Posted by Steve Van Beek
One of the reoccurring topics on this blog has been risk management, including managing risks associated with your credit union's growth in social media markets (blogs, twitter, facebook, etc.). The Compliance Guy has brought up this issue in this July 2008 post and this November 2008 post.
This recent article in the ABA's Banking Journal does a wonderful job of pointing out the compliance concerns related to navigating the social media waters. The article makes a great point - the avenues of reaching out to your members might be new and unique but you must still comply with laws and regulations written before the evolution of these new products. Along those lines, the article contains a link "Six new-media compliance tips" that might be useful.
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NCUA recently finalized a rule amending its Regulatory Flexibility Program, Part 742, with regard to NCUA's fixed asset rule. The amendment allows RegFlex FCUs up to six years to partially occupy unimproved property it has acquired without a waiver (the previous rule had allowed three years without a wavier). NAFCU's Final Regulation summarizing the changes is here. (Member log-in required). The effective date is April 27, 2009.
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