Regulatory & Compliance

In his keynote address at the opening session of the National Federation of Community Development Credit Unions' Serving the Underserved Conference, NCUA Vice Chairman Rodney Hood pointed out that June is National Homeownership Month and encouraged credit unions to increase homeownership among the underserved.

Earlier this month, the Senate confirmed Treasury Deputy Assistant Secretary for Financial Institutions David G. Nason to be elevated to the assistant secretary spot.

The Government Accountability Office hosted a daylong forum June 11 to look at the desirability of merging financial services regulators, among other items.

NCUA took over $55 million assets Obelisk Federal Credit Union back in April and has now found a merger partner for it.

The Credit Union Regulatory Improvements Act (H.R. 1537) reached 100 co-sponsors last week as press time was running out.

While generally supporting the Department of Defense's anti-predatory lending regulation, credit union organizations made numerous recommendations for improvement.

CUNA is urging NCUA to re-write its proposal for disclosure of "material" increases in compensation in mergers because the agency lacks "adequate substantiation."

In three months, co-sponsorship for the Credit Union Regulatory Improvements Act (H.R. 1537) has grown to 103 including primary sponsor Paul Kanjorski (D-Pa.).