As expected, NCUA looks ready to pass two new FACT Act final rules. Here's the agenda for the 10/25/2007 NCUA Board meeting. NCUA also will be looking at a final rule that would incorporate NCUA's Bylaws into its regulations. The Compliance Guy tip of the day? Draft items for the Board's review are available after 9 a.m. on the day of Board meetings here. (The items currently on this page remain from last month's meeting.)
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NAFCU's Regulatory Compliance Seminar is wrapping up today. Around 170 compliance professionals took part, enjoying Austin, Texas, eating some Tex-Mex and expanding their knowledge. The Compliance Guy learned a bunch and invites all of you to think about attending next year's seminar in San Francisco, California. Have a great weekend, everyone.
Question:
If a credit union has extended Commercial Construction Loans to a Borrower for the purpose of building two speculative homes, are you required to report both loans on the construction/development section of the Call Report.
Thanks!
Posted by: Jennifer Marble | October 19, 2007 at 09:36 AM
Hi Jennifer!
Thanks for the question, but I won't be able to respond to specific questions like yours. (Unless you are a NAFCU member. In that case, please contact us at [email protected].) I already do this for more than 800 wonderful NAFCU members, and there's no way I can do that well and monitor/answer questions from the more than 8,000 credit unions. If others wish to jump in, however, I will bear no grudge!
Your best bet is to look at what part of the 5300 report you are working on, and then look to the instructions for that particular line item. Here's a link to the most recent 5300 Template and Instructions document from NCUA:
http://www.ncua.gov/data/5300/07December/December2007TemplateAndInstructions.pdf
Best of luck!
- The Compliance Guy
Posted by: The Compliance Guy | October 21, 2007 at 07:40 PM