Regulatory & Compliance

WASHINGTON - The Mortgage Bankers Association applauded members of the House Financial Services Committee for introducing legislation to empower and revitalize the Federal Housing Administration. Meanwhile, NAFCU and CUNA said they're both monitoring the measure but neither have taken a position on it yet. H.R. 5121, the Expanding American Homeownership...

WASHINGTON - Nick Owens, former NCUA external affairs director and special assistant to Chairman JoAnn Johnson, has found a new home. Owens has been appointed national ombudsman for the U.S. Small Business Administration by SBA Administrator Hector Barreto, the agency said. Owens' official start date was March 27. He succeeds...

ARLINGTON, Va. - The U.S. Small Business Administration's popular 7(a) program, currently operating under a zero subsidy, coupled with any fee increases, could hurt credit unions in a number of ways, NAFCU recently said. NAFCU President/CEO Fred Becker wrote that credit unions and their members have already faced increased fees...

ALEXANDRIA, Va.-NCUA has closed the doors of another tiny credit union and is in the process of issuing checks to accountholders. On April 4, NCUA liquidated $130,000 St. Charles Borromeo Church Federal Credit Union of New York City. The credit union had been serving 200 members of the church since...

ALEXANDRIA, Va.-NCUA issued a Letter to Credit Unions (06-CU-07) last week to offer credit unions help with their compliance regarding data security. Each section of the guidance refers to particular parts of the agency's rules and regulations; it includes information on safeguarding member information and response to unauthorized access. The...

ALEXANDRIA, Va.-NCUA has issued prohibition orders against eight individuals, banning them from further involvement in the operations of federally insured financial institutions. *Lisa Ann Bramble, former bookkeeper of Sierra Central Credit Union, Yuba City, Calif., pleaded guilty to embezzlement and was sentenced to 27 months imprisonment followed by five years...

ALEXANDRIA, Va.-St. John Baptist Federal Credit Union member accounts were transferred after NCUA liquidated the credit union late last month. United Financial Services Federal Credit Union will take over accounts from $68,000 St. John Baptist Credit Union after NCUA liquidated the credit union for insolvency. NCUA worked with $21 million...

ALEXANDRIA, Va.-As retirement account protection increased, NCUA issued a statement announcing that new signage would be available shortly. Federal deposit insurance retirement account coverage increased on April 1 to $250,000 and other coverage will potentially be increasing five years from now due to the new deposit insurance reform law. Though...