhead fudged its March numbers.

The regulatory overhaul legislation, H.R. 4173, could reach the House floor today, according to NAFCU.

Connecticut Attorney General Richard Blumenthal, a candidate for U.S. Senate to fill the open seat of the retiring Christopher Dodd (D. Conn.), is getting a PAC boost from the Connecticut Credit Union League.

The sudden NCUA takeover of the $876 million Arrowhead Central Credit Union on Friday was as much a surprise to the $4 billion Alaska USA FCU, now owner or co-owner of four former branches of Arrowhead, as it was to others, Alaska USA management reported.

NCUA Spokesman John McKechnie said Dave Shelter, deputy director for the Office of Corporate Credit Unions, was only speaking hypothetically when he described how the agency would liquidate U.S. Central FCU and Western Corporate FCU.