Regulatory & Compliance

The campaign giving patterns of CUNA and NAFCU in February could be best described as the calm before the proverbial storm.

ATLANTIC CITY, N.J. -- The NCUA is honing in on certain activities and figures for 2010, NCUA Associate Region II Director for Operations Herb Yolles told New Jersey credit unions last week.

Now the action goes back behind closed doors.

Nearly two months after the NCUA filed a suit against Wells Fargo for negligence in the case of a deceased financial adviser, the agency has filed a complaint against the CU's accounting firm to recover losses.

At a time when the NCUA and the trade groups are pushing Congress to raise the cap on member business loans, the agency's inspector general faulted its examiners for insufficient oversight.

As credit union management and boards learn more about the amount of toxic assets in corporate and natural person credit unions, their conclusion about assessments changes from "something we have to live with" to "we can't live with that."