Regulatory & Compliance

Federal Reserve Chairman Ben Bernanke said today that because credit unions are tax exempt, they need to accept certain restrictions on their activities, including a limit on how much member business lending they can do.

St. Mary's Bank President/CEO Ronald Covey and Mid-Atlantic Federal Credit Union President/CEO Rick Wieczorek are scheduled to discuss the state of business lending and commercial restate during a House committee hearing on Friday.

Barney Frank (D-Mass), chairman of the House Financial Services Committee, told attendees at CUNA's Governmental Affairs Conference that they should celebrate the fact that the pending financial services reform legislation does not include them at all.

The Russian Credit Union League is preparing its members to meet new regulatory standards and create a self-regulatory framework by later this year.

Almost 11 months after it was due, the NCUA has not given Congress its annual report for 2008, and several sources have said that the reason for the delay is a dispute with its auditing firm,

Whether it's as simple as updating on Excel or as sophisticated as Web-based automation, keeping in compliance has become a major task and topic of conversation at credit unions small and large.