Regulatory & Compliance

Credit unions wanting an update on what federal examiners are looking for during examinations on Bank Secrecy Act issues can consult the just-released 2010 edition of its examination manual.

The NCUA Board may vote in June on whether to separate corporate CU assessments from those that cover natural person credit union losses, Chairman Debbie Matz told Wisconsin Credit Union League members.

Utah's Mountain America Federal Credit Union has now completed a merger of the $1.8 million IFA Employees FCU of Salt Lake City.

In a merger underscoring compliance concerns of small credit unions, the $312 million Connexus Credit Union of Wausau, Wis., said it expects to complete the consolidation of the $3 million Wausau City Employees CU by June 1.

At press time, the Senate was putting the final touches on the bill to change the way financial services are regulated.

Once considered a failed CU, the $144 million Prime Financial Credit Union of Cudahy, Wis., is back on its feet this month-pulled out of conservatorship by the state after a new management team and board restored "normal operations."