Regulatory & Compliance

NCUA has added to its guidance for federal credit unions regarding their use of automated valuation methods to determine the value of real property for "junior" mortgages. The move was prompted by "several inquiries" regarding a prior legal opinion letter commenting on AVM.

NCUA released its latest version of the agency's brochure, Tips to Conduct Financial Transactions Over the Internet. The changes made provide updated information for conducting Internet transactions and related resource Web sites. The 13-page brochure covers how members can protect their privacy, how to ensure safe online transactions via encryption...

NCUA Board Member Gigi Hyland urged credit unions in Florida late last month to provide input to NCUA and other regulators, but also take their cues from members when looking at products and services.

Eyebrows were raised at financial services trade associations after the Financial Crimes Enforcement Network submitted a report to the Treasury Department stating that reporting cross-border wire transfers by financial institutions is "technically feasible" and worthwhile.

Governor Phil Bredesen recently named Greg Gonzales commissioner of the Department of Financial Institutions in Tennessee.

NCUA issued seven orders of prohibition against former credit union employees, barring them from participation in any federally insured financial institution.