At a recent board meeting, NCUA Chairman Johnson commented that only 24 percent of credit unions are using NCUA Express. NCUA Express is a vehicle through which NCUA communicates electronically with federally-insured credit unions. With this service, credit unions will receive Regulatory Alerts, Legal Opinion Letters, Letters to Credit Unions and other important notifications as they become available from NCUA. Sign up for NCUA Express here.
Other agencies have similar services as well.
Sign up for the FinCEN notification service here.
Sign up for the U.S. Treasury notification service here. (Can include OFAC notifications.)
Sign up for the Federal Reserve notification service here.
The Compliance Guy loves this stuff. He goes on vacation. He may miss work due to illness. But he always checks his email. With email notifications, it is far less likely that I'll be blindsided by compliance-related developments.
***
NAFCU has published a Final Regulation that covers the Federal Reserve's recent final regulations that amend Regs (take a deep breath) B, E, M, Z and DD. The final rules address electronic communications with members. The compliance deadline for these is October 1, 2008. You can access NAFCU's Final Regulation here. (NAFCU members only.)
Comments