Posted by Anthony Demangone
Here are a few items of interest on this first Friday of the Fall.
Flood Insurance. The House passed an extension of the NFIP through September 30, 2011. It is now on to President Obama for his signature. The temporary extension doesn't reform the system. But lawmakers say they plan to attempt reforms next year. (Reuters.)
Mortgage advertising The FTC announced a notice of proposed rulemaking concerning mortgage advertising. The proposal would apply to state-chartered credit unions, but not federally-chartered credit unions. But Los Federales may not be completely out of the woods. If your credit union works with a CUSO, that CUSO should be aware of the proposal. Interested parties must comment by November 15th.
Changing times. Yesterday, Blockbuster filed for Chapter 11 bankruptcy. (The Street.) I think the news strikes close to home on a day when NCUA will release its corporate credit union overhaul, and as we look down the double barrels of the CFPB. Time marches on, and change is the only constant. Blockbuster had a stranglehold on the U.S. no more than ten years ago. Since that time, the way we watch movies has changed on a revolutionary scale. Netflix, Redbox, and "on demand" systems dominate today. Something else may dominate in 2020. For credit union compliance officers, the industry that we serve will also change. Drastically. The way we serve members will change, and we, as compliance officers, must be ready to handle the inevitable regulatory changes that will come with it.