Posted by Anthony Demangone
Happy Monday, everyone! I hope you enjoyed your weekend half as much as I did. Here are a few items to get yourself rolling.
Regulatory Compliance School. We're gearing up for a record crowd at this month's NAFCU Regulatory Compliance School. NAFCU's attorneys have been busy drafting a new manual for the event. Here's a sneak peek at the manual's table of contents. As you can see, we've been pretty busy for the past year or so. We'll have the manual available for sale later this spring if anyone is interested.
1099. We're getting closer to a legislative fix to the 1099-MISC fiasco that came out of last year's health care reform legislation.
CFPB. The new agency continues to meet with "smaller" institutions. The CFPB wrote of a recent visit by community bankers. They recently met with NAFCU staff and a small number of NAFCU member credit union CEOs as well. The agency is hearing a lot from us, but it will be important to continue a dialogue regarding concerns we have with regulatory burden. And an open door is much better than the alternative.
Fiduciary duties. NCUA responded to a request from NAFCU to clarify that a federal credit union's board of directors can continue to delegate its ultimate authority over senior management to the chief executive officer of the federal credit union.
In response to Hunt’s specific questions, (Bob) Fenner said this doesn’t change existing NCUA policy. The full board may delegate to its executive committee the authority to hire, fire, determine duties of, set compensation for and discipline senior management, he said. It can also, within limits, delegate to the chief executive officer the authority to hire, fire and compensate subordinate employees, including other management personnel.
Fenner noted that “if a board determines to delegate to the CEO the authority to hire, fire, fix the compensation of, or discipline other senior managers,” appropriate standards and controls should be put in place.
Mortgages. Reuters reports state attorney generals have sent proposals to America's largest mortgage lenders that recommends principal reductions before resorting to foreclosure. This doesn't appear to directly affect credit unions, but attorney generals can effectively regulate on a national basis if they strike the right agreements with the right parties. (Think HVCC.) Stay tuned.
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