Regulatory & Compliance

Citing a number of violations, the Florida Office of Financial Regulation has issued a cease and desist order against the $1.6 billion Eastern Financial Florida Credit Union for engaging in several "unsafe and unsound" practices.

California's real estate problems have resulted in a flood of mortgage-related bills that are well- intentioned but ultimately bad for credit unions, said Bob Arnould, California Credit Union League senior vice president of governmental affairs.

NAFCU is launching efforts in the districts of eight members of the House Financial Services Committee to persuade them to oppose a measure that would allow the government to control interchange fees.

Credit unions received some regulatory relief today when the Federal Accounting Standards Board today allowed for greater flexibility when companies value their investments.

Following some legal jousting over governance issues, a Milwaukee judge put off until next Tuesday naming of a receiver of Central States Mortgage Co.

House Financial Services Committee Chairman Barney Frank cited comments from Britain's top regulator to back up his own belief in the need for stronger regulation of financial services.

The NCUA plans to announce that it won't "take exception" if a credit unions gets a written opinion from its accountant allowing it to delay the recording of expenses for additional premiums.

Citing misconduct by prosecutors in its own department, the U.S. Department of Justice today announced it was asking a federal judge to drop corruption charges against former Sen. Ted Stevens, R-Alaska.