Regulatory & Compliance

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.).

The board of directors of Peoples First Choice Federal Credit Union (PFC FCU) voluntarily consented to conservatorship on June 12.

In a long-awaited appointment, Gov. Edward G. Rendell has named a Mellon banker, Steven Kaplan, as the state's new banking secretary.