SAFE Act; NCUA Board Meeting Agenda; Creative Money Laundering; Deflation; When You Wish Upon Penn State

Posted by Anthony Demangone

As we've discussed earlier, NCUA expects you to have a SAFE Act policy in place by October 1, 2010.  Also, as mentioned earlier, a NAFCU member was gracious enough to donate their SAFE Act policy to the NAFCU policy exchange library. (NAFCU Member log-in needed.)

Well, our good friends at BankersOnline.com have also provided a model policy and a model set of procedures.  They stress, and rightly so, that the policies are just drafts. You have the ultimate responsibility to ensure that the policy and procedures fit your shop.

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NCUA has release the agenda for next week's NCUA Board Meeting.

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I just love Felix Salmon.  The guy is a voracious reader, and his analytical skills are very impressive.He occasionally writes about financial issues.  In this post,  he discusses a recent book that he read where a character launders money by building a resort that is never used.  Does it seem far-fetched?  Read the post and answer that question for yourself.  In any event, it is a good reminder that organized crime is always looking for ways to launder money.  If they can find a way to do it at your credit union and go undetected, they surely will.

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You may have heard about the risk of deflation.  Just what is it, and what's the big deal? Mint.com has created a wonderful visual guide to the concept of deflation.  This could be a good thing to share should a director or other official have questions on how deflation might affect the U.S. economy.

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Have a great weekend, everyone.  Even you Crimson Tide fans. I will be rubbing my lucky penny and uttering the following wish Saturday evening.

Please forget my last wish that dealt with Regulation Z and the Federal Reserve.  I'm sure they are nice folks at the Fed, and I apologize for using that language to describe them.  In place of that wish, I insert the following. I wish that Penn State beats Alabama today.  I understand that the world has major problems, including world hunger, unemployment, the Gulf of Mexico's ecosystem, and reality television.  But in the midst of granting wishes for those things, I'm sure no one would notice if you granted my wish concerning a little old football game. And if Alabama fans make any wishes to the contrary, please ignore them.  Remember, you granted their wish last year.

Comments

[Dianna]

Thank you for the article on deflation. It was, indeed, a wonderful visual guide to the concept.
I'm not even a Penn State fan . . . but I hope you get your wish! (I always thought there was some time limit that started once you rub the penny -- my wishes were never so specific. And, rarely granted. Hmmm. . . I never did get that unicorn!)