Regulatory & Compliance

NCUA clarified in a recent legal opinion letter (06-1101) that federal credit unions may establish no-interest/dividend accounts for members lacking Social Security numbers or another taxpayer identification number.

NCUA Vice Chairman Rodney E. Hood has been appointed to serve on the FCC's Advisory Committee on Diversity for Communications in the Digital Age.

The Financial Crimes Enforcement Network and the federal banking agencies, including NCUA, jointly released a new Suspicious Activity Report by Depository Institutions to help avoid duplicate filings for one transaction.

Federal credit unions can reimburse directors for disease management health insurance if the coverage is reasonable and limited as required under NCUA regulations, the agency stated in a recent legal opinion letter.

Before the holidays, NCUA Vice Chairman Rodney E. Hood addressed a Washington, D.C., FDIC conference entitled, "Affordable, Responsible Loans for the Military." The conference focused on building profitable, long term, multiple-account banking relationships through affordable credit and providing a better alternative to high cost, non-bank, financial service providers often found...

The Financial Crimes Enforcement Network, an office of the Treasury Department, sent out a call for nominations of financial organizations and trade associations to serve on its Bank Secrecy Act Advisory Group. The BSA regulator announced it was seeking nomination in the Dec. 7 edition of the Federal Register with...

NCUA Chairman JoAnn Johnson presented the President's Call to Service Award to Kenneth Uffman and James Moore, recognizing more than 4,000 hours of lifetime volunteer service.

NCUA Chairman JoAnn Johnson has announced the selection of 15-year NCUA employee Mike J. McNeill as the agency's ombudsman beginning Jan. 1. McNeill began his career with NCUA in 1991 as a credit union examiner in Dayton, Ohio. In 1999, he was promoted to systems accountant in the Office of...