Regulatory & Compliance

WASHINGTON-While generally supporting the Office of Foreign Asset Control's interim final rule regarding economic sanctions enforcement procedures, CUNA did request a few adjustments. "CUNA supports OFAC's separate enforcement process for credit unions and other financial institutions, which is designed to take into consideration the role of such institutions, the nature...

BOSTON-NCUA Vice Chairman Rodney Hood told a group of 50 Massachusetts credit union CEOs in Boston that regulatory flexibility is a top priority for 2006. He explained to the Massachusetts Credit Union League's CEO Roundtable that the recent final rule would bring another 413 federal credit unions under RegFlex by...

WASHINGTON-Randall S. Kroszner was sworn into his new post as Federal Reserve Board governor by Chairman Ben Bernanke March 1. President George W. Bush announced his intent to nominate Kroszner on Jan. 27 and the Senate confirmed him on Feb. 17. He replaces Edward M. Gramlich, who resigned on Aug....

ALEXANDRIA, Va.-Last week, NCUA announced that it has received the approval of the Office of Management and Budget to proceed with its data collection pilot program to investigate credit union service to those of modest means. OMB gave its stamp of approval under the Paperwork Reduction Act, which allows the...

ALEXANDRIA, Va.-NCUA Director of External Affairs Nicholas Owens has announced that he will be leaving the agency this month. After he departs March 24, he plans to continue public service but would not disclose specifics at this time. "Nick has been a close, trusted advisor and has provided wise counsel...

ALEXANDRIA, Va.-NCUA recently wrote federally insured credit unions to inform them of changes to the 5300 Call Report that will take effect for the June 30, 2006 cycle. NCUA made the changes to its 5300s so that all federally insured credit unions will file the same forms quarterly. The changes...