Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Compliance Due diligence a must when working with NCUA
WASHINGTON (8/31/09)--Credit unions should take care to use the same due diligence when dealing with the National Credit Union Administration or other regulators that they take when dealing with everyday vendors, attorney Christopher Pippett advised in the August issue of Credit Union Magazine. To ward off potential letters of understanding and agreement (LUA) from regulators, Pippett advised that credit union officials should push back against regulators if they do not agree with a course of action or believe that they can meet a deadline imposed by a certain timetable. In the event that a LUA is issued, credit unions should seek legal advice before signing it, and should never simply sign a LUA when it is first presented by a regulatory examiner. Further, the attorney that is representing the credit union in the event of a LUA should be familiar with credit union law, Pippett said. While reviewing the LUA, credit unions should discuss reasonable alternatives that could address the examiners concerns and evaluate the prospective timeline for any recommended actions. Credit unions should also ensure that the document reflects steps that the credit union has taken to address the regulator’s concerns. The LUA should not be made public, and should contain a definite end date. Credit unions should also make sure to communicate with the regulator as the agreement is produced and should continue that sense of communication as the LUA is executed, Pippett added. For the full story, use the resource link.


RSS print
News Now LiveWire
For the last 75 years, even in the most difficult of times, Mill Town #CU has been there for the community it serves. Read #NewsNow Tues.
1 hours ago
The 1st vid shows how consumer can become victim and, advice to those who think they've been targeted. http://t.co/hr9VHpzEze
6 hours ago
.@TheNCUA has released two videos designed to raise awareness of elder financial abuse. http://t.co/iddSxr7H40
6 hours ago
Celebrate #100MM with @MDDCCUA1 at Orioles v Blue Jays tonight at Camden Yards
6 hours ago
The At Home In Lawrence mortgage program from @MetroCU is designed to help revitalize Lawrence, Mass.
7 hours ago